Image Courtesy: Financial Express
Amid weak global cues, the benchmark Indian indices BSE Sensex and NSE Nifty 50 are likely to open subdued. As Nifty futures on the Singapore Exchange traded lower at the 18665 level, the SGX Nifty indicated a flat to negative start for domestic equities.
Top 10 stocks that will be the subject of today’s attention are listed below:
ONGC: Arun Kumar Singh, a former chairman of the oil marketing and refining firm BPCL, was named chairman and managing director of ONGC on Wednesday. This is the first time a retired person has been named the head of a Maharatna PSU. After examining six applicants on August 27, a search-cum-selection committee appointed by the oil ministry settled on Singh.
Inox Wind: For a cash payment of Rs 600 crore, the business issued 0.01% non-convertible, non-cumulative, participatory, redeemable preference shares of Rs 10 each to Inox Leasing & Finance Ltd, the ultimate holding company. In response to advances, the business paid Gujarat Fluorochemicals Rs. 623 crore.
Infosys: The provider of IT services started its fourth share repurchase, totaling Rs 9,300 crore. Through the open market, the buyback will be conducted at a cost of no more than Rs 1,850 per equity share with a face value of Rs 5. At least half, or Rs. 4,650 crore, of the maximum amount authorised for the repurchase would be used by the business.
Eveready Industries: As of February 14, 2023, Bibek Agarwala will serve as Eveready Industries’ new CFO. He is taking the place of Indranil Roy Chowdhury and Bibhu Ranjan Saha, who were formerly designated as the company’s Joint Chief Financial Officers.
Metro Brands: The business successfully acquires Cravatex Brands at 100%. Under a number of brands, including FILA and Proline, Cravatex is in the business of importing, trading, selling, marketing, advertising, retailing, and distributing footwear, clothes, and accessories.
Mahindra Logistics: On December 6, the company established MLL Global Logistics as a wholly-owned subsidiary in the UK to conduct logistics and supply chain management activities, including international freight forwarding and air charter operations.
HCL Technologies: To provide essential 5G enterprise technology solutions, the company has partnered with Intel and Mavenir. With the aim of delivering additional 5G solutions to CSPs, IoT, and enterprise verticals, the firms will closely collaborate on a wide and comprehensive variety of projects and activities across enablement, go-to-market, and sales acceleration.
Lumax Industries: The business would establish a new project at Chakan, Pune, with a phase 1 outlay of Rs 175 crore. The project will fulfil the orders for cutting-edge lighting solutions that OEMs have placed. The project will be funded by a combination of internal accruals and debt and is anticipated to be commissioned by Q2FY24. For this project, the company may also be able to use long-term credit facilities.
Axis Bank: Axis Bank, a private lender, stated on Wednesday that it would issue Rs 12,000 crore worth of Tier II bonds to raise money. According to Axis Bank’s regulatory filing, the offer consists of a base issuance of up to 1,000 Bonds totaling Rs 1,000 crore. There is also a green shoe option to retain oversubscription of up to 11,000 Bonds totaling Rs 11,000 Crore.
L&T: ArcelorMittal Nippon Steel India (AM/NS India) has given many orders to Larsen and Toubro Construction’s minerals and metals division to carry out their expansion ambitions in Gujarat and Odisha. These orders are for the iron and steel and beneficiation sectors. At its Hazira factory in Gujarat, one of the packages of the order calls for the installation of two blast furnaces, each with a 3.5 MTPA capacity.
