Stocks To Watch

Indiabulls Housing Finance: Launches buyback of all its bonds maturing in the next 12 months. The company has further sold a portion of its stake in OakNorth Holdings. It has now sold some stake to TEMF - a fund managed by Toscafund Asset Management for approximately Rs 630 crore. The company has now raised a total of Rs 1,832 crore as fresh equity in the month of September.

Sumitomo Chemical India: Promoter Sumitomo Chemical Company to sell up to 1.65 crore shares or 3.3% stake through an Offer For Sale (OFS). The stake is being sold in order to comply with minimum public shareholding norms. The floor price of Rs 270 per share is a 9.2% discount to Tuesday's closing price. The stake sale will fetch Rs 445 crore to the promoters and bring their stake in the company down to 75% from 78.3%. The OFS for non-retail investors opens today while it opens for retail investors tomorrow.

Arvind Fashions: Wholly-owned subsidiary Arvind Lifestyle Brands and Gap Inc. have decided to mutually terminate their franchise business relationship in India. The company cited the impact of Covid-19 as the reason behind the step. Both companies will now work out modalities regarding transition of the Gap business. The company has appointed an investment banker to find a buyer for the Gap business.

Dhanlaxmi Bank: The Reserve Bank of India has appointed DK Kashyap as the second Additional Director on the bank's board. Kashyap, currently a general manager at the RBI will be on the board till September 2022.

Welspun Corp: Wins multiple orders of approximately 147 Kilo Metric Tonnes worth close to Rs 1,400 crore. The company's current order book now stands at Rs 6,300 crore.

NHPC: Signs MoU with the Power Ministry, detailing targets for the year 2020-21. The generation target has been set at 27,500 million units as against 26,000 units the previous year. The revenue target has been set at Rs 8,900 crore while the target for operating profit, as a percentage of revenue has been set at 38%.

Power Finance Corporation: Government sets revenue target of Rs 36,000 crore for FY21.

PSU Stocks: Bloomberg News reports that Anil Agarwal is seeking at least $5 billion for a fund, targeting companies in which the Indian government plans to sell stake. Agarwal is targeting an initial raise of $1 billion or more for the proposed India Direct Investment Fund.

Oil India: Chairman Sushil Mishra says that the company hopes to control the blowout at its well in Assam within the next two months. The losses from the blowout are estimated to be Rs 179 crore.

PVR: To consider raising funds via NCDs on October 5.

HDFC: NCLT Mumbai has sanctioned the scheme of amalgamation for merger of HDFC ERGO Health Insurance with and into HDFC ERGO.

Nirlon: Board has appointed Rajindar Pal Singh as the company’s Chairman from October 1.

Dixon Tech: ICRA has reaffirmed long term ratings at ICRA A+. Outlook has been revised to positive from stable.

Dish TV: Shareholders have approved reappointment of Jawahar Lal Goel as Managing Director till March 2022.

GHCL: CCI approves de-merger of the company's textile business into its wholly-owned arm GHCL Textiles.

BASF India: Has received a revised tax notice from the Karnataka government worth Rs 85.77 crore from Rs 82.74 crore earlier. The company is taking legal steps. These tax notices were for the periods 2006-2007 and 2015-2016 by treating the stock transfers of the company’s Mangalore plant as interstate sales to dealers and its subsequent stay by the Karnataka Appellate Tribunal on recovery of demand.

Future Enterprises: Has defaulted in payment of interest on NCDs worth Rs 16.11 crore which was due on September 27.

Puravankara: Has allotted NCDs worth Rs 50 crore.

Central Bank of India: Former RBI regional director PJ Thomas has been nominated by the central government as a Director in the Bank.