Stocks to watch: Shares of firms like TCS, Zee Ent, Airtel, Lupin, Sapphire Foods, SBI Life, and others will be in focus on Tuesday’s trade.
Stocks To Watch on June 27: The Nifty futures contract traded on the Singapore Exchange indicates a positive start to domestic equities. The contract was trading at 18,720.50, up 16.5 points or 0.09% from the previous close.
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TCS: Tata Consultancy Services (TCS) Ltd has named a new head to oversee the hiring of temporary workers amid an internal probe into the bribes-for-jobs scandal that has led to the sacking of at least 15 executives and the blacklisting of eight staffing firms. India’s largest IT services company has entrusted Sivakumar Viswanathan, a veteran of about 30 years, as the new head of the Resource Management Group, or RMG, an executive privy to the development said. RMG oversees the hiring of contract workers and internally deploys people to projects.
L&T: On Monday, Larsen & Toubro (L&T) announced that it has received “significant” orders for its power transmission and distribution business in India and internationally totalling between Rs 1000 crore and Rs 2500 crore. On a YTD basis, the shares of Larsen & Toubro soared by 13.67% and in the last year the stock delivered a stellar return of 54.64% and traded at a Rs 2,375 per share on BSE. The new order obtained by the company is for the construction of a 765kV transmission line.
ICICI Prudential: Directorate General of GST Intelligence(DGGI) for not paying tax of Rs.492.06 crore for a period of five years starting from July 2017 till July 2022. The Company said in an exchange filing that it has received a show cause cum demand notice (SCN) from the Directorate General of GST Intelligence (DGGI), asking the Company to show cause as to why a tax of Rs 492,06,48,296/- pertaining to the period July 2017 to July 2022 should not be demanded from the company.
Zee Entertainment: The Securities Appellate Tribunal (SAT) on Monday refused to take on record an additional affidavit filed by the Securities and Exchange Board of India (Sebi) in a matter pertaining to the alleged diversion of funds by Punit Goenka and Subhash Chandra of Zee Entertainment Enterprises Ltd. The tribunal, while hearing a plea filed by Goenka and Chandra challenging Sebi’s 12 June order that restrained them from holding any key position in any listed entity, posted the matter for hearing on Tuesday.
Bharti Airtel: Bharti Airtel has begun restructuring its enterprise business division, Airtel Business, with chief executive officer Ajay Chitkara stepping down from his position effective 20 August. Airtel Business will be reorganized into three categories, each with its own head. Vani Venkatesh will be at the helm of the global business, Ganesh Lakshminarayanan will oversee the domestic business, while Nxtra Data Centers will be led by Ashish Arora.
Read More: Sebi introduces ASBA-like facility for secondary market trading
PTC India: PTC India Financial Services (PFS), a subsidiary of PTC India, has appointed Mahendra Lodha as Director (Finance) and CFO, the company said in a regulatory filing. PTC India Financial Services is a finance company and systematically important non-deposit-taking NBFC. It is an Infrastructure Finance Company, classified by the RBI and listed on the NSE and the BSE. Earlier, PFS appointed S Siva Kumar as Executive Director, besides three independent directors on its board.
Lupin: Lupin is considering a restructuring move to unlock value by demerging its API (active pharmaceutical ingredients) business, as revealed by industry sources. This strategic decision follows in the footsteps of Lupin’s peer, Glenmark Pharma, which successfully spun off its API business into a separate entity named Glenmark Life Sciences in May 2019. The market debut of Glenmark Life Sciences took place in August 2021. Lupin’s stock has experienced a notable increase of over 24 per cent in the past three months.
City Union Bank: City Union Bank on Monday said it will raise Rs 500 crore through the Qualified Institutional Placement (QIP) route to fund business growth. The board of directors at a meeting approved raising of further capital through the QIP route to the tune of Rs 500 crore, City Union Bank said in a regulatory filing. The private sector lender said that shareholders’ nod would be sought in the annual general meeting for the capital raise plan.
Aditya Birla Capital: Aditya Birla Capital on Monday announced that the company has launched a qualified institutional placement (QIP) issue. The issue opened on 26 June 2023. The floor price of the said QIP is set at Rs 175.99 per share, the financial services company said in a regulatory filing. Earlier this month, Aditya Birla Capital said that the board of directors has approved preferential issuance of Rs 1,250 crore to Grasim and Surya Kiran Investments.
SBI Life: Swaminathan Janakiraman, a nominee director representing State Bank of India (SBI), has resigned as the Director of the company.
Sapphire Foods: Sapphire Foods India promoter is likely to sell 3 million shares through a block deal, Bloomberg reported. The floor price is set at Rs 1345-1391 per share.
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