Stocks To Watch: Wipro, Nalco, Hindalco, Apollo Hospitals
The Singapore traded SGX Nifty, an early indicator of Nifty's performance in India, fell 0.4 percent to 8,884.
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March 3, 2017Here are the stocks to watch out for in today's session:
NALCO
- The government-run company posted 6.8 percent growth in bauxite production as of February, 2017. The company's bauxite production reached the highest since inception to 65.64 lakh tonne, it said in a filing to the exchanges.
- Cast metal production grew 3.79 percent. However, with the aluminium market firming up, the company foresees “sunny days” ahead and is planning to increase its cast metal production by 12 percent in the next fiscal.
Apollo Hospitals
- Integrated Healthcare will sell up to 6 percent of Apollo Hospitals' shares on March 3, according to Bloomberg.
- Integrated Healthcare will sell 8.44 million shares for Rs 1,267-1,320.55.
- Deutsche Bank is the sole bookrunner for the deal, Bloomberg added.
- Integrated Healthcare holds a stake of 10.85 percent of December 31, according to filings with the BSE.
Wipro
- The IT major completed the sale of its EcoEnergy business on March 1, 2017, to Chubb Alba Control Systems.
- The $70 million sale took place as the company wanted to sharpen focus on its core IT business.
- The impact of sale of EcoEnergy division is expected to reflect in the financials of the March quarter, it said in the filing.
- Reliance Industries: The Mukesh Ambani-led promoter group plans to shrink the number of firms owning shares of Reliance Industries.
- ICICI Bank: Acting through its Dubai Branch, the bank priced an issuance of 5.5 year fixed rate notes for $300 million. The notes carry a coupon of 3.25 percent and were offered at an issuance price of $99.44.
- Hindalco: The company's qualified institutional placement opened on March 2, 2017 with a floor price of Rs 184.45 per equity share. Hindalco may offer a discount of within 5 percent on the floor price, it said in a statement to the exchanges.
- Corporation Bank: The lender reduced its three-month, one-month and overnight MCLR by 5 basis points on Wednesday.
- Adani Power: Shareholding of the company's promoters and promoter group rise to 67.069 percent after the company's warrant holders exercised their rights to convert them into equity shares. Less than 4.1 crore shares were allotted at Rs 32.54 per share, the company added.
- Tata Motors: The company will issue subscriptions for non convertible debentures aggregating up to Rs 500 crore, on a private placement basis.
- Standard Chartered (IDR): Chief Executive Officer for Corporate and Institutional Banking, Simon Cooper sold 70,000 equity shares for £7.38 per share.
- Quess Corp: The company gave a corporate guarantee to Axis Bank, amounting to $18.24 million, regarding the loans extended to its wholly owned subsidiary in Singapore.
- Talwarkars Better Value Fitness: The fitness company has filed an application for the scheme of arrangement with the National Company Law Tribunal.
- Syngene International: The company entered into a partnership with Herbalife Nutrition to establish a nutrition research and development Lab in India. The partnership will help Herbalife develop world-class nutrition products for Indian consumers, it said. The new Nutrition Research and Development facility spans 3,000 square feet, and is located within the Syngene campus at Bangalore.
- Grasim Industries: The company denied rumors of any investment to be made into Idea Cellular as a part of the Vodafone-Idea merger being contemplated.
Media Reports
- Essar Steel: Banks are set to take a hit as the Essar Steel loan restructuring may be pushed to the next fiscal year. (Economic Times)
- Tata Motors: The Gujarat government called for a meeting with the company's management regarding conflict with workers in the Sanand plant. The meeting comes after the company failed to resolve the conflict even a year after the workers went on strike. (Financial Express)
- State Bank of India: The state-run bank reduced interest rates on term deposits with maturities between 180 days and one year and 465 days and three years, with effect from March 1. (Financial Express)
- Indian Bank: The lender revised its interest rates for foreign currency non-resident term deposits to 2.33 percent for deposits between one-two years. (Economic Times)
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