Stocks to watch: Indus Towers, HUDCO, Birla Cables, Vikram Solar, Midhani (2024)

State Bank of India: SBI has initiated discussions with market participants to raise around ₹10,000 crore ($1.20 billion) through infrastructure bonds.

Indus Towers: Vodafone Group Plc will sell a 9.94% stake in Indus Towers through a bulk deal at a price range of ₹310- ₹341 per share. The sale, which is slated to open on Wednesday, is managed by Morgan Stanley, BofA Securities, Jefferies, and BNP Paribas.

Housing and Urban Development Corporation: HUDCO has raised $200 million (JPY 30 billion) in its first venture into the syndicated loan market. The state-run body raised the five-year funds as part of its inaugural “social loan", according to Japan’s Sumitomo Mitsui Banking Corporation (SMBC).

Vodafone Idea: The company will urge the government to convert into equity the annual installment for spectrum payments for FY26/FY27 that will fall due after the moratorium ends by September 2026.

Birla Cables: The company may face an 8.7% provisional anti-dumping duty on the CIF Union border price proposed by the European Commission. If implemented, exports of single-mode optical fiber cables to the European Union will be subject to this duty.

Vedanta: The company informed investors in its latest annual report that Vedanta Resources, the UK-based parent entity will look to reduce debt by $3 billion over next three years.

Kotak Mahindra Bank: The bank now holds a 30% stake in Kotak General Insurance Company after Zurich Insurance Company completed the acquisition of 70% of the share capital of the insurance company.

Kalpataru Projects International: The company has been ordered by the customs authority to pay a customs duty of ₹84.40 lakhs, along with an equal penalty, due to alleged misclassification of the tariff item code of imported goods. An additional penalty of ₹7.86 lakhs is also demanded. The company’s board has proposed a final dividend of ₹8 per equity share for FY 2023-24, with a record date of June 28 and payment by August 13.

Tech Mahindra: The Mahindra group is planning to “unlock the full potential" of Tech Mahindra through cross-selling and synergies within the group. Tech Mahindra is planning to leverage the group relationships to expand its network. The company has a strong presence across auto original equipment manufacturers, T1 (tier-1), industrial, process manufacturing and A&D (aerospace and defence).

Siemens and ABB: Both the companies will be among some of the biggest beneficiaries of power consumption driven by data-centre capacity additions being done in India and across the world, according to Jefferies.

Vikram Solar: The company has won an order to supply 393.9 MWp solar modules for NLC India’s solar project in Gujarat. This order takes Vikram Solar’s total PV module supply contract to the Khavda Solar Park to over 1 GW.

Mishra Dhatu Nigam: Midhani is reportedly in talks with aircraft engine manufacturer Pratt & Whitney (P&W) for the supply of engine components.

Zee Entertainment Enterprises: ZEEL has appointed Mukund Galgali as the acting chief financial officer (CFO) of the company after its current CFO Rohit Kumar Gupta decided to step down from his position due to personal reasons.

Infosys: The company is offering a lucrative transfer policy to incentivise its employees to relocate to Hubballi, Karnataka, as part of its strategic intent to establish offices in several tier-2 cities. The transfer policy targets employees at band 2 and above, with different relocation allowances for employees at band 3 and below, and those at higher bands.

Prestige Estates: The company is planning a board meeting on June 21 to discuss and approve various fund-raising methods, including qualified institutions placements, preferential issue, rights issue, private placement, or other forms of capital raise.

ZF Commercial: Wabco Asia is expected to sell a 5% stake in ZF Commercial through a block deal, at a floor price of ₹14,980 per share, according to sources.

Ami Organics: The speciality chemicals manufacturer has launched its Qualified Institutional Placement (QIP) with a floor price set at ₹1,228.7 per share. The company aims to raise ₹500 crore through this equity fundraising exercise. It will hold a board meeting on June 21 to decide the issue price of the QIP.

Apeejay Surrendra Park Hotels: The company has signed a new hotel under the brand name ‘The Park’ in the foothills of Nainital, Uttarakhand.

Mrs Bectors: The company will hold a meeting on June 24 to consider proposals for raising funds.

Tata Technologies: The company has launched the second edition of Tata Technologies InnoVent Hackathon in collaboration with Microsoft and Tata Motors.

Netweb Technologies: The company has launched its Make-in-India range of servers, designed to harness the robust capabilities of the latest 4th Gen AMD EPYC processors.

Bharat Forge: The company has invested an additional $40 million in Bharat Forge America Inc., a wholly-owned subsidiary, to facilitate its capital expenditure for an aluminum forging facility.

Rama Paper Mills: The company has temporarily shut down its manufacturing plant in Uttar Pradesh due to financial difficulties.

Snowman Logistics: The company has seen its promoter, Gateway Distriparks, purchase 3 lakh equity shares or 0.18% of the company through an open market offer.

Rajoo Engineers: The company will meet on June 24 to consider a proposal for the declaration and recommendation of bonus equity shares.

Craftsman Automation: The company has approved raising funds by way of issuing equity shares for an aggregate amount not exceeding ₹1,200 crore through qualified institutions placement.

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ABOUT THE AUTHOR

Pranay Prakash

My experience as a Finance Journalist has involved working as a Web Producer and Sub Editor at a wire agency and business magazine, respectively, where I have curated various domain specific news pages, and later edited long-form, in-depth pieces on everything from India's corporates to the state of the economy, and various sectors. At Mint, I am involved in the editing of market copies and the curation of the live markets blog. Apart from the financial markets, my interest encompass topics related to the economy, the political economy of a growing economy, the space of policy design, and how it affects the wider economy and the decisions of corporates and consumers alike.