Stocks to Watch: HDFC Bank, Infosys, Muthoot Finance, Zee Ent, Axis Bank, and Others

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The Nifty futures contract traded on the Singapore Exchange indicates a positive start to domestic equities. The contract was trading at 17,644.50, up 53.5 points or 0.30% from the previous close.

ZEEL: Zee Enterprises’ managing director and chief executive Puneet Goenka on Thursday moved appellate tribunal NCLAT challenging the order of the National Company Law Tribunal which admitted an IndusInd Bank plea for insolvency proceedings against the firm. The share price fell over 10% intraday on Thursday, before paring losses to close 3.46% lower.

Lemon Tree Hotels: The company approved acquisition of up to 22,00,000 Compulsorily Convertible Preference Shares of Aleur Hotels, APG Strategic Real Estate Pool N.V, existing shareholder.

HDFC Bank: The private sector lender announced it raised $750 million through a dollar bond sale. The bank, acting through GIFT City IFSC Banking Unit completed the issue of $750 million Senior Unsecured Bonds. The notes are rated Baa3 by Moody’s Rating Services and BBB- by S&P.

Muthoot Finance: The board of the company may consider and approve fund raising by way of issuance of Non-Convertible Debentures (NCDs) on Private Placement basis.

Axis Bank: the lender announced plans to purchase Citibank’s India Consumer Business from Citibank N.A. and the NBFC Consumer Business from Citicorp Finance (India) last year. It revealed to the exchanges that they have made progress, obtaining all the approvals necessary. The bank estimated that the completion of the acquisition could be finalized by 1 March.

Jindal Steel, Jindal Steel (Hisar): The NCLT sanctioned the merger between Jindal Steel and Jindal Steel (Hisar). The company, in its filing with the exchanges, said the company received the final ordered from NCLT sanctioning “the Composite Scheme of Arrangement under Section 66, 230-232 and other applicable provisions of the Companies Act, 2013, amongst Jindal Stainless, Jindal Stainless (Hisar), JSL Lifestyle, JSL Media, Jindal Stainless Corporate Management Services and Jindal Lifestyle and their respective shareholders and creditors”

Sanofi India: The firm’s board recommended a final dividend of Rs 194 per equity share and a second special dividend of Rs 183 per equity share. The company also announced an on-year rise of 44.8% rise in net profit, to Rs 130.8 crore for the quarter ended 31 December, 2022.

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TII: Tube Investments of India acquired 10,753 equity shares, representing 50% of the subscribed and paid up share capital of X2Fuels and Energy. The company is an early-stage start-up that endeavors to develop and deploy thermochemical technologies for the conversion of waste materials into storable liquid and solid fuels.

Titan: The company’s subsidiary, Favre Leuba AG (FLAG), will seek to scale down operations based on recommendations from Titan’s board. FLAG will sell its brand “Favre Leuba” to a prospective buyer. FLAG also stated that it will file for liquidation after the completion of the transaction, subject to receiving requisite approvals, if any.

Bharat Forge: Bharat Forge said in order to house all defense related investments of the company under one entity, the ‘investment committee – defence business’ has approved the transfer of the company’s stake in Aeron Systems to Kalyani Strategic Systems, a wholly-owned subsidiary of the company.

Infosys: Infosys announced that it will expand its collaboration with Microsoft to help accelerate enterprise cloud transformation journeys worldwide.

Disclaimer:Disclaimer: The views and investment tips by experts in this News18.com report are their own and not those of the website or its management. Users are advised to check with certified experts before taking any investment decisions.

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Aparna Deb
Aparna Deb is a Subeditor and writes for the business vertical of News18.com. Among other things, financial market, economy and policies interest her ...Read More
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