TO Watch

Stocks To Watch

JSW Steel: Implements resolution plan for Bhushan Power & Steel. A sum of Rs 8,614 crore was arranged in a wholly-owned subsidiary through a mix of equity, optionally convertible instruments to JSW Steel and JSW Shiping & Logistics Pvt. Ltd. and the debt availed by PSL funds.

Adani Transmission: Signs definitive agreement with Essel Infraprojects for acquisition of Warara-Kurnool Transmission Ltd. The acquisition will be done for a cash consideration of Rs 3,370 crore. The asset will take the company closer to its target of setting up 20,000 circuit kilometers of transmission lines by 2022.

JSW Energy: Board has approved a proposal for issuance of green bonds by JSW Hydro Energy, the company's material subsidiary, for raising $750 million from international markets. The funds will be raised through issuance of non-convertible, senior, secured, fixed rate green bonds in the international markets, subject to market conditions and receipt of necessary approvals by JSWHEL.

Biocon: Partners with Libbs Farmaceutica to launch generic formulations in Brazil. As part of the out-licensing deal, Biocon will be responsible for drug development and manufacturing while Libbs will leverage its deep expertise and reach in Brazil to import, distribute and market, subject to approval from the country's regulatory agency.

HPCL: Entered into a Share Purchase Agreement for acquisition of shares of HPCL Shapoorji Energy Pvt. Ltd., an associate unlisted company of HPCL from SP Ports Pvt. Ltd., a JV partner. The consideration for the transaction will be paid in cash and is expected to be completed by March 31, 2021. HPCL Shapoorji Energy is in the process of setting and development of 5 MMTPA LNG storage and regasification terminal at Chhara in Gujarat.

Minda Industries: Approves expansion of Balwal Plant capacity to 1.8 lakh wheels per month from 1.2 lakh wheels per month. The fresh investment approved for the same is Rs 167 crore and the expanded production is likely to commence from January 1, 2022. The board has also approved investment to set up a new project for four-wheel lighting in Gujarat for Rs 89.69 crore. The project is expected to be commissioned in January 2022.

India Grid Trust: Has completed acquisition of 49% paid-up capital and management control of the NER II Transmission from Sterlite Grid 4 at the cost of Rs 4,625 crore. The remaining stake will be acquired in one or more tranches. The acquisition has increased IndiGrid's AUM by ~34% to Rs 20,000 crore. The acquisition has also added Rs 40-45 crore per annum to the net distributable cash flow.

Mazagon Dock: The company’s order book stood at Rs 50,705 crore as of January 31, 2021. Further the company has won order for repair of two Indian Coast Guard Fast Patrol vessels namely ICGS Achook and ICGS SB Phule. The repair order is worth around Rs 7 crore.

Lumax Industries: Board has approved Capital Expenditure of Rs 80 crore for setting up new manufacturing unit in Sanand, Gujarat to cater to the orders received from MG Motors and other customers. Further, the company will set up an office in Czech Republic to strengthen its technological capabilities.

Bliss GVS Pharma: High Court of Justice, Ghana has granted ex-parte interim relief to the company in a commercial suit for infringement of intellectual property rights and the Registrar has been ordered to seize the infringing products.

Shriram City Union Finance: Board has declared second interim dividend of Rs 10 for FY21. The record date for the same is April 7.

Adani Enterprise: A wholly-owned subsidiary of the company, Adani Road Transport, has incorporated a wholly owned subsidiary called PRS Tolls. The company will act as a Special Purpose Vehicle for implementation of the road project to be awarded by NHAI.

PNC Infratech: Has approved divestment of its entire stake of 35% in Ghaziabad Aligarh Expressway, an associate of the company to Cube Highways and Infrastructure PTE.

South Indian Bank: The RBI has given final approval for setting up of Wholly-Owned Non-Financial Subsidiary for undertaking activities permitted by the central bank.

NBCC: Has awarded the work for redevelopment of Netaji Nagar in New Delhi on an EPC basis including operation and maintenance to NKG Infra for at Rs 1,356 crore. 

PNC Infratech: Has approved divestment of its entire stake of 35% in Ghaziabad Aligarh Expressway, an associate of the company to Cube Highways and Infrastructure PTE.