Companies and stocks to track today: July 31, 2020

K.S. Badri Narayanan | Updated on July 31, 2020

Some of the scrips that will likely see some action

HDFC Life enters Nifty, SBI Cards in Nifty Next

HDFC Life Insurance Company will replace Vedanta in the Nifty50 index on Friday (July 31), as the latter is in the delisting process. SBI Cards and Payments will replace HDFC Life in the Nifty Next 50 index.

SBI Cards will also replace Vedanta in the Nifty 500, Nifty 100, Nifty 200 and Nifty LargeMidcap indices. Vedanta has also been removed from the Metals, MNC, Commodity, Nifty500 Value 50, Nifty High Beta 50 and Nifty50 value 20 indices.

Close to 30 mutual funds, including ETFs, track either the Nifty or the Nifty Next 50. As these index funds need to buy the included stocks, HDFC Life and SBI Cards shares may see some buoyancy in the near term.

Focus on Jay Ushin, as Minebea makes open offer

The open offer from Minebea Mitsumi Inc, along with U-Shin Ltd, to the shareholders of Jay Ushin opens on Friday (July 31) and closes on August 13.

Mitsumi plans to acquire up to 10.04 lakh fully paid-up equity shares of Rs 10 each, representing 26 per cent of the fully diluted voting share capital of Jay Ushin, at a price of Rs 589.94 a share. Shares of Jay Ushin closed at Rs 590.55 on Thursday.

As the acquirer will accept shares tendered by public shareholders on a proportionate basis, there is no assurance that all the shares tendered by the public would be accepted in the offer, it said.

Currently, promoters hold 56.30 per cent stake in the firm. Among the public, retail investors own 8.29 per cent stake, while corporate bodies control 31.53 per cent stake in Jay Ushin.

Results Corner: Future group, ADAG, Tata group stocks, Sun Pharma

Over 150 companies will declare their quarterly results on Friday. Among them are the most actively tracked firms by market participants, including 63 moons, Amtek Auto, BF Utilities, Blue Dart Express, Dr Lal Path Labs, Dalmia Bharat, Deepak Fertilisers, Future Lifestyle Fashion, Future Supply Chain, Godrej Agrovet, Indian Oil Corp, Jaiprakash Associates, JSW Energy, JustDial, Liberty Shoes, Manpasand, Mahindra Holidays, MMTC, Motilal Oswal Financial, Munjal Showa, NIIT, Premier, RPG Life Science, Sakthi Sugars, RCom, Reliance Home Finance, Reliance Capital, Shriram City Union, Steel Strips Wheels, Sun Pharma, Simplex Infra, Tata Chemicals, Tata Metaliks, Tata Investment, Tata Motors, Ujjivan Small Finance, Venus Remedies and Zydus Wellness.

CCI nod may brighten Adani Power

The Competition Commission on Thursday said it has approved Adani Power’s proposed purchase of 49 per cent stake in Odisha Power Generation Corporation Ltd (OPGC). In June, Adani Power announced that it was acquiring the US-based The AES Corporation’s 49 per cent stake in OPGC for $135 million (around Rs 1,019 crore).

OPGC operates a 1,740 MW thermal power plant at Banharpalli in Jharsuguda district, Odisha. The plant has a long-term power purchase agreement valid for 25 years with the state-owned GRIDCO and sources fuel from a nearby captive mine.

The Odisha government holds a 51 per cent stake in OPGC.

Published on July 31, 2020

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