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Shares of Mangalore Chemicals and Fertilizers will remain in focus as open offers from Deepak Fertilisers and Zuari Agro Chemicals kick off on Tuesday. The offer by Deepak Fertilisers at ₹93.6 a share to MCF's shareholders is much higher than Zuari’s ₹81.6. With the tussle to take control of MCF from rival firms increasing, it will be interesting to see the response they get from MCF’s shareholders. A further hike in the offer price will be a big bonanza for shareholders.
Sales figures to navigate automobile stocks
Shares of automobile majors such as Tata Motors, Escorts, Eicher Motors, Ashok Leyland and SML Isuzu as well as two- & three-wheeler majors such as Bajaj Auto, Hero MotoCorp and TVS Motor will remain in focus on Wednesday, as most of these companies are set to announce their September monthly sales figures. In fact, Hero MotoCorp has already announced a healthy 30 per cent (y-o-y) rise in sales figures of over six lakh vehicles for September.
Punj Lloyd, HDFC Bank await FIPB nod
Shares of Punj Lloyd and HDFC Bank will remain in focus on Wednesday as the Foreign Investment Promotion Board will take up 26 FDI proposals for approval, including from these companies. The former plans to set up a manufacturing, assembly and repair unit of defence equipment, which was earlier shot down by the Home Ministry. HDFC Bank seeks a nod to hike foreign investors’ stake to 67.55 per cent; the proposal has been pending for almost a year now.
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