Stocks

Companies and stocks to track today: Sept 4, 2020

K.S. Badri Narayanan Chennai | Updated on September 04, 2020 Published on September 04, 2020

Scrips likely to see action

Infosys may zoom on Kaleidoscope buy

Infosys Ltd will buy US-based product design and development firm, Kaleidoscope Innovation, for $42 million to strengthen its presence in the medical devices, consumer and industrial markets in the US.

The acquisition will be carried out through its subsidiary, Infosys Nova Holdings, and the deal is expected to close by the end of the month.

The $42-million payout includes incentives for the management, bonuses and earn-outs, Infosys said.

Shareholders will closely monitor the development as the acquisition further strengthens Infosys’ digital offerings at the intersection of new software technologies and medical devices - a sector that is expected to witness significant investments and consumerisation in the post-Covid era.

All eyes on Vodafone Idea board meet

Shareholders, investors and market participants will closely track the outcome of Vodafone Idea’s board meet that is scheduled to take place on Friday.

The company has proposed a fund-raising plan, which follows the Supreme Court ruling that gave the company 10 years’ time to repay adjusted gross revenue.

There is speculation that Vodafone Group Plc plans to raise about $1.5 billion that would include a share sale. According to the market grapevine, among the probable investors are Amazon, Google and Verizon.

Methanol unit may flare up GSFC

GSFC has restarted its methanol plant with an installed capacity of 525 tpd. The plant was commissioned earlier in 2013. However, no commercial production took place due to high raw material costs and non-availability of market.

The plant has been re-started on trial basis from August 31 and will be operate at full capacity by September 10, it said in a notice to the stock exchanges. It is expected to produce approximately 470 tonnes per day.

Methanol is used in many industrial applications such as formaldehyde, API formulations, methyl amines, dyes and intermediates, paints, solvents, adhesives and pesticides.

In the Indian market, the major application of methanol is in formaldehyde, which accounts for 60 per cent consumption.

The product would be an import substitution for China.

As a result of this, the topline will rise by approximately Rs 150 crore in the current FY, the statement added.

Fomento Resorts delisting offer opens today

The delisting offer from Fomento Resorts and Hotels Ltd to its shareholders opens for subscription on Friday and ends on September 10.

Anju Auduth Timblo and Auduth M Timblo (Promoters/ Acquirers) plan to acquire 40 lakh shares, representing 25 per cent of the equity capital of the company, at a floor price of Rs 141 a share through the reverse book-building process

Shares of Fomento Resorts closed at Rs 133 on the BSE on Thursday.

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Published on September 04, 2020
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