Companies and stocks to watch: October 29, 2020

K.S. Badri Narayanan | Updated on October 29, 2020

Key results: Maruti, BoB, BPCL, Canara Bank, Indigo, Vodafone, TVS Motor, Tata Chem

Around 60 companies, including some high-profile and actively tracked by investors, will declare their quarterly results on Thursday. Among them include 3P Land Holdings, Aavas Financiers, Aegis Logistics, Andhra Paper, Apollo Pipes, Arvind, Astec Life, BPCL, Blue Dart Express, Canara Bank, Chemfab Alkalis, Cholamandalam Investment, Creative Eye, Emami Paper, Gateway Distriparks, GE Shipping, InterGlobe Aviation, Himadri Speciality Chem, JK Paper, Laurus Labs, Maruti Suzuki, Mastek, Mahindra Holidays, MRPL, PTC India Financial, Shriram Transport Finance, Strides Pharma, Surya Roshini, Tata Chem, TVS Motor, Vaibhav Global, Welspun India and Welspun Corp.

Hind Copper: Fund raising meet eyed

The board of Hindustan Copper will meet on Thursday to consider and recommend seeking approval of shareholders for: 

the overall borrowing limit of Rs 2,500 crore for all types of borrowings/loans including bonds; raising funds by issue of equity shares through Qualified Institutional Placement method to the extent of 15 per cent of existing paid-up equity capital in one or more tranches; and recommending to the Ministry of Mines to modify object clause of the QIP from expansion capex plan to general corporate purpose including ongoing expansion/capex plan.

Shareholders will closely monitor the fund raising plans. If it's through QIP, then price, issue size and the number of shares to be offered will be closely eyed.

Encore acquisition to keep Wipro in focus

IT services firm Wipro on Wednesday said it has signed a definitive agreement to acquire Encore Theme Technologies - a specialist in providing SaaS and Cloud solutions in financial services - for up to Rs 95 crore.

Chennai-based Encore Theme has focused exclusively on implementing a broad suite of trade finance solutions - developed by Finastra - to financial institutions across the Middle East, Africa, India and Asia Pacific, a statement said.

It has delivered more than 75 large scale Finastra Trade Finance projects for banks across these regions, it added.

Financial institutions are all looking to modernise their trade platforms and focus on end—to—end digitalisation of commercial routines.

James Warren Tea buyback offer

The buyback offer from James Warren Tea will open for subscription on Thursday and end on November 12.

The company plans to buyback 17.40 lakh shares at Rs 114 a share, aggregating to Rs 19.84 crore. The buyback Offer is 24.93 per cent of the total paid-up capital of the company.

The promoters and the promoters' group have expressed their willingness to participate in the buyback offer.

As the offer is on a proportionate basis, through the ‘tender offer’ process using stock exchange mechanism, shareholders whose name had appeared on the company's record book as on September 18 (Record Date) are only eligible to participate.

Texmo Pipes promoters infuse Rs 4 crore

The Board of Directors of Texmo Pipes & Products on Wednesday approved the allotment of 28.75 lakh equity shares at Rs 13.90 per share,  aggregating to Rs 3.996 crore to Shri Sanjay Kumar Agrawal and Rashmi Devi Agrawal, promoters on preferential basis.

Currently, promoters hold one crore shares or 38.15 per cent stake in the company.

Published on October 29, 2020

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