Stocks to watch: Laxmi Organic, Craftsman, Jubilant Food, BoI, RVNL, Airtel




Nifty futures on the Singapore Exchange wiped off early losses and were trading 0.16 per cent higher at 14,584 around 8.30 am, indicating a firm start for the benchmark indices on Thursday.


Here are the top stocks that are likely to be in focus today:



New Listings: Shares of Laxmi Organic and Craftsman Automation will list on the bourses today. The IPO of Laxmi Organic was subscribed 107 times while that of Craftsman Automation had received 4 times bids.


TVS Motor Company: Venu Srinivasan, who built TVS Motor Company, since 1980, into one among the top five global manufacturers of two- and three-wheelers, has decided to step down as chairman in January 2023. He will be replaced by Ralf Speth, former chief executive officer of Jaguar Land Rover. Speth joined the company’s board on Thursday. That apart, the board has declared a 2nd interim dividend for FY21 of Rs 1.40 per share.


Jubilant FoodWorks: The company on Wednesday announced to introduce American multinational chain of fried chicken fast-food restaurants ‘Popeyes’, to India. The company announced to enter into an exclusive master franchise and development agreement with PLK APAC, a subsidiary of Restaurant Brands International Inc (RBI), said a joint statement.


Bank of India: The bank said it will raise up to Rs 750 crore by issuing Basel III compliant bonds. The bidding for the Basel III compliant additional tier I bonds will start on March 26 and end on March 30 (settlement date), the bank said in a regulatory filing.


RVNL: The government will exercise the greenshoe option to the extent of 1.10 crore equity shares or 0.53 per cent of the total issued and paid-up equity capital of the company in addition to the base offer size of 20.85 crore shares. The OFS will open for retail investors today.


Bharti Airtel: The NCLT has sanctioned the Composite Scheme of arrangement between Bharti Airtel Limited, Bharti Airtel Services Limited, Hughes Communications India Private Limited and HCIL Comtel Private Limited and their respective shareholders and creditors.


IndiGrid: Infrastructure investment trust IndiGrid said IndiGrid Investment Managers’ board has approved a proposal to raise up to Rs 1,283.65 crore through a rights issue. The size of the issue will be subject to the finalisation of allotment in the issue, according to the filing.


Voltas: The company has executed the Business Transfer Agreement with its wholly-owned subsidiary, Universal MEP Projects & Engineering Services for transfer of its domestic projects business. The transaction is expected to be completed by end of September 2021.


Tata Steel: The company board has approved the conversion of 7.02 crore partly paid-up equity shares of face value Rs 10 each into fully paid-up equity shares of face value Rs 10 each, against which the first and final call money of Rs 461 per share has been received.


Pokarna: Pokarna Engineered Stone, a wholly-owned subsidiary of Pokarna, has started commercial production at its second quartz surface manufacturing facility, with effect from March 24.


Vakrangee: The company has entered into a partnership agreement with TransUnion CIBIL (TUCIBIL), one of the India’s largest credit information company regulated by Reserve The agreement will help the company drive financial inclusion by providing easy access to CIBIL score and report to consumers through Nextgen Vakrangee Kendra network.


Wabco India: Promoter ZF International UK will sell 9.05 percent stake in Wabco India through the offer for sale on March 25-26. The promoter will also have a greenshoe option to sell an additional 9.05 per cent of total the equity. The floor price for the sale is fixed at Rs 5,450 per share.


Infosys: IT services major Infosys announced the appointment of former Salesforce executive Chitra Nayak as an independent director. The appointment is for a period of three years, subject to the approval of shareholders.


JSW Energy: Sajjan Jindal-controlled JSW Energy is planning to raise up to $1 billion in a maiden dollar bond sale, seeking to catch up with rivals such as Adaniand the Tatas in expanding its footprint in clean energy projects, a media report said.


Oil India: Indian state-owned energy firms ONGC Videsh and Oil India, together with their foreign partners, have met conditions precedent for the first debt drawdown from the $14.9 billion facility they had tied up to part-finance their $24.1-billion LNG project in Mozambique.

Dear Reader,

Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.

We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor





Source link