Stocks To Watch: Bharti Airtel, IDFC, Cipla, Coal India
The Singapore traded SGX Nifty, an early indicator of Nifty's performance in India, rose nearly 0.2 percent to 8,938.
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March 6, 2017Here are the stocks to watch out for in today's session:
IDFC
- The company will acquire approximately 25 percent of the balance equity stake in IDFC Asset management Company and IDFC AMC Trustee from Natixis Global Asset Management.
- The acquisition, made through IDFC's wholly owned subsidiary IDFC Financial Holding Company, will be completed by March 31, 2017, the company said to the exchanges.
- The acquisition price has been set at Rs 244.2 crore, via cash consideration. The companies will also review the partnership at the end of five years, according to the December 2015 purchase agreement.
Bharti Airtel
- India's largest telecom operator signed an agreement with Millicom to combine their operations in Ghana with equal partnership and governance rights in the combined entity.
- The new entity will be the second largest operator with nearly 10 million customers, including 5.6 million data customers.
- The agreement will enable the new entity to deliver superior voice and data services including 3G to more than 80 percent of Ghana's population.
Cipla
- The drug maker will divest 100 percent of its animal health business in South Africa and Sub-Saharan Africa for Rs 191.6 crore, it said in a statement to the exchanges.
- The companies include Cipla Agrimed Proprietary, South Africa and Cipla Vet Proprietary, South Africa. The deal is expected to close in the next three months.
- The consideration for divestment will have an additional performance linked adjustment.
- Coal India: Another subsidiary of the world's largest coal producer, Central Coalfields, bought back of 5,21,000 equity shares for Rs 19,230 per share. The total amount of the buy back comes up to Rs 1,001.9 crore.
- Goa Carbon: The company produced coke worth Rs 25.2 crore in the month of February. Total sales during the month stood at Rs 31.3 crore with a sale of 17,775 MT of coke. The company's operations in its Bilaspur unit also resume after temporary shut down, it said on Friday.
- Maruti Suzuki: India's largest car maker launched the Baleno RS, marking its entry into the high performance segment. The car's starting price has been fixed at Rs 8.69 lakh ex-showroom Delhi.
- Religare Enterprises: Religare Securities will now be a part of the company's scheme of amalgamation, the company said in an exchange filing. The original scheme of amalgamation involved several wholly-owned subsidiaries, leaving out Religare Securities, to be amalgamated into the parent.
- Punjab National Bank: The lender raised Rs 1,500 crore tier I capital bonds at a coupon rate of 8.95 percent per annum.
- JP Associates: The National Company Law Tribunal sanctioned its scheme of arrangement, which involves transfer of its identified cement plants to UltraTech Cement.
- HDFC: The company's board of directors approved an interim dividend of Rs 3 per share.
- Dr Reddy's: The pharmaceutical company acquired 100 percent stake in Imperial Credit, a private non banking financial company, for Rs 2.1 crore, it said in an exchange filing.
- Shree Cement: The company won a linkage in the state of Chhattisgarh with an allocated quantity of 60,000 tonne per annum at Rs 970 per tonne.
- State Bank of India: The record date for shareholders of subsidiaries entitled to receive shares of SBI has been set to March 17, 2017, the company said in a statement. The record date stands for State Bank of Mysore, State Bank of Travancore and State Bank of Bikaner and Jaipur.
- Apollo Hospitals: The company's board of directors will meet on March 7 to consider an allotment of 2,000 redeemable non convertible debentures. The allotment is aimed at raising Rs 200 crore, the company added.
Media Reports
- Tata Steel: The steel giant may scrap its merger plans with German steel conglomerate ThyssenKrupp. (Business Standard)
- Reliance Industries: Reliance Jio aims to capture 50 percent of the market share by 2021 using data schemes. (Business Standard)
- Spicejet: The airline will fly at unserved airports without any government aid in a boost to the government's regional connectivity plan. (Economic Times)
- Steel Authority of India: The government approved the sale of three of SAIL's plants including Salem and Alloy Steel Plants. (Business Standard)
- SBI, PNB: Several lenders including the State Bank of India and Punjab National Bank filed cases in Mumbai's Debt Recovery Tribunal against Topworth and Pheonix & Poscho for defaults worth Rs 3,200 crore. (Economic Times)
Bulk Deals
- Apollo Hospitals: Integrated Mauritius Healthcare Holdings sold a little less than 84.4 lakh shares in Apollo Hospitals. At the same time, DB International Asia bought almost 39.3 lakh shares at a weighted average price of Rs 1,267 per share.
- Sintex: Pam-A/C Platinum Asian Fund sold 9,094,281 shares at Rs 93.75 per share while Merrill Lynch Markets, Singapore, purchased 57,00,000 shares at Rs 93.75 per share.
- Geometric: Reliance Mutual fund bought 7,52,00 equity shares of the company at Rs 259.35 per share.
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