Stocks to watch, August 22: Zomato, Alkem Labs, BEML, Paras Defence
Stocks to watch on Thursday, August 22, 2024: Benchmarks Sensex and Nifty are expected to open bullish on Thursday, reflecting strong performance by global peers. GIFT Nifty futures also suggest a bullish start as they traded 85 points higher than Nifty50 futures at 24,883 levels.
Markets in the Asia-Pacific region opened mostly higher on Thursday as investors studied preliminary business activity figures from Australia, Japan and India.
The Bank of Korea kept its key interest rate at 3.5 percent, as expected, and is now focusing on its upcoming statements for possible hints of policy easing.
The strong global momentum is also a result of the minutes of the Federal Reserve’s July meeting, which showed that while some members called for rate cuts in July, the majority expected it would be appropriate to ease policy at the next meeting if inflation rates remained consistent.
In Asia, Japan’s Nikkei 225 rose 0.96 percent, while the broader Topix index rose 0.33 percent.
South Korea’s Kospi also rose 0.13 percent, while the Kosdaq fell 0.41 percent.
Australia’s S&P/ASX 200 rose 0.24 percent. Hong Kong’s Hang Seng index fell 0.66 percent to 17,506 levels.
In the meantime, here are some domestic stocks to watch on Thursday:
Zomato: Zomato will acquire Paytm’s entertainment ticketing business for Rs 2,048 crore. The transaction includes a transition services agreement that will allow the ticketing business to operate on the Paytm app for up to 12 months. As part of the deal, 280 employees will transfer to Zomato.
Alkem Laboratories: The promoter of Alkem Laboratories plans to sell 0.7 per cent stake, equivalent to 8.5 lakh shares, through block deals. The reserve price for these shares has been fixed at Rs 5,616, which represents a discount of 3 per cent to the current market price.
BEML: BEML has signed a strategic partnership with the Indian Navy to develop advanced maritime applications for defence. This collaboration is aimed at enhancing BEML’s capabilities in maritime technologies for defence and promoting indigenous design and development of critical maritime equipment and systems.
India Grid Trust: Sponsor Esoteric II Pte plans to sell 17.32 percent stake through an Offer for Sale (OFS) on August 22-23, 2024. The OFS comprises a base offer of 9.66 percent and an oversubscription option of 7.66 percent. The reserve price for the offer has been set at Rs 132 per share, with non-retail investors participating on August 22 and retail investors on August 23.
Kalyan Jewelers: Promoter TS Kalyanaraman will increase his stake in Kalyan Jewellers by 2.36 per cent by buying shares of Highdell Investment for Rs 535 each. His stake will rise from 21 per cent to 23.36 per cent, taking the combined shareholding of the promoter and promoter group to 62.95 per cent from 60.59 per cent.
Paras Defense and Space Technologies: The Department for Promotion of Industry & Internal Trade (DPIIT) has granted an industrial license to Paras Defence for manufacturing various defence related products including infrared and thermal imaging equipment, electro-optical systems, radar systems and border surveillance systems at Navi Mumbai, Maharashtra.
Muthoot Capital: Muthoot Capital is considering raising up to Rs 50 crore through a debt issuance on August 24. The decision is part of its strategy to strengthen its financial resources.
Procter & Gamble Health: Procter & Gamble Health reported a 43.7 per cent year-on-year decline in net profit to Rs 16.78 crore for the June 2024 quarter, down from Rs 29.82 crore in the same period last year. Despite healthy operating numbers and lower input costs, the decline was due to an exceptional loss of Rs 20.19 crore. Revenue from operations declined 5.7 per cent to Rs 283.9 crore from Rs 301.2 crore. The company declared a final dividend of Rs 60 per share.
Welspun companies: Welspun Enterprises subsidiary Welspun Michigan Engineers has received a Letter of Acceptance (LOA) from the Brihanmumbai Municipal Corporation (BMC) for rehabilitation of man-entry sewers using trenchless technology in the suburbs of Mumbai. The contract, worth Rs 159.75 crore, is to be completed within 24 months, excluding monsoons.
Zenith Medicines: Zenith Drugs has completed construction of a new manufacturing facility in Indore and will commence production of tablets and liquid oral formulations in September. The new facility represents a major investment aimed at meeting growing demand with improved efficiency and quality.
Kilburn Technique: Kilburn Engineering plans to acquire Monga Strayfield for Rs 123 crore.
Zon Pharma: Sun Pharma has entered into an agreement with Pharmazz Inc. under which the company will invest up to $15 million in the company.
Indian Renewable Energy Development Agency: The board of directors of the Indian Renewable Energy Development Agency will meet on August 29 to consider raising up to Rs 4,500 crore through an open market offer (FPO), Qualified Institutional Placement (QIP), rights issue or preferential issue.
Awfis Space Solution: The company is expanding its presence in Bengaluru by opening 6,180 square feet of premium workspace.
Zen technologies: Zen Technologies launched its Qualified Institutions Placement (QIP) on August 21, with a minimum price of Rs 1,685.18 per share. The QIP issuance size is expected to be around Rs 800 crore, with the potential to go up to Rs 1,000 crore.
First publication: Aug 22, 2024 | 07:35 AM IST