Companies and stocks to track today: August 25, 2020

Chennai | Updated on August 25, 2020

Scrips that will likely see action

Sequent Scientific open offer

The open offer to Sequent Scientific's shareholders will remain open for subscription from August 25 to September 7.

CA Harbor Investments has made an open offer to acquire 6.45 crore shares or 26 per cent of the expanded voting share capital of the company from public shareholders at Rs 86 a share.

The open offer became mandatory after Carlyle Group agreed to acquire an equity stake of up to 74 per cent in Sequent Scientific for about ₹1,600 crore from the existing promoters of the animal healthcare company.

CA Harbor Investments is an affiliate company of Carlyle group.

Minda Ind's Rs 243-cr rights issue opens today

The rights issue of Minda Industries will open for subscription on August 25 and close on September 8. The company will issue 97.11 lakh shares of face value of Rs 2 each through the issue.

Minda has fixed the price at Rs 250 a share and it plans to raise up to Rs 242.79 crore from the issue.

The rights entitlement ratio has been pegged at one share for every 27 held by eligible shareholders as on the record date, which was August 17.

Investors will track the response to the issue closely.

Key results: Can Fin Homes, P&G Hygiene, GTL, Ircon

Over 80 firms will meet on Tuesday to consider their quarterly results. Among them are Atul Auto, Can Fin Homes, Everest Kanto Cylinders, Federal-Mogul, Goldstone Tech, GTL, Ircon International, KDDL, National Peroxide, PBA Infra, Parenteral Drug, P&G Hygiene, Ruchira Papers, Scanpoint (also for rights issue), Victory Paper and Zodiac JRD-MKJ.

Ceat begins commercial production at Nagpur plant

Shares of CEAT will remain in focus as it has commissioned phase II of its Nagpur plant for the production of 2-Wheeler tyres for commercial purpose. The plant would be ramped up over a period of time based on market demand and overall capacities, it said in a statement.

It may be recalled that the RPG group company in 2016 had informed the exchanges about an approval of Rs 2,800 crore, spread over a period of 5 years leading up to FY22. The aim was to ramp up its capacity to one million tyres per annum (mtpa) for truck bus radials, 17 mtpa for two-Wheelers and 6 mtpa for passenger car radials.

Analysts and investors will closely monitor further developments.

Vikas Ecotech board to consider acquisition

The board of Vikas Ecotech (formerly Vikas GlobalOne) will meet on Tuesday to consider and approve the 'report on opportunities available for the company in the pharmaceutical, API & chemical industry'. The report was prepared by the expert committee constituted by the Board of Directors for business expansion to evaluate identified business proposals and their integration with the company's capabilities and long-term objectives.

The board will also consider and approve the investment proposal, mode and amount of investment to be made in new business(es), as per the Expert Committee Report.

The company made a profit of Rs 1.02 crore on revenues of Rs 192.19 crore for FY19-20. However, during Q1 and Q2 of current fiscal, it had posted a loss of Rs 6.80 crore and Rs 5.29 crore.

Shareholders will closely monitor the developments.

Published on August 25, 2020

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