Companies and stocks to track today: July 30, 2020

KS Badri Narayanan | Updated on July 30, 2020

Some of the scrips that will likely see some action

WIll SSGA buying lift Deepak Nitrite?

State Street Global Advisors Asia acquired 0.67 per cent stake in Deepak Nitrite on Wednesday through bulk deal window on the NSE.  According to the data, the US-based asset management company SSGA Funds Management has acquired 9.25 lakh shares at an average price of Rs 632.36 a share.

However, the seller name is not disclosed.

According to the latest shareholding pattern available with the stock exchanges, promoters hold 45.69 per cent stake in the company; among the public, foreign portfolio investors owned 11.48 per cent stake while mutual funds held 12.74 per cent stake in the chemical manufacturing company. Small retail investors hold 18.52 per cent in Deepak Nitrite.

ICICI Lombard in focus, on talks of buying Bharti AXA

Shares of ICICI Lombard General Insurance will remain in focus on reports that it plans to acquire Bharti Enterprises backed Bharti AXA General Insurance in all stock transaction.

Bharti Enterprises currently owns 51 per cent stake in Bharti AXA General Insurance, while French insurer AXA has 49 per cent.

A PTI report quoting sources said, the valuation of Bharti-AXA has been pegged around Rs 2,800 crore.

Bharti Enterprises has been trying for a long time to exit its financial services business. In 2016, Bharti Enterprises’ talks with Reliance Industries to sell its 74 per cent stake in Bharti AXA Life Insurance and Bharti AXA General Insurance could not reach the logical conclusion.

The proposed merger would require various regulatory approvals, including from Insurance Regulatory and Development Authority of India.

Shareholders and traders will closely monitor further development on this front.

Result focus: HDFC, RPower, RInfra, KV Bank, LV Bank, Dabur, Piramal Enterprises

Nearly 125 companies will declare their quarterly results on Thursday. Among them include, Ajanta Pharma, Autoline Industries, Chemfab Alkalies, DB Realty, Dabur India, Deep Industries, Eros International, Essel Propack, Gateway Distriparks, GE Shipping,  HDFC, Hubtown, JM Financial, Lakshmi VIlas Bank, LG Balakrishna Brothers, Karur Vysya Bank, Kesoram, Kirloskar Oil, Linde India, McLeod Russel, Max FInancial Services, Piramal Enterprises, Reliance Infrastructure, Reliance Industries, Reliance Power, SRF, Sundaram Clayton, Tata Communications, Tata Steel BSL, Torrent Pharma, Visa Steel and Welspun Enterprises.

F&O settlement to keep NIfty, Bank Nifty in focus

TOday will be the last day for July contracts. As usual, Nifty and Bank Nifty will remain in volatile. Add to pressure, the result season. As the index's heavyweight Reliance set to announce the numbers, Nifty will see wild swings.

However,  most market participants expect RIL to declare the results after closing hours.

Nifty saw a healthy rollover of 48 per cent to August series so far while JIndal Steel, Ramco Cement, Adani Ports, ACC, IDFC FIrst Bank, Punjab National Bank, Aurobindo Pharma and JSW Steel are some of the counters that too saw heavy rollover of positions.

Gateway Distriparks rights issue opens

Shares of Gateway Distriparks Ltd will remain in focus, as its Rs116-crore rights issue opens for subscription on Thursday. The issue closes on August 13.

The company has fixed Rs 72 a share for the rights issue and entitlement ratio as 4:27 (four shares for every 27 existing shares held by shareholders).

Investors whose name had appeared on its record book as of July 24 (record date) are only eligible to participate in the rights issue.

The funds raised would primarily be used for repayment of the debt, said Gateway Distriparks.

The stock on Wednesday closed at Rs 79.80 on the BSE.

Published on July 30, 2020

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