Buzzing Stocks: IIFL Finance, Tata Motors, Asian Paints, Adani Ent, M&M, Zomato and others in news

Stocks to watch: Check out the companies IIFL Finance, Tata Motors, Asian Paints, Adani Ent, M&M, Zomato and others making headlines before the opening bell today, on March 07, 2024.

IIFL Finance: The exchanges revised the circuit limit for IIFL Finance share price to 10 percent from 20 percent. The stock was locked in a 20 percent lower circuit for two consecutive sessions since the RBI banned the company from issuing gold loans.

The NBFC stock has shed 37% in three sessions. It closed 20% lower at a fresh 52-week low of Rs 382.80 on Wednesday even as Fairfax India agreed to infuse $200 million into the company.

In the market preopen session today, IIFL Finance was set to open 10% lower at Rs 344.55 on BSE.

On Wednesday, the market cap of the bank fell to Rs 14,603 crore on BSE.

Total 4.14 lakh shares changed hands amounting to a turnover of Rs 15.86 crore on BSE.

In terms of technicals, the relative strength index (RSI) of IIFL Finance stands at 19.2, signaling it’s trading in the oversold zone. IIFL Finance shares are trading lower than the 5 day, 10 day, 20 day, 50 day, 100 day and 200 day moving averages.

IIFL Finance stock has a one-year beta of 0.5, indicating low volatility during the period. On Monday, Reserve Bank of India (RBI) asked the NBFC to stop sanctioning or disbursing gold loans with immediate effect citing certain material supervisory concerns in the company’s gold loan portfolio.

The disclosure to bourses was made after market hours on Monday.

Mahindra and Mahindra: A promoter group entity is likely to sell around a 0.75 percent stake in M&M to raise around $215 million via a block deal, multiple people familiar with the development said. The block deal has been launched, and the offer price range is Rs 1,911.5 per share to Rs 1,970.65 per share.

Tata Motors: Rating agency Moody’s has affirmed Tata Motors’ BA3 ratings with outlook remaining positive after the board of directors has agreed in principle to demerge its operations into two separate listed companies for commercial vehicles and passenger vehicles, respectively, subject to shareholder and regulatory approvals. The demerger will likely be completed within the next 12–15 months.

Zomato: Foreign investor Morgan Stanley Asia (Singapore) Pte bought 5,68,11,443 equity shares in the food delivery giant at an average price of Rs 160.1 per share, valued at Rs 909.55 crore. However, foreign investor and Ant group subsidiary Antfin Singapore Holding Pte Ltd sold 17,63,95,675 equity shares in Zomato, which is equivalent to 2.02 percent of paid-up equity, amounting to Rs 2,827.08 crore, while as of December 2023, its shareholding in the company was 6.42 percent.

Adani Enterprises: Ospree International FZCO, Dubai, a step-down subsidiary of Adani Enterprises, has acquired a 100 percent stake in Le Marché Duty Free SAS (LMDF) for 5,000 euros. LMDF, incorporated for the purpose of operating duty-free business in France, is owned by Atul Ahuja, a sole shareholder who is a promoter of Flemingo Group.

Life Insurance Corporation of India: LIC has increased its shareholding in LIC Mutual Fund Asset Management through private placement. After the said private placement, the shareholding of the corporation in LIC MF increased from 40.93 percent to 44.61 percent of the paid-up capital.

Infosys: The digital services and consulting company, has renewed its digital innovation partnership with the ATP Tour until 2026. The three-year extension of the partnership will continue to draw on Infosys’ deep expertise in digital technologies like artificial intelligence, data analytics, and cloud computing, which will enrich the fan experience and player performance in professional tennis.

Vedanta: The iron ore mining company is exploring possible legal options, including filing a review petition in the Supreme Court with respect to the closure of the copper smelter plant at Thoothukudi. This is as per advice from its legal experts. Vedanta had filed a special leave petition in the Supreme Court on April 10, 2023, against the order of Madras HC, which had upheld the closure of the copper smelter plant at Thoothukudi. On February 29, the Supreme Court dismissed the special leave petition filed by the company.

Hindustan Aeronautics: The state-run defense company has signed an amendment to the LCA (Light Combat Aircraft) IOC (Initial Operational Clearance) contract. The value of the contract has been revised from Rs 2,700.87 crore to Rs 5,077.95 crore.

Samvardhana Motherson International: Foreign promoter entity Sumitomo Wiring Systems sold 30 crore equity shares (equivalent to 4.42 percent of total paid-up equity) in Samvardhana Motherson via open market transactions, amounting to Rs 3,633.2 crore.

Jupiter Wagons: The Ministry of Railways (Railway Board) has placed an offer to the company for the manufacture and supply of 2,237 BOSM Wagons for a contract value of Rs 956.88 crore.

UPL: Subsidiary UPL Corporation, Mauritius, and Masarrah Investment Company (MIC) entered into a share subscription agreement to set up a manufacturing complex in Saudi Arabia for the production of phosphate, cyanide, and chlorine value-added products to create a diversified export portfolio. UPL Corporation’s subsidiary, UPL Arabia, will issue new shares to UPL Corp. and MIC. Post-issuance of new shares, UPL Corp. will hold an 85 percent shareholding, and MIC will hold a 15 percent shareholding in UPL Arabia.

Indraprastha Gas: The gas distribution company reduced the prices of compressed natural gas (CNG) in Delhi by Rs 2.5 per kilogram to Rs 74.09.

Asian Paints: Asian Paints (Polymers) (APPPL) has entered into the requisite agreements with Gujarat Chemical Port (GCPL) to set up an ethylene storage and handling facility in Dahej, Gujarat. Ethylene is a key raw material for the manufacture of VAM and VAE. APPPL will be providing a security deposit of Rs 460 crore to GCPL, which will be refunded over a period of 17–18 years. This would be in addition to the cost of setting up the VAM and VAE manufacturing facilities. The subsidiary will be setting up a facility for manufacturing vinyl acetate ethylene emulsion (VAE) and vinyl acetate monomer (VAM) at Dahej at a cost of Rs 2,100 crore.

Prestige Estates Projects: The south-based real estate developer has launched a luxury residential project, Prestige Somerville, in Whitefield, Bangalore. The two high-rise towers are spread over 6.5 acres of land and have a revenue potential of Rs 800 crore.

CarTrade Tech: ICICI Prudential Asset Management Company and ICICI Prudential Mutual Fund picked 9.48 lakh equity shares (equivalent to 2.02 percent of paid-up equity) in the multi-channel auto platform at an average price of Rs 738.5 per share, valued at Rs 70 crore. However, foreign investors MCP3 SPV LLC sold 3.16 lakh shares, and Springfield Venture International offloaded 6.32 lakh shares in the company at an average price of Rs 738.5 per share. MCP3 SPV LLC and Springfield Venture International held 2.77 percent and 3.51 percent stakes in the company, respectively.

MVK Agro Food Product: The company is set to list its equity shares on the NSE Emerge on March 7. The issue price is Rs. 120 per share. Its equity shares will be available in the trade-for-trade surveillance segment.

Cipla: Goldencross Pharma, a wholly owned subsidiary of the company, has completed the sale of its entire shareholding in Wellthy Therapeutics for Rs 59.71 lakh in terms of the definitive agreement executed on March 6.

RBL Bank: Former Blackstone executive Mathew Cyriac has bought 32.5 lakh equity shares in the private sector lender (equivalent to 0.5 percent of paid-up equity) at an average price of Rs 250.91 per share, valued at Rs 81.5 crore.

Dollar Industries: Promoter Bajrang Kumar Gupta sold 5 lakh shares in the hosiery and knitwear company at an average price of Rs 490 per share via open market transactions, valued at Rs 24.5 crore. However, Fidelity Funds Asian Smaller Companies Pool bought 3,63,221 equity shares at the same price.

OnMobile Global: The company has appointed Francois Charles Siroi, executive chairman, as CEO and re-designated him as executive chairman and chief executive officer, with effect from March 7. Sanjay Baweja resigned from the role of Global Chief Executive Officer and Managing Director of the company with effect from March 6 due to personal reasons.

NLC India: The government is going to sell 5 percent shareholding in NLC India (base offer size), with an option to additionally sell another 2 percent shares (the oversubscription option) via offer-for-sale in the coming couple of trading sessions. The offer-for-sale will be opened for non-retail investors on March 7 and for retail investors on March 11. The floor price of the offer will be Rs. 212 per share.

Mukka Proteins: The fish protein product manufacturer is set to debut on the bourses on March 7. The final issue price has been fixed at Rs. 28 per share.

GPT Infraprojects: The infrastructure company has bagged an order worth Rs 135 crore from North Central Railway, Agra. This contract is a joint venture, with GPT’s share being 51 percent.

Subex: The telecom AI company has won a 5-year deal worth $2.2 million with a leading telecom operator in Southeast Asia. This deal involves the deployment of Subex’s state-of-the-art business assurance and fraud management solutions on HyperSense.

With Thanks Reference to: https://www.moneycontrol.com/news/photos/business/stocks/buzzing-stocks-iifl-finance-tata-motors-asian-paints-adani-ent-mm-zomato-and-others-in-news-12415931-25.html and https://www.businesstoday.in/markets/company-stock/story/iifl-finance-shares-in-focus-today-as-bse-nse-revise-circuit-limit-420419-2024-03-07