Stocks to Watch Today : “Check out the companies making headlines before the opening bell today”.
NBCC India: The company has received the job assignment of a project management consultant (PMC) for complete planning, design, execution/ construction of buildings and its services and other maintenance and upgradation works of existing buildings under conventional or EPC contract mode, for various buildings at Motilal Nehru National Institute of Technology (MNNIT), Allahabad. The project is worth Rs 350 crore. Further the company secured total business of Rs 194.17 crore in January 2023.
Redington: Synnex Mauritius has offloaded entire 24.13% stake or 18.85 crore shares in company via open market transactions on February 24. Synnex Technology International Corporation, a Taiwan-based company engaged in the sales of computer, communication and consumer products, was the buyer for these shares in block trade, at an average price of Rs 170.45 per share. The stake sale was worth Rs 3,214.54 crore.
PVR: The multiplex chain operator has opened 11 screen multiplex in Lucknow, Uttar Pradesh. This will strengthen the company’s foothold in Uttar Pradesh with 158 screens in 32 properties and consolidates the merged entity’s presence in North India with 438 screens in 100 properties.
Edelweiss Financial Services: The company has received the shareholders’ approval for the proposed demerger of its Wealth Management business. The demerger will pave the way for listing of Nuvama Wealth Management (NWML), which was earlier known as Edelweiss Wealth Management. NWML will allot 1.05 crore equity shares to shareholders of Edelweiss Financial Services on proportionate basis as a consideration for demerger.
Tube Investments of India: Subsidiary TI Clean Mobility (TICMPL) has signed definitive documents with Tube Investments, Multiples Private Equity Fund III, State Bank of India along with other co-investors to raise capital up to Rs 1,950 crore in form of equity and CCPS. The total investment by Multiples, SBI and other co-investors would be Rs 1,200 crore. Tube Investments’ total investment would be Rs 750 crore, of which Tube Investments has already invested Rs 639 crore by way of equity and ICD. Further, TICMPL plans to raise additional funding of Rs 1,050 crore by end of March 2024, thereby taking the total fund raise to Rs 3,000 crore.
The Phoenix Mills: Subsidiary Palladium Construction (PCPL) has completed acquisition of a prime land parcel approximately 5.5 acres, in Alipore, Kolkata, for Rs 414.31 crore. This acquisition provides the company to build a residential development of more than 1 million square feet of saleable area.
Adani Green Energy: Sunil Mehta has resigned as Non-Executive & Independent Director of the company with effect from February 24. With RBI approval, now he has been appointed as Part-time / Non-Executive Chairman of IndusInd Bank effective January 31, 2023. The bank asked him to relinquish his directorship in Adani Green Energy to avoid any conflict of interest, in view of on-going credit facilities extended by the bank to Adani Green Energy. IndusInd has extended credit facilities to Adani Green Energy prior to Sunil Mehta’s appointment as director of IndusInd Bank.