Stocks that will see action today

KS Badri Narayanan Chennai | Updated on August 31, 2021


Kotak Mahindra Bank, TVS Motor, Binny, Acrysil, Axis Bank to remain on radar.

Kotak Mahindra Bank Limited has executed a Share Purchase Agreement for sale of 20 crore equity shares of Airtel Payments Bank Limited (APBL) to Bharti Enterprises Limited. APBL is a payments bank duly licensed by the Reserve Bank of India to carry out the activities permitted under the license issued by the RBI. The sale price per share of ₹14.74 of APBL; to be determined in accordance with the terms of the Share Purchase Agreement and cash consideration is equal to or higher than ₹294.8 crore.

The board of Binny Ltd has approved the acquisition/takeover of the business and immovable properties of Mohan Breweries & Distilleries Limited amounting to ₹554 crore, based on Independent Valuation Report and to set off the consideration payable to MBDL against land advance along with interest and other advances amounting to ₹528.77 crore due from MBDL.

The Capital Issue Committee of Bank of India has approved the closure of the qualified institutions placement issue. The committee also approved the issue price of ₹62.89 a share, which is at a discount of 4.99 per cent to the floor price of ₹66.19 a share.

Acrysil, manufacturer of 'Quartz Kitchen Sinks', has announced further expansion of production capacity by an additional 160,000 Quartz Sinks p.a. through Greenfield Project at Bhavnagar in Gujarat. Thus taking the Overall Capacity to 1,000,000 sinks (1 million sinks) p.a. The expansion in production capacity is to meet the growing demand of Quartz Kitchen Sinks in global market. The proposed Capital Expenditure involves an investment of ₹38 crore approx. in Land & Building, Moulds, Plant & Machinery, Utilities, warehouse and other related infrastructure. The project is likely to be completed by Q1 FY2023 and will be financed by mix of internal accruals and debt.

TVS Motor Company, a reputed manufacturer of two-wheelers and three-wheelers in the world, launched TVS 'Built To Order' (BTO) platform, marking its foray into the factory customisation and personalisation platform today. The new business vertical, the TVS BTO platform will empower the customers to customise and personalise their vehicles when making a purchase, which will be built directly at the factory as per their requirement(s). This further strengthens the company's commitment to introducing first-in-class technologies and class-leading features in the segment.

Goodluck India Ltd has been awarded Letter of Intent {LoI} by L&T Ltd. for Bullet Train project in India. The LoI by L&T is for the prestigious calendar project of supply and fabrication of special bridges on the National High Speed Rail Track between Mumbai and Vapi (Bullet Train Project). The value of the order stands at ₹198.76 crore. The execution period of the order envisages the completion of the project stands to be completed by 2023. It will be executed under the expert supervision of IHI-Japanese experts in the area of design and supply of steel bridges.

SSWL has signed an agreement with Tata Steel Long Product Ltd. (TSPL) for rolling of Round bars of various grades for a period of 3 years. The supplies from SSWL Saraikela Plant will start from October 2021. This deal has a supply potential of 50,000 MTs of rolled round bars per annum. These product will target automotive customers in India. The above reinforces the strong confidence of Tata Steel in SSWL to develop long term strategic partnerships. Tata Steel has had a strategic equity stake in SSWL since 2008.

Axis Bank: Moody's has assigned B1(hyb) rating to the bank, GIFT City Branch's proposed USD-denominated, undated, non-cumulative and subordinated Additional Tier 1 (AT1) capital securities being issued out of its Global Medium Term Note (GMTN) programme.

Sadbhav Infrastructure Project’s subsidiary Rohtak-Hissar Tollway Private Limited has terminated project as per Concession Agreement with National Highways Authority of India (NHAI) due to forceful suspension of toll collection/ User Fee because of the farmers' agitation/protest.

Published on August 31, 2021

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