Stocks

Companies and stocks to track today: August 7, 2020

K.S. Badri Narayanan Chennai | Updated on August 07, 2020 Published on August 07, 2020

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Scrips that will likely see action today

Key Results: BEML, Bata, Cipla, Concor, Sobha, Siemens

Abbott India, AB Capital, Adani Transmission, Alembic, Alkem, Alphageo, Amara Raja Batteries, Andhra Paper, Balrampur Chini, Bata India, BEML, Birla Corporation, Cipla, Concor, Emami, Finolex Ind, INdo Rama Synthetics, JSW Holdings, Kajaria Ceramics, M&M, Mangalam Cement, Mitsu, Nucleus Software, RECL, Seshasayee Paper, Siemens, Sobha, TV Today and UFO Moviez are among around 70 companies that will declare their quarterly results on Friday.

Steel Strips Wheels may roll on after order win

Steel Strips Wheels on Thursday said it has received orders worth over $2,09,000 (about Rs 1.56 crore) for the US truck and caravan trailer market. The company said it has bagged “export orders for over 6,000 wheels for the US truck and caravan trailer market to be executed in August from its Chennai plant".

Besides, the company expects similar orders are expected in times to come from other regular customers. “This will support further ramping up of production at Chennai steel wheels plant,” it added.

Earlier this week, Steel Strips Wheels had received orders worth over $1.3 million (about Rs 9.76 crore) for 1.16 lakh wheels for the US caravan trailer mark

Shares of Steel Strips Wheels are likely to remain positive on this new order win.

GOCL: APDL Estate buy bodes well

Hinduja Group firm GOCL Corp Ltd (earlier Gulf Oil Corporation Ltd) on Thursday said it has agreed to acquire APDL Estate Ltd without liabilities on the date of acquisition, from Hinduja Realty Ventures Ltd (HRVL).

APDL Estate Ltd, incorporated on January 14, 1988, is into the development of commercial spaces and other real estate projects.

At present, APDLE has a commercial building in Begumpet, Hyderabad, with a revenue area of about 45,000 square feet and development rights on a land measuring 1,594 sq yards, with a three-storied building, situated at Malleshwaram, Bengaluru.

Shareholders will closely monitor further development.

IDBI Bank: Sale in insurance arm

IDBI Bank on Thursday said it has entered into a share purchase agreement with the other two joint venture partners in IDBI Federal Life Insurance Company (IFLIC), to divest 27 per cent of its stake for Rs 595.30 crore.

In June, the private sector lender had informed about the stake sale-purchase proposal among the three joint ventures partners.

“IDBI Bank has entered into an SPA with Ageas Insurance International NV (buyer) and the Federal Bank Ltd (buyer) on August 5, 2020, wherein IDBI Bank Ltd has agreed to sell up to 27 per cent stake in its joint venture IDBI Federal Life Insurance Company Ltd to these buyers,” the bank said in a regulatory filing.

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Published on August 07, 2020
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