Stocks to watch: Shares of firms like TCS, ICICI Bank, BPCL, Adani Total, ONGC, Zomato, and others will be in focus on Friday’s trade.
Stocks To Watch On June 30: The Nifty futures contract traded on the Singapore Exchange indicates a positive start to domestic equities. The contract was trading at 19,191, up 105 points or 0.55% from the previous close.
TCS: Tata Consultancy Services (TCS) has banned six employees and six business associate firms for violating ethical conduct following whistleblower allegations around a recruitment scandal.
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ICICI Bank/ICICI Securities: ICICI Securities on Thursday announced that it will become a wholly owned subsidiary of its parent company ICICI Bank upon delisting. The public shareholders of ICICI Securities would be allotted 67 equity shares of face value Rs 2 each of ICICI Bank for every 100 equity shares of the company. The proposal was approved at a meeting of the board of directors of the company on 29 June 2023, pursuant to which ICICI Bank will issue equity shares to public shareholders of the domestic brokerage in lieu of cancellation of their equity shares in the company.
BPCL: BPCL rights issue: The board of directors of Bharat Petroleum Corporation Ltd (BPCL) has considered and approved fundraising through the issuance of rights issues. The Maharatna company aims to raise up to Rs 18,000 crore through the rights issue. The public sector undertaking (PSU) company informed Indian stock market exchanges in this regard and said that BPCL rights issue price, record date and other details will be shared in the near term.
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Adani Total: Adani Total Gas Ltd, the joint venture of billionaire Gautam Adani’s group and French energy giant TotalEnergies, will invest Rs 18,000 crore to Rs 20,000 crore in the next 8 to 10 years to expand infrastructure for retailing CNG to automobiles and piping gas to households and industries, its CFO said. The company retails CNG to automobiles and pipes gas to household kitchens for cooking purposes in 52 licences that cover 124 districts of the country. It has 460 CNG stations in the country and about 7 lakh consumers of its piped cooking gas.
Tata Communications: Tata Communications is set to acquire US-based enterprise messaging firm Kaleyra for $100 million in an all-cash deal, it said on Wednesday. Kaleyra provides integrated communication services with a set of proprietary platforms, offering targeted personalisation through messaging, video, push notifications, e-mail and voice-based services and chatbots. With this transaction, Tata Communications will gain an industry-proven platform with strong capabilities and scale, the statement said.
ONGC: State-owned Oil and Natural Gas Corporation (ONGC) has sold the initial gas it is producing from its KG basin fields in the Bay of Bengal to three firms, including Torrent Gas, sources said. In an e-auction, the firm sold 1.4 million standard cubic meters per day – a fraction of the planned output from the block that sits next to Reliance Industries’ prolific KG-D6 area in the Bay of Bengal, to Torrent Gas Pune Ltd, GAIL (India) Ltd and Hindustan Petroleum Corporation Ltd (HPCL).
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TVS Motors/Zomato: TVS Motor Company announced a strategic partnership with the food ordering and delivery platform Zomato on June 28 to accelerate green mobility solutions for last-mile deliveries. As part of the deal, TVS Motor will deploy over 10,000 electric scooters over the next two years for Zomato’s delivery fleet, according to a regulatory filing by the auto major to the stock exchanges. The inclusion of EVs will contribute towards transform last-mile delivery. TVS Motor will also ensure that delivery partners onboarded on Zomato have access to charging stations within their radius.
Religare Enterprises: Religare Enterprises Ltd is in early talks with private equity (PE) investors to sell 6-7% of its subsidiary Care Health Insurance Ltd to raise as much as Rs 1,200 crore, three people close to the matter said. The talks are at an initial stage, one of the three people said on condition of anonymity. Religare is seeking very high valuations for its stake, in line with the robust performance of health insurance businesses in the country, a second person said, also declining to be named. “However, it is unlikely that they will be able to raise such a high amount.”
Tilaknagar Industries: The National Company Law Tribunal (NCLT) has directed the removal of Prag Distillery Pvt. Ltd., a wholly owned subsidiary of Tilaknagar Industries Limited, from the liquidation proceedings. In addition, the NCLT order permits the reinstatement of the board of directors to resume management operations. Located in Andhra Pradesh, Prag Distillery has an annual bottling capacity of approximately six lakh cases.
TD Power Systems: TD Power Systems Ltd, a producer of AC generators and motors, is planning to offload a 24% stake in the company, or over 37 million shares, as per a term sheet reviewed by Mint. The shares are expected to be sold at a 4.12% discount to Thursday’s closing price, or for over Rs 800 crore ($98 million). TD Power’s selling shareholders include Nikhil Kumar, Mohib Nomanbhai Khericha, Hitoshi Matsuo, Sofia Mohin Khericha and Lavanya Sankaran. Currently, the promoters hold a 58.45% stake, which will be reduced to 34.45% upon completion of the sale.
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