Stocks To Watch: Bharti Airtel, Bharat Forge, Hindalco, IndiaMART InterMESH, Info Edge, Vedanta
Indian equities fell the most in two months on Monday, ending lower for the fifth straight session as a rise in active Covid-19 cases across the country dented sentiment. The S&P BSE Sensex ended 2.2% or 1,145 points lower at 49,744 while the NSE Nifty 50 index fell 2% or 300 points to end at 14,675.
Here are the stocks to watch in trade today:
- Hindalco: Is targeting a $2.9 billion reduction in its debt load between June 2020 and end of 2022. The group's gross debt is estimated to be $9.2 billion, or 3x its Ebitda, as of March 31. The company aims to achieve a net debt/Ebitda ratio of 2.5x in less than two years. The company's Novelis unit plans to repay a $1.1 billion bridge loan by March. Further, the company will refinance $540 million of $810 million INR bonds due in 2022 and repay the balance $270 million. Further the company expects to generate $1 billion to $1.2 billion cash flow a year after normal working capital and maintenance capex. Allocation toward growth capex seen at $2.5 billion to $3 billion over the next five years. The company will also focus on higher shareholder returns; plans to achieve it through increase in earnings, lower leverage and higher dividends.
- Bharati Airtel: Will meet global fixed income investors on or after February 23, post which the company will take a final decision on the issuance of foreign currency bonds, subject to market conditions. The Bharti Airtel board had earlier this month approved fundraising plan of up to Rs 7,500 crore via debt instruments such as debentures and bonds, in one or more tranches.
- Bharat Forge: Has announced a pact with Paramount Group for production of armoured vehicles in India. The agreement was signed by both companies during the International Defence Expo (IDEX 2021) held in Abu Dhabi. This collaboration brings together the manufacturing and technology excellence of two leading companies, which have matching synergies and complementary capabilities. The Kalyani M4 is a fantastic new generation vehicle, and we want to position it as the ‘future of protection’ in all markets world-wide, said Amit Kalyani, Deputy Managing Director of the company.
- IndiaMART InterMESH: Closed the QIP issue on February 22 and accorded its consent for the issue of 12.42 lakh shares of Rs 10 each at a price of Rs 8,615 per share at a premium of Rs 8,605 per share taking into a discount of 4.97% i.e. Rs 450.61 per share to the floor price of Rs 9,065.61 per share, aggregating to Rs 1,070 crore. The floor price is at the premium of 2.82% of Monday's closing price.
- Info Edge (India): Zomato has closed primary fundraise of $250 million (Rs 25 crore) from five different investors. The company acquired $115 million from Kora Management LP, $55 million from funds or accounts advised or sub-advised by Fidelity Management & Research Company LLC, $50 million from Tiger Global Management LLC, $20 million from Bow Wave Capital Management LP and $10 million from Dragoneer Investment Group LLC. The Zomato's total valuation now stands at $5.4 billion. Further the Info Edge's stake in Zomato stands at 18.4%.
- Zuari Agro Chemicals: To sell its fertilizer plant in Goa and associated businesses to Paradeep Phosphates for an enterprise value of $280 million. The sale is subject to agreed adjustments for capex, cash, debt and working changes. Paradeep Phosphates plans to fund the acquisition partly from public issue and balance from loans and internal accrusals.
- IRB Infrastructure Developers: Has approved the allotment of Secured NCDs aggregating to Rs 2,184.55 crore on a private placement basis to India Toll Roads for a tenure of 7 years at a coupon rate of 9.927% per annum.
- Page Industries: Has approved the appointment of VS Ganesh as Executive Director & Chief Executive Officer of the Company for a period of 5 years effective June 1, 2021.
- Vedanta: GR Arun Kumar has resigned from the post of Whole-Time Director & Chief Financial Officer of the company to pursue career outside of the Group.
Pledge Share Details
- Solara Active Pharma Sciences: Promoters (Pronomz Ventures LLP, Chayadeep Ventures LLP and Chayadeep Properties) revoked pledge of 7.22 lakh shares between February 16-19.
- Wockhardt: Promoter Themisto Trustee Company created a pledge of 39 lakh shares on February 19.
- Jindal Steel & Power: Promoter OPJ Trading revoked pledge of 66.10 lakh shares on February 16.
- Deepak Fertilisers & Petrochemicals Corporation: Promoter Robust Marketing Services created a pledge of 20.20 lakh shares on February 18.
- Steel Strips Wheels: Promoter Dheeraj Garg revoked pledge of 24,839 shares on February 22. As Reported On February 22.
- Muthoot Capital Services: Saif India VI FII Holdings bought 4 lakh shares (2.43%) at Rs 397.5 per share.
- Gabriel India: Asia Investments bought 30.30 lakh shares (2.11%) at Rs 111.97 per share. KYB Corporation sold 32.39 lakh shares (2.25%) at Rs 111.95 per share.
Who’s Meeting Whom
- Brigade Enterprises: To meet Axis Mutual Fund on February 23.
- UltraTech Cement: To meet Capital World Investors on February 23.
- UTI AMC: To meet Yes Securities on February 23 and Centrum Finance on February 25.
- TVS Motor Company: To meet Life Insurance Corporation of India on February 23.
- Manappuram Finance: To meet CLSA on February 23.
- PSP Projects: To meet Spark Capital Advisors (India) on February 23.
- Cipla: To meet Emkay Global Financial Services on February 23 and Capital Research Global Investors on February 26.
- IRCTC: To meet Motilal Oswal Asset Management Company, Dolat Capital Market and Oaktree Capital Management on February 23. To meet Fred Alger Management on February 24.
- GMM Pfaudler: To meet Duro Capital and Malabar Capital on February 24.
- Advanced Enzyme Technologies: To meet Nalanda India Equity Fund on February 24.
- Tata Steel: To meet Ishana Capital on February 24, Ambit Capital on February 25, and UBS Securities and ICICI Securities on February 26.
- Price Band Revised From 10% To 5%: Suzlon Energy
- Ex-Date Buyback: NIIT
- Ex-Date Rights Issue: Arvind Fashions
- Ex-Date Income Distribution: Tower Infrastructure Trust
- Ex-Date Interim Dividend: United Drilling Tools, Ircon International, Cochin Shipyard, Zuari Global, SJVN, Precision Wires India, Oil India
- Record Date Interim Dividend: Aurobindo Pharma, Goldiam International, ITC, Mercury Laboratories, Mazagon Dock Shipbuilders, NHPC, Natco Pharma, Selan Exploration Technology, Panchsheel Organics, Tube Investments of India, Shanthi Gears
- Move Into ASM Framework: Karda Constructions
- Move Out Of ASM Framework: Dewan Housing Finance Corporation
- Move Into Short-term ASM Framework: Tejas Networks, Dewan Housing Finance Corporation, TCNS Clothing
- Move Out Of Short-term ASM Framework: Affle (India), Arvind
- Pidilite Industries: Promoter Anuja Ankur Shah sold 40,000 shares on February 19.
- Alembic: Promoter Nirayu acquired 4.71 lakh shares on February 19.
- APL Apollo Tubes: Promoters (Veera Gupta and Romi Sehgal) sold 27,800 shares between February 16-17.
- Godrej Agrovet: Promoter Godrej Industries acquired 8,910 on February 16. As Reported On February 22.