Stocks to watch: Shares of firms like Infosys, RIL, ONGC, Tata Motors, Coal India, IDFC First, and others will be in focus on Monday’s trade.
Stocks to Watch on September 4: GIFT Nifty on the NSE IX traded 6 points, or 0.03 per cent, higher at 19,553.5, signaling that Dalal Street was headed for muted start on Monday. Here’s a slew of stocks that will be in focus today for various reasons.
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Kotak Mahindra Bank: Uday Kotak on 1 September announced to step down as managing director and chief executive officer of Kotak Mahindra Bank, and with this, the baton was passed to Joint Managing Director at Kotak Mahindra Bank — Dipak Gupta. Gupta will carry out the duties of the MD and CEO until 31 December, which is subject to the approval of the RBI and the members of the bank. Uday said he would continue as a non-executive director of the bank.
Reliance Industries: Indian billionaire Mukesh Ambani’s Reliance Retail Ventures is in advanced talks with global investors to raise around $2.5 billion by the end of September, ahead of a potential stock market listing, people familiar with the matter told Reuters. Three sources said the target fundraising of $2.5 billion is part of a combined $3.5 billion target the firm has set for itself, a part of which – $1 billion – came from Qatar Investment Authority (QIA) and was announced last month.
Bajaj Auto: Bajaj Auto’s subsidiary, Bajaj Auto Consumer Finance, has received the Certificate of Registration from the Reserve Bank of India (RBI) to start the business of the non-banking finance company (NBFC), the company informed the stock exchanges in its filing on September 1, according to MoneyControl reports. In 2021, Bajaj Auto announced the setting up of a 100 per cent captive finance subsidiary ‘Bajaj Auto Consumer Finance’.
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Infosys: IT services company Infosys on Friday said it has completed the acquisition of Danske Bank’s IT centre in India. Danske Bank chose Infosys as a strategic partner to drive digital transformation initiatives with speed and scale, and this follows the announcement of the collaboration made on June 26, 2023, a release by Infosys said. Danske Bank’s IT centre in the country employs over 1,400 professionals.
ONGC: The government has cut the windfall profit tax on crude oil produced in the country while the levy on exports of diesel and ATF has been hiked, an official notification said. The tax, levied in the form of special additional excise duty or SAED, on domestically produced crude oil was reduced to Rs 6,700 per tonne from Rs 7,100 a tonne. SAED on the export of diesel was increased to ₹6 per litre from Rs 5.50 a litre and on jet fuel or ATF to Rs 4 per litre from Rs 2, the notification said.
IDFC First: Rajiv Jain-led US-based boutique investment manager GQG Partners Llc, on Friday, acquired a 2.6 per cent stake in private lender IDFC First Bank Ltd for Rs 1,527.26 crore, raising the former’s total fresh investment in Indian firms to over Rs 41,000 crore in a span of just six months. Through a bulk deal on the exchanges, Cloverdell Investment Ltd, an institutional shareholder in IDFC First, has sold 278.7 million shares or 4.2 per cent stake in IDFC First Bank for Rs 2,480.3 crore to several entities including GQG Partners.
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Jio Financials: BSE on Saturday, September 2, revised Jio Financial Services’ circuit filter from 5 per cent to 20 per cent and the filter will be effective from Monday, said the stock exchange in a notification. Circuit filters are a price range provided for each index. Jio Financial Services Ltd’s shares were removed from all S&P BSE indices, including Sensex, before trading opened on Friday, September 1.
Tata Motors: Tata Motors posted a 3.5 per cent decline in PV sales. Tata Motors Limited sales in the domestic & international market for August 2023 stood at 78,010 vehicles, compared to 78,843 units during August 2022. Domestic sales of MH&ICV in August 2023, including trucks and buses, stood at 13,306 units. Total sales for MH&ICV Domestic & International Business in August 2023, including trucks and buses, stood at 13,816 units.
Biocon: Biotechnology major Biocon on Saturday said its unit has acquired Eywa Pharma Inc.’s oral solid dosage manufacturing facility in the US for USD 7.7 million (over ₹63 crore). Biocon Generics Inc. has acquired Eywa’s Cranbury-based plant effective September 1 2023, the Bengaluru-based company said in a statement. The facility is acquired for a total consideration of USD 7.7 million, it added. As part of the acquisition, the existing workforce of the facility will transition into Biocon Generics Inc.
Coal India: Coal India on Friday reported a 13.2 per cent rise in its coal production last month at 52.3 million tonne (MT) of coal in August on a year-on-year basis. In August 2022, the public sector major produced 46.2 MT. So far in the current financial year (FY24), Coal India has produced 281.5 MT of the mineral, registering an 11 per cent growth compared to the same period last fiscal, said a company statement.
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