Companies and stocks to watch: November 11, 2020

K.S. Badri Narayanan | Updated on November 11, 2020

SBI stake sale in UTI Trustee eyed

Shares of PSU Bank major State Bank of India will remain in focus, as its executive committee of the Central Board of Directors approved the divestment of 8,510 equity shares constituting 8.51 per cent of Bank's stake in UTI Trustee Company Private Limited, to comply with the Regulation 78 of Securities and Exchange Board of lndia (Mutual Funds) (Amendment) Regulation, 2018 subject to all regulatory approvals.

Shares of UTI Asset Management company, which recently came out with an IPO, on Tuesday closed at ₹496.10.

Key results: Apollo Hospitals, Coal India, New India Assurance, RInfra, LIC Housing, Aurobindo Pharma,

Wednesday will see abour 250 companies declaring their quarterly results. Among them include Apollo Hospitals Enterprises, Astra Microwave, Ashoka Buildcon, Aurobindo Pharma, BGR Energy, Bannari Amman Sugars, BF Utilities, Brigade Enterprises, Coal India, Cords Cables, Emami Realty, Future Market Networks, GE Power India, Garden Silk, Garden Reach Shipbuilders, Global Offshore,GSPL, GMDC, GIC Housing, Godrej Industries, Hindustan Oil Exploration, IMPAL, ITI, IL&FS Investment Managers, IL&FS Engineering, IFCI, Igarashi Motors, Indraprastha Gas, Ind-Swift, Ircon International, LIC Housing Finance, Lotus Eye, Lloyds Steels, MindSpace Business Park REIT, MMTC, Max Healthcare, MIDHANI, NALCO, NBCC (India), New India Assurance, Orchid Pharma, Panacea Biotec, PowerGrid Corporation, P&G Healthcare, Pearl Polymers, Premier, Reliance Infrastructure, Rane Holdings, RVNL, Religare Enterprises, Shree Cement, Solar Industries, SIntex Plastics Technology, SH Kelkar, Star Cement, Steel Exchange of India, Titagarh Wagons, TTK Healthcare, Uflex, Ugar Sugar, VA Tech Wabag and Xchanging Solutions.

Wipro may shine on order win

Wipro has won a multi-year contract for software engineering services from ThoughtSpot.

Headquartered in Sunnyvale, California, ThoughtSpot is a search and Artificial Intelligence-driven analytics platform that helps explore, analyze and share real-time business analytics data easily.

As part of the five-year engagement, Wipro will enhance various components of ThoughtSpot's Search and Analytics platform to help scale feature development. Wipro will leverage its EngineeringNXT framework and Product POD (accelerated software product engineering model), to deliver software services quickly, reliably and safely. The solutions will help ThoughtSpot sustain their competitive advantage by expediting the launch of new releases to the market.

Will CG Consumer promoters sell further?

Macritchie Investments Pte Ltd and Amalfiaco Ltd, promoters of Crompton Greaves Consumer Electricals Ltd, offloaded firm’s shares worth over ₹1,631 crore through open market transactions.

Macritchie Investments sold over 1.89 crore shares (of its holding of 5.65 crore shares) at an average price of Rs 296.54 per scrip, valuing the deal at ₹561.23 crore, as per bulk deal data on NSE.

Similarly, Amalfiaco sold over 3.6 crore shares (of its holding of 10.77 crore shraes) at ₹296.57 apiece, taking the transaction value to ₹1,069.84 crore, the data showed.

As per the shareholding data for September 2020 quarter, Macritchie Investments and Amalfiaco held 9.01 per cent and 17.17 per cent stake, respectively, in Crompton Greaves.

According to bulk deal data, HDFC Standard Life Insurance Company Ltd bought 45 lakh of those shares, while Societe Generale bought 37.67 lakh shares and SBI Mutual Fund bought 1.01 crore shares.

Shareholders will keenly watch whether the promoters will resort to further selling.

Published on November 11, 2020

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