Stocks To Watch • GMR Infrastructure: Groupe ADP and GMR Gro | stock market
Stocks To Watch
• GMR Infrastructure: Groupe ADP and GMR Group have executed industrial partnership, demonstrating their intent to cooperate with each other and a shared global vision for the airport sector. The objective of this strategic partnership is to leverage on each party's expertise and resources, with a view to improve service level and product offering to passengers and airlines, the company said.
• Housing and Urban Development Corporation: Government of India’s offer-for-sale in HUDCO gets 196% demand from non-retail investors on the first day. Bids receive at indicative price of Rs 45.03 per share versus floor price of Rs 45. Government will exercise option for selling additional 5 crore shares in the offer, taking the total size to 16.01 crore shares, or 8% of the company’s equity. The OFS for retail investors opens today.
• L&T: To merge L&T Hydrocarbon Engineering, a wholly-owned subsidiary of the company, with itself. The scheme is subject to necessary statutory and regulatory approvals. L&T and L&T Hydrocarbon Engineering are in similar lines of business that can be combined for creation of a much stronger energy portfolio, the company said.
• Axis Bank: The right of Bain to appoint Nominee Director has been extended for a further period of 3 years. As per the 2017 investment agreement between the bank and BC Asia Investments VII Limited, Integral Investments South Asia IV and BC Asia Investments III, Bain was given the right to jointly appoint one non-retiring non-executive director on the Board of Directors of the bank for a period of 4 years, from December 19, 2017. The bank on Tuesday approved the amendment to this investment agreement.
• Jammu and Kashmir Bank: The Reserve Bank of India has allowed the Government of Union Territory of Ladakh to acquire 4.58 crore fully paid-up equity shares of Re 1 each, representing 8.23% of the paid-up equity capital of Jammu and Kashmir Bank.
• RITES: Secured a road sector consultancy work order of Rs 19.10 crore from National Highways and Infrastructure Development Corporation.
• Cyient: Cyient Australia Pty, a wholly-owned subsidiary of the company, to acquire 100% stake in Workforce Delta, a global consultancy company, for $2.7 million. The acquisition is expected to be completed within one week.
• SBI, Axis Bank, Indian Bank, Bank of Baroda, Kotak Mahindra Bank, IndusInd Bank, PNB and RBL Bank have each subscribed to 50,000 equity shares of IBBIC Private Limited, representing 5.55% of the issued and paid-up capital of the company, at Rs 10 each aggregating to Rs 5 lakh on July 26.
• Bajaj Healthcare: Board to consider stock split in August 13 meeting.
• KPR Mill: Approved sub-division of one equity share of Rs 5 each fully paid-up into five equity shares of Re 1 each fully paid up, subject to the approval of the members of the company.
• Astec LifeSciences: Temporarily halted operations at manufacturing units in Mahad due to flooding, caused by continuous rains in the Raigad district in Maharashtra.
• Filatex India: To increase polycondensation capacity by 50 TPD and put-up additional manufacturing facilities for 120 TPD of Polyester Partially Oriented Yarn at Dahej plant. The company presently has polycondensation capacity of 1,050 TPD. The expansion will cost company Rs 130 crore and is expected to be completed in 12 months. The company will also replace two existing POY lines (144 ends) with two new POY lines (192 ends) along with replacing winders in one POY line with new winders. The company presently has yarn manufacturing net capacity of 110 TPD at its plant at Dadra. This proposed project will increase the POY capacity of the plant by 5 TPD. The project will cost company Rs 8 crore.
