Stocks that will see action today: April 16, 2024

The National Company Law Appellate Tribunal (NCLAT) will hear IDBI Bank and Axis Finance’s plea on May 17 against the merger of Zee Entertainment Enterprises Ltd with Sony Pictures Networks India. A two-member bench of the appellate tribunal on Monday also declined the petitioners’ request to defer its decision till the outcome of the plea filed by ZEEL in the Mumbai bench of NCLT against Sony to enforce the merger. After Sony called off the merger in January this year, ZEEL approached the National Company Law Tribunal for its enforcement. ZEEL’s plea is expected to be heard by NCLT from April 25.

HDFC Mutual Fund on Monday sold a 2 per cent stake in VST Industries for Rs 122 crore through open market transactions. According to the bulk deal data available with the BSE, HDFC Mutual Fund sold a total of 3,30,811 shares, amounting to a 2.14 per cent stake in VST Industries. The shares were disposed of in the price range of ₹3,690-3,690.38 apiece, taking the deal value to ₹122.07 crore.

Media reports suggest that Vedanta has asked JPMorgan Chase & Co to assist it in raising up to ₹2,500 crore via bonds. Anil Agarwal has requested the financial institution to help it raise between ₹2,000 crore and ₹2,500 crore through bonds.

Credit-rating agency Fitch has said it expects IT services firm HCL Tech’s revenue to grow by 8 per cent in FY24-27 and retained the ‘A-’ rating with a stable outlook. Fitch attributed HCLTech’s solid market position, diversified customer base, no country ceiling constraint, and robust profitability as some of the key drivers that led the rating. It has retained HCLTech’s Long-Term Foreign-and Local-Currency Issuer Default Ratings at ‘A-’ with a stable outlook.

Life Insurance Corporation of India (LIC) on Monday said its stake in FMCG major Hindustan Unilever Limited (HUL) has crossed 5 per cent. The Corporation has increased its shareholding in HUL from 11,74,63,555 to 11,77,18,555 equity shares, i.e., 4.99 per cent to 5.01 per cent of the paid-up capital of the company, LIC said in a regulatory filing. The Corporation purchased additional shares from the open market in the ordinary course of transaction, it said.

Jio Financial on Monday announced a 50:50 joint venture with BlackRock for setting up a wealth management and broking business, the company said in a statement.

Aster DM Healthcare, which netted around $907 million from the sale of its GCC business, looks to plough around ₹1,000 crore into its expansion plans in India as it targets a bed capacity of over 6,600 in the next three years. The healthcare company plans to add 1,700 beds by 2026-27 through organic and inorganic routes. The company’s board last week also approved a special dividend of Rs 118 per share to its shareholders following the booster shot from the divestment of the GCC business.

Cipla has acquired Actor Pharma for $49 Million and sets sights on South African market expansion. The acquisition is expected to be signed within 14 days and the transaction is likely to be completed within 4 months. With a view to expand its footprint in the South African market, Cipla will acquire a privately owned consumer health and generic medicine company Actor Pharma. The acquisition will take place at a cost of ZAR900 million or $48.6 million.

Transformers and Rectifiers (India) has received a Withdrawal of Stop Deal Letter dated 15th April, 2024, from Gujarat Energy Transmission Corporation Limited (GETCO) intimating that GETCO has withdrawn stop deal with the Company with immediate effect. With this, the Company is now eligible to supply to GETCO with immediate effect.

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