Stocks To Watch: Tata Motors, Power Grid, NMDC, Majesco

Indian equities snapped a five-day losing streak on Friday courtesy the inflows from the FTSE index rebalancing. Despite that, the S&P BSE Sensex and the NSE Nifty 50 index managed to post losses of over 2% for the week.

Most Asian equities have opened lower this morning as bond yields continue to remain higher.

Stocks To Watch

• Tata Motors: Former Daimler AG manager Marc Llistosella will not be joining the company as its next Managing Director & CEO as previously announced. Guenter Butschek to continue as the Managing Director & CEO till June 30, 2021.
• Power Grid Corporation Of India: Has signed a Share Purchase Agreement with Jaiprakash Power Ventures for acquisition of 74% stake of JVPL in Jaypee Power Grid at an aggregate cost of Rs 351 crore. Subsequently JPL will become a wholly owned subsidiary of the company.
• Bharat Dynamics: Ministry of Defence has signed a contract with the company for supply of Milan-2T Anti-Tank Guided Missiles to Indian Army at the cost of Rs 1,188 crore.
• Majesco: Aurum Platz makes an Open Offer to public shareholders to acquire up to 74.43 lakh shares or 26% of the total equity. The offer price of Rs 77 per share is at a premium of over 21% to Friday's closing price. On full acceptance of the open offer, the total consideration paid will be Rs 57.31 crore. Aurum Platz entered into a share purchase agreement to acquire the entire 14.78% stake held by the company's promoters for a cash consideration of Rs 32.6 crore, thereby triggering the open offer. As per the December shareholding pattern, public shareholding in Majesco stood at 85.22%.
• Future Group: Filed a appeal against a Delhi High Court ruling pertaining to the sale of its assets to Reliance Industries.
• JSW Energy: A wholly-owned subsidiary of the company, JSW Future Energy, has received Letters of Award for a total wind capacity of 450 MW from Solar Energy Corporation of India against Tariff based Competitive Bid invited by SECI for setting up of 1,200 MW ISTS-connected Wind Power Projects (Tranche - X).
• NMDC: Prices of Lump ore raised by 5% to Rs 5,350 per tonne from Rs 5,100 per tonne. Prices of fines increased by 2.4% to Rs 4,310 per tonne from Rs 4,210 per tonne. Prices on March 6 were left unchanged as compared to those in February.
• Adani Green Energy: The company has signed definitive agreements with SkyPower Global for acquisition of 100% stake in a SPV that owns 50 MW operating solar asset at Telangana. With this acquisition, Adani Green will have operating renewable capacity of 3,395 MW with a total renewable portfolio of 14,865 MW. The cost of acquisition is Rs 317 crore subject to closing adjustments.
• Prabhat Dairy: BSE & National Stock Exchange have given their in-principle approval for the delisting offer made by the company. The bid for the delisting offer opens March 24 and will close on March 31. The floor price of the delisting offer has been set at Rs 63.77 per share.
• NHPC: The Board of Directors inter-alia approved the proposal to form a JV for implementation of Ratle Hydroelectric Project (850 MW) in the Chenab River Basin of Jammu and Kashmir. The board also approved to contribute the initial equity of Rs 51 crore for the JV company.
• Dredging Corporation of India: Has appointed D Subbarao as Chief Financial Officer effective March 19.
• Shriram City Union Finance: Board to meet on March 26 to consider second interim for FY21. The record date for the same, if approved will be April 7.
• L&T Finance Holdings: Board has approved reappointment of Dinanath Dubhashi as the Managing Director and Chief Executive Officer of the company for a further period of five years, subject to the approval of shareholders i.e. till April 13, 2026.
• Bombay Burmah Trading Corporation: Board to meet on March 24 to consider issuing Principal Protected Secured NCDs of up to Rs 125 crore and another issue of Secured NCDs of up to Rs 40 crore.
• Yaarii Digital Integrated Services: Has launched a social commerce marketplace, Yaari, which will enable small businesses and individuals to start their business online via social channels. It is an online reselling app designed to easily allow manufacturers and suppliers to list their products online and make a viable alternate channel to market their products Pan India.
• Paisalo Digital: Has approved the allotment of 26.1 lakh fully convertible warrants being convertible into an equivalent number of equity shares of face value of Rs 10, at an issue price of Rs 705 each to three entities. This has been done on receipt of 25% of the issue price. The fully paid-up equity shares of face value of Rs 10, against each warrant shall be allotted on receipt of the balance 75% of the amount within 18 months.
• Quess Corp: Scheme of Amalgamation for merging of wholly-owned subsidiaries - Greenpiece Landscapes India Pvt. Ltd., Golden Star Facilities and Services Pvt. Ltd., MFX Infotech Pvt. Ltd. and Trimax Smart Infraprojects Pvt. Ltd. is rejected on account of technical requirements. The Company is exploring all options including securing a fresh approval of Scheme of Amalgamation through the Tribunal route under Section 230-232 of the Companies Act, 2013 in the next Board meeting.
• Great Eastern Shipping: Signed a contract to buy a secondhand mid-sized gas carrier of about 35,188 cbm. The vessel is expected to join the company's fleet in Q1FY22. The Company’s current fleet stands at 45 vessels, comprising 32 tankers and 13 dry bulk carriers.

Bulk Deals

• Indiabulls Housing Finance: Integrated Core Strategies (Asia) bought 24.29 lakh shares (0.53%) at Rs 215.43 per share. Ishares Emerging Markets Dividend ET sold 56.50 lakh shares (1.22%) at Rs 214.81 per share. Ishares EM Dividend UCITS ETF sold 27.14 lakh shares (0.59%) at Rs 214.81 per share.
• Cyient: The Vanguard Group bought 15.36 lakh shares (1.40%) at Rs 660.13 per share. Integrated Core Strategies (Asia) sold 7.18 lakh shares (0.65%) at Rs 659.68 per share.
• Central Depository Services (India): The Vanguard Group bought 10.47 lakh shares at Rs 608.57 per share.

Who's Meeting Whom

• Hindustan Copper: To meet DE Shaw and SBI MF on March 22.
• Marico: To meet Maple Brown Abbott and Schroders Investment Management on March 22.
• Tata Motors: To meet First State on March 23 and Axis MF on March 26.
• KEI Industries: To meet Edelweiss Securities on March 22 and Motilal Oswal Financial Services on March 24.

Trading Tweaks

• Ex-Date Interim Dividend: Allcargo Logistics, Mishra Dhatu Nigam, Renaissance Global, The Ramco Cements, GAIL (India), NMDC, National Aluminium Company, Ramco Industries, Swastika Investmart
• Record Date Interim Dividend: Power Finance Corporation
• Record Date Final Dividend: Ambuja Cements
• Price Band Revised From 10% To 5%: Future Enterprises, Mahanagar Telephone Nigam
• Price Band Revised From 10% To 20%: Adani Total Gas
• Move Into ASM Framework: IDFC, Jain Irrigation Systems, Jayaswal Neco Industries, Adani Total Gas
• Move Out Of ASM Framework: Acrysil
• Move Out Short-Term ASM Framework: Likhitha Infrastructure

F&O Cues

• Nifty March futures ended at 14,753; premium of 9 points
• Nifty March futures shed 7.2% and 9,063 shares in Open Interest
• Nifty Bank March futures ended at 34,130; discount of 31 points
• Nifty Bank March futures shed 10.2% and 6,122 shares in Open Interest
• Nifty Put-Call Ratio at 0.97
• Stocks In F&O Ban: SAIL, Vodafone Idea