Companies and stocks to track today: Sept 17, 2020

KS Badri Narayanan | Updated on September 16, 2020 Published on September 17, 2020

Scrips likely to see action

Happiest Minds: Will it be a bumper listing?

Shares of IT services firm Happiest Minds Technologies, which last week concluded its initial public offering that saw an overwhelming response, will make stock market debut on Thursday.

The Rs 702-crore IPO of Happiest Minds Technologies, promoted by Ashok Soota, was subscribed a whopping 151 times, as it saw a massive response from all category of investors.

The price band for the offer, which closed for subscription last Wednesday, was fixed at Rs 165-166 per equity share.

According to market grapevine, shares are expected to list a healthy premium of 75-100 per cent.

The Bengaluru-based company’s shares will list on BSE and NSE.

Open offer begins for Punjab Alkalies shareholders

Flowtech Industrial Projects Private Ltd, along with others makes an open offer to acquire up to 70.56 lakh shares of Punjab Alkalies and Chemicals Limited from the eligible shareholders at Rs 39.10 a share. The share, representing 26 per cent of the total issued share capital and 26.03 per cent of voting capital of Punjab Alkalies.

The open offer is mandatory as the acquirers and PACs have acquired 66.11 lakh shares, representing 24.36 per cent, of the equity share capital and 24.39 per cent of the voting capital.

At the end of June 2020, Promoter Punjab State Industrial Development Corporation Limited had held 33.49 per cent stake; among the public, small retail investors were holding 17.48 per cent and HNIs 32.15 per cent.

The offer ends on September 30. Shareholders and analysts will closely monitor the response to the issue.

Technocraft Ind may swing on production cut

Technocraft Industries (India) Limited, having a yarn division with consolidated capacity of around 87,000 spindles, has decided not to re-start 30,000 spindle division. During the nationwide lockdown due to Covid 19, the yarn division was closed towards the end of March 2020. This division, along with others, were re-started gradually.

"However out of these, 30,000 spindles had not been restarted yet. Now the company has, considering the business outlook, decided not to re-start these 30,000 spindles in future also, which were already closed during lockdown," it said in a statement to the stock exchanges.

Shares of Technocraft Industries may come under pressure. The company has reported a profit of Rs 18.55 crore and revenues of Rs 178.81 crore for the first quarter of current fiscal.

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Published on September 17, 2020
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