Stocks To Watch
• NCC: Received four new orders totalling to Rs 1,679 crore in July. Out of the total orders, one order valuing Rs 732 crore pertains to Building Division and two orders valuing Rs 730 crore pertain to Water & Environment Division and one order valuing Rs 217 crore pertains to Electrical Division. These orders were received from state government agencies.
• Indian Oil Corporation: To consider monetising some existing fuel stations through Indianoil Petronas Pvt, but won’t sell “lock, stock and barrel,” Sandeep Kumar Gupta, finance director at fuel retailer said during the conference call. Indianoil Petronas, a joint venture between Indian Oil and Malaysia’s Petronas, seeks to expand into retailing of natural gas, gasoline, and diesel. The JV is also looking at setting up new retail outlets and wayside facilities on highways. As part of asset monetisation, Indian Oil also plans to sell 2 hydrogen gas units at its Gujarat refinery during 2021-22 and 5 more next year. The company’s gross borrowing as of June 30 was Rs 85,730 crore.
• VA Tech Wabag: Secured an engineering and procurement order worth $165 million (about Rs 1,230 crore) from Amur Gas Chemical Complex LLC., in Russia. With this order the company has further consolidated its market position in the oil & gas sector. Wabag will be the technology and system integrator for the Integrated Treatment Facilities (Wastewater Treatment unit). It will deploy advanced technologies to treat wastewater streams.
• Tata Motors: To increase prices on an average by 0.8%, depending on the variant and model, effective August 3. The company will offer price protection on all retail till August 31. This is the third price hike by Tata Motors this year due to increase in commodity costs.
• Computer Age Management Services: Appointed Anuj Kumar as the Managing Director for a period of 5 years effective August 1 and SR Ram Charan as the Chief Financial Officer.
• Minda Industries: Board approved launch of QIP issue on Monday. The floor price of Rs 734.84 per equity share is at a discount of 2.50% to Monday’s closing price.
• Reliance Industries: The company has invested Rs 1 lakh in Reliance New Solar Energy Limited, a newly incorporated wholly owned subsidiary. RNSEL is incorporated to undertake activities relating to solar energy.
• V-Mart Retail: The company has opened three new stores in Uttar Pradesh and one store in of Rajasthan. With this the total number of V-Mart stores now stands at 286 as of August 1.
• Adani Ports and SEZ: The company has raised $750 million in two tranches by allotment of fixed rate senior unsecured notes. The said Notes are expected to be listed on Singapore Exchange Securities Trading Limited and the India International Exchange Limited.
• NCC: Received four new orders totalling to Rs 1,679 crore in July. Out of the total orders, one order valuing Rs 732 crore pertains to Building Division and two orders valuing Rs 730 crore pertain to Water & Environment Division and one order valuing Rs 217 crore pertains to Electrical Division. These orders were received from state government agencies.
• Indian Oil Corporation: To consider monetising some existing fuel stations through Indianoil Petronas Pvt, but won’t sell “lock, stock and barrel,” Sandeep Kumar Gupta, finance director at fuel retailer said during the conference call. Indianoil Petronas, a joint venture between Indian Oil and Malaysia’s Petronas, seeks to expand into retailing of natural gas, gasoline, and diesel. The JV is also looking at setting up new retail outlets and wayside facilities on highways. As part of asset monetisation, Indian Oil also plans to sell 2 hydrogen gas units at its Gujarat refinery during 2021-22 and 5 more next year. The company’s gross borrowing as of June 30 was Rs 85,730 crore.
• VA Tech Wabag: Secured an engineering and procurement order worth $165 million (about Rs 1,230 crore) from Amur Gas Chemical Complex LLC., in Russia. With this order the company has further consolidated its market position in the oil & gas sector. Wabag will be the technology and system integrator for the Integrated Treatment Facilities (Wastewater Treatment unit). It will deploy advanced technologies to treat wastewater streams.
• Tata Motors: To increase prices on an average by 0.8%, depending on the variant and model, effective August 3. The company will offer price protection on all retail till August 31. This is the third price hike by Tata Motors this year due to increase in commodity costs.
• Computer Age Management Services: Appointed Anuj Kumar as the Managing Director for a period of 5 years effective August 1 and SR Ram Charan as the Chief Financial Officer.
• Minda Industries: Board approved launch of QIP issue on Monday. The floor price of Rs 734.84 per equity share is at a discount of 2.50% to Monday’s closing price.
• Reliance Industries: The company has invested Rs 1 lakh in Reliance New Solar Energy Limited, a newly incorporated wholly owned subsidiary. RNSEL is incorporated to undertake activities relating to solar energy.
• V-Mart Retail: The company has opened three new stores in Uttar Pradesh and one store in of Rajasthan. With this the total number of V-Mart stores now stands at 286 as of August 1.
• Adani Ports and SEZ: The company has raised $750 million in two tranches by allotment of fixed rate senior unsecured notes. The said Notes are expected to be listed on Singapore Exchange Securities Trading Limited and the India International Exchange Limited.
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Stocks To Watch
• Godrej Properties: Is seeing strong revival in housing sales after the second wave of the pandemic impacted first-quarter results, Executive Chairman Pirojshah Godrej said. Revival in sales post first quarter and large number of planned project launches will help the company to record higher sales growth in the current financial year, compared to last year, Godrej said. The company is also seeking to invest in large land deals in the near future after raising capital earlier this year. It plans to use a significant amount of this capital for expanding its presence in Mumbai.
• Tata Steel: Global rating agency S&P has upgraded the company’s long-term rating to BB from BB-; outlook remains stable. S&P expects Tata Steel’s debt levels to decline materially over the next two years on the company’s commitment to deleverage, supported by strong operating cash flows. It expects Tata Steel’s adjusted debt to decline by more than 30% by March 2023 from its March 2021 level.
• GR Infraprojects: Received Letter of Acceptance from Bangalore Metro Rail Corporation for construction of 5 metro stations, elevated structures, road widening and allied works. The contract price is Rs 365 crore. The project is expected to be completed in 21 months from signing of contract agreement.
• Natco Pharma: Transferred the Lenalidomide Capsules ANDA to Arrow International Limited as per an earlier agreement between the parties. Arrow International is the marketing partner of Natco for this product in the U.S. market. The ANDA was approved by U.S. FDA in May 2021.
• Tata Consultancy Services: Rich Products has selected the company for intelligent supply chain modernisation to improve operations and agility. TCS will help the global food company harness cloud-based AI and ML platform to enhance integrated planning and agility in meeting changing customer demands.
• Linde India: Signed a Business Transfer Agreement with HPS Gases Ltd., Vadodara to acquire its entire packaged gases business along with certain distribution assets with effect from November 1, for an aggregate cash consideration of Rs 27.5 crore.
• Balaji Amines: To set up a new plant to manufacture Acetonitrile. The plant will cost company approximately Rs 80 crore and will be set up in 12 to 18 months. This will also increase the company’s capacity by 16,500 TPA from 9,000 TPA.
• Dr. Reddy's Laboratories: Re-launched Naproxen Sodium Tablets USP, 220 mg, the store-brand equivalent of Aleve, in the U.S. market, as approved by the U.S. Food and Drug Administration. Naproxen Sodium Tablets is an over-the-counter nonsteroidal anti-inflammatory drug used as a pain reliever and fever reducer.
• Canara Bank: To raise up to Rs 2,500 crore through QIP/Rights Issue/any other approved means during the financial year 2021-22. The bank will also appropriate accumulated losses of Rs 18,495.30 crore from Share Premium Account.
• Oswal Leasing: To consider right issue on August 12.
• Birla Corporation: The Board of Directors of RCCPL, a wholly owned subsidiary, has approved revision in the capital expenditure from Rs 2,450 crore to Rs 2,744 crore for setting up of a 3.90 million tons Greenfield Integrated Cement Plant at Mukutban (Maharashtra) with 40 MW Captive Power Plant and 10.60 MW Waste Heat Recovery System, on account of the revision in project commencement schedule and other factors including increase in commodity prices. The board has also approved restructuring of the scope of second phase expansion of existing capacity of grinding cement plant at Kundanganj (Uttar Pradesh). Expansion in capacity as per the revised scope stands at 0.7 million tons. The project cost stands reduced to Rs 154 crore.
• Godrej Properties: Is seeing strong revival in housing sales after the second wave of the pandemic impacted first-quarter results, Executive Chairman Pirojshah Godrej said. Revival in sales post first quarter and large number of planned project launches will help the company to record higher sales growth in the current financial year, compared to last year, Godrej said. The company is also seeking to invest in large land deals in the near future after raising capital earlier this year. It plans to use a significant amount of this capital for expanding its presence in Mumbai.
• Tata Steel: Global rating agency S&P has upgraded the company’s long-term rating to BB from BB-; outlook remains stable. S&P expects Tata Steel’s debt levels to decline materially over the next two years on the company’s commitment to deleverage, supported by strong operating cash flows. It expects Tata Steel’s adjusted debt to decline by more than 30% by March 2023 from its March 2021 level.
• GR Infraprojects: Received Letter of Acceptance from Bangalore Metro Rail Corporation for construction of 5 metro stations, elevated structures, road widening and allied works. The contract price is Rs 365 crore. The project is expected to be completed in 21 months from signing of contract agreement.
• Natco Pharma: Transferred the Lenalidomide Capsules ANDA to Arrow International Limited as per an earlier agreement between the parties. Arrow International is the marketing partner of Natco for this product in the U.S. market. The ANDA was approved by U.S. FDA in May 2021.
• Tata Consultancy Services: Rich Products has selected the company for intelligent supply chain modernisation to improve operations and agility. TCS will help the global food company harness cloud-based AI and ML platform to enhance integrated planning and agility in meeting changing customer demands.
• Linde India: Signed a Business Transfer Agreement with HPS Gases Ltd., Vadodara to acquire its entire packaged gases business along with certain distribution assets with effect from November 1, for an aggregate cash consideration of Rs 27.5 crore.
• Balaji Amines: To set up a new plant to manufacture Acetonitrile. The plant will cost company approximately Rs 80 crore and will be set up in 12 to 18 months. This will also increase the company’s capacity by 16,500 TPA from 9,000 TPA.
• Dr. Reddy's Laboratories: Re-launched Naproxen Sodium Tablets USP, 220 mg, the store-brand equivalent of Aleve, in the U.S. market, as approved by the U.S. Food and Drug Administration. Naproxen Sodium Tablets is an over-the-counter nonsteroidal anti-inflammatory drug used as a pain reliever and fever reducer.
• Canara Bank: To raise up to Rs 2,500 crore through QIP/Rights Issue/any other approved means during the financial year 2021-22. The bank will also appropriate accumulated losses of Rs 18,495.30 crore from Share Premium Account.
• Oswal Leasing: To consider right issue on August 12.
• Birla Corporation: The Board of Directors of RCCPL, a wholly owned subsidiary, has approved revision in the capital expenditure from Rs 2,450 crore to Rs 2,744 crore for setting up of a 3.90 million tons Greenfield Integrated Cement Plant at Mukutban (Maharashtra) with 40 MW Captive Power Plant and 10.60 MW Waste Heat Recovery System, on account of the revision in project commencement schedule and other factors including increase in commodity prices. The board has also approved restructuring of the scope of second phase expansion of existing capacity of grinding cement plant at Kundanganj (Uttar Pradesh). Expansion in capacity as per the revised scope stands at 0.7 million tons. The project cost stands reduced to Rs 154 crore.
Stocks To Watch
• Vodafone Idea: Kumar Mangalam Birla has stepped down as chairman of the company. The board accepted Birla’s request to step down as non-executive director and non-executive chairman of Vodafone Idea from August 4. Board has elected Himanshu Kapania as the non-executive chairman. Kapania is a nominee of the Aditya Birla Group. Board also appointed Sushil Agarwal, a nominee of Aditya Birla Group, as an additional director.
• SBI Life Insurance Company: CA Emerald Investments, an affiliate of Carlyle Group, to sell its entire 1.9% stake in SBI Life Insurance Company. It will sell 1.90 crore shares at Rs 1,130- Rs 1,136.85 apiece, as per term sheet. At the lower end, CA Emerald Investments will be able to raise Rs 2,147 crore ($289.4 million).
• Reliance Industries: To double its PET recycling capacity by setting up a recycled polyester staple fiber manufacturing facility in Andhra Pradesh. Srichakra Ecotex India will build and operate the new recycled PSF – Recron GreenGold and PET flakes wash-line in Andhra Pradesh for Reliance. The plant will help Reliance to more than double its recycling capacity to 5 billion post-consumer PET bottles.
• Dr. Reddy's Laboratories: Entered into a definitive agreement with BioDelivery Sciences International, Inc., to sell its U.S. and Canada territory rights for Elyxyb 25 mg/mL to the U.S.-based firm. Under the terms of agreement, Dr. Reddy's will receive $6 million upfront upon closing, followed by $9 million one year from closing. Further, it is eligible to receive event based, sales-based milestones and quarterly earn-out payments. “Elyxyb is an oral solution dosage form which makes it convenient for patients to take it immediately upon emergence of migraine attacks,” said Dr. Reddy's Laboratories CEO Erez Israeli.
• Shipping Corporation of India: Approved demerger of non-core assets into new company. The demerger is aimed at facilitating “an effective and efficient disinvestment” of Shipping Corporation of India by the government. Shipping Corp holders will get 1 share in the new company for every share they held in the state-run shipping company. The new company will be listed on BSE and NSE.
• Ion Exchange (India): Indian Oil Corporation has awarded an Engineering, Procurement, Construction and Commissioning contract of Rs 357.46 crore to the company to design and install effluent treatment plant on turnkey basis for its Para Xylene and Purified Terephthalic Acid complex project at Paradip, Orissa. The project is to be constructed and commissioned within 26 months from the date of Letter of Acceptance.
• Prakash Industries: Won Bhaskarpara Coal Mine in India auction.
• MMTC: The Supreme Court has passed an order in MMTC vs Anglo American Metallurgical Coal Pty Case reducing the interest component. Details are being worked out to know the impact of this decision, the company said. MMTC may need to make significant provision in the Accounts for 2020-21. The company is also exploring all legal remedies available.
• Shriram Transport Finance Company: Allotted 1000 secured NCDs of face value of Rs 10 lakh each, aggregating to Rs 100 crore on private placement basis. The proceeds of the issue will be utilised for financing of commercial vehicles, refinancing of existing debt and other general purposes of the company.
• Borosil Renewables: To increase production capacity of its third furnace (SG-3), being installed at its manufacturing facility at Bharuch, Gujarat, from 500 MT to 550 MT per day. The expansion will cost company Rs 600 crore
• Vodafone Idea: Kumar Mangalam Birla has stepped down as chairman of the company. The board accepted Birla’s request to step down as non-executive director and non-executive chairman of Vodafone Idea from August 4. Board has elected Himanshu Kapania as the non-executive chairman. Kapania is a nominee of the Aditya Birla Group. Board also appointed Sushil Agarwal, a nominee of Aditya Birla Group, as an additional director.
• SBI Life Insurance Company: CA Emerald Investments, an affiliate of Carlyle Group, to sell its entire 1.9% stake in SBI Life Insurance Company. It will sell 1.90 crore shares at Rs 1,130- Rs 1,136.85 apiece, as per term sheet. At the lower end, CA Emerald Investments will be able to raise Rs 2,147 crore ($289.4 million).
• Reliance Industries: To double its PET recycling capacity by setting up a recycled polyester staple fiber manufacturing facility in Andhra Pradesh. Srichakra Ecotex India will build and operate the new recycled PSF – Recron GreenGold and PET flakes wash-line in Andhra Pradesh for Reliance. The plant will help Reliance to more than double its recycling capacity to 5 billion post-consumer PET bottles.
• Dr. Reddy's Laboratories: Entered into a definitive agreement with BioDelivery Sciences International, Inc., to sell its U.S. and Canada territory rights for Elyxyb 25 mg/mL to the U.S.-based firm. Under the terms of agreement, Dr. Reddy's will receive $6 million upfront upon closing, followed by $9 million one year from closing. Further, it is eligible to receive event based, sales-based milestones and quarterly earn-out payments. “Elyxyb is an oral solution dosage form which makes it convenient for patients to take it immediately upon emergence of migraine attacks,” said Dr. Reddy's Laboratories CEO Erez Israeli.
• Shipping Corporation of India: Approved demerger of non-core assets into new company. The demerger is aimed at facilitating “an effective and efficient disinvestment” of Shipping Corporation of India by the government. Shipping Corp holders will get 1 share in the new company for every share they held in the state-run shipping company. The new company will be listed on BSE and NSE.
• Ion Exchange (India): Indian Oil Corporation has awarded an Engineering, Procurement, Construction and Commissioning contract of Rs 357.46 crore to the company to design and install effluent treatment plant on turnkey basis for its Para Xylene and Purified Terephthalic Acid complex project at Paradip, Orissa. The project is to be constructed and commissioned within 26 months from the date of Letter of Acceptance.
• Prakash Industries: Won Bhaskarpara Coal Mine in India auction.
• MMTC: The Supreme Court has passed an order in MMTC vs Anglo American Metallurgical Coal Pty Case reducing the interest component. Details are being worked out to know the impact of this decision, the company said. MMTC may need to make significant provision in the Accounts for 2020-21. The company is also exploring all legal remedies available.
• Shriram Transport Finance Company: Allotted 1000 secured NCDs of face value of Rs 10 lakh each, aggregating to Rs 100 crore on private placement basis. The proceeds of the issue will be utilised for financing of commercial vehicles, refinancing of existing debt and other general purposes of the company.
• Borosil Renewables: To increase production capacity of its third furnace (SG-3), being installed at its manufacturing facility at Bharuch, Gujarat, from 500 MT to 550 MT per day. The expansion will cost company Rs 600 crore