TCS, Future Retail, Zomato, Kotak Mahindra Bank, Ruchi Soya
NEW DELHI: Here are the stocks that could be in focus on Thursday:
Tata Consulting Services: The ₹The 18,000 crore share buyback of Tata Consultancy Services (TCS) was oversubscribed over 7.5 times on Wednesday – the last day for the share offering. Investors offered 30.12 crores of shares in the buyback, which began on the 9th, against the company’s offer of four crores of shares. Analysts said the strong turnout was due to the price of the takeover bid from ₹4,500 was 21% higher than the current stock price.
Retail of the future: Offshore bondholders of the company have received official communication that an entity linked to Reliance Industries will fully absorb $500 million of senior covered bonds, implying full recovery for them, even if lenders Nationals, fearing a haircut, appointed Saraf & Partners as their legal counsel to advise them on how to maximize their recovery.
MotoCorp Heroes: The tax raids at the offices of Hero Motocorp Ltd and the home of its chief executive, Pawan Munjal, on Wednesday were part of a “routine investigation”, the company said. “At Hero MotoCorp, we are an ethical and law-abiding company, and maintain the highest standards of impeccable corporate governance,” he added.
Kotak Mahindra Bank: The Canada Pension Plan Investment Board is expected to sell up to 40 million shares, or 2.02% stake, in Kotak Mahindra Bank on Thursday through block trades. The Canadian pension fund will likely reap up to ₹7,079 crore from the sale of the stake. The floor price was set at ₹1,681.26 – 1,769.75 each.
HDFC Bank: Private sector lender has acquired a 7.84% stake in open public digital infrastructure framework entity ONDC by investing ₹10 crore in entity. ONDC was incorporated in India on December 30, 2021 and is building an open public digital infrastructure to grow and transform India’s digital commerce ecosystem for goods and services.
Zomato: The food aggregator plans to roll out more outlets in major cities across India to expand its 10-minute delivery service, offering easy-to-deliver items such as patties, desserts, snacks and tea. Zomato plans to open more than 40 stations in Delhi-NCR over the next 90 days and then expand to Bengaluru and Mumbai. It will target a 1-2 km radius to execute the commands.
Ruchi Soya Industries: Raised ₹1,290 crore from lead investors ahead of its follow-on public offering (FPO). Ruchi Soya’s FPO will open for public subscription on Thursday to raise up to ₹4,300 crore. The deadline is March 28. The company offered 1.98 crore shares at a price of ₹650 per share to anchor investors on Wednesday.
Adani Wilmar: Betting big on commodities and scouting for the acquisition of regional rice brands and processing units in several states across the country. The company will launch daily-use branded rice under the fortune brand starting in West Bengal from early April. Staple represents just 11% of the company’s revenue.
CreditAccess Grameen: The microfinance lender said it would raise up to ₹1,500 crores through a public bond issue. The Board of Directors considered and unanimously approved “the proposal to raise funds by public issuance of non-convertible debentures (NCDs) in the domestic market until ₹1,500 crore in different installments.
nelco: Nelco and Omnispace, backed by Tatas, announced a strategic cooperation agreement to enable and distribute 5G, direct-to-device satellite non-terrestrial network (NTN) services. The collaboration will expand the reach of 5G using satellite communication across India and South Asia.
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