Stocks to watch out for on April 29, 2022

The Board of Sterlite Technologies has approved the raising of funds of up to ₹1,000 crore by issue of equity shares, any financial instruments and/or security convertible into equity shares, a combination of such securities by way of one or more public and/or private offerings, qualified institutions placements and/or preferential allotments and/or rights offering or any combination thereof or any other method in accordance with the provisions of applicable laws, the company informed the exchanges on Thursday. 

A meeting of the Board of Directors of the Piramal Enterprises Ltd will be held on Wednesday, May 4, 2022, to consider and approve the issue of secured, rated, listed, redeemable, principal-protected, market-linked non-convertible debentures up to ₹50 crore along with an option to retain over-subscription of up to ₹650 crore, the total size aggregating up to ₹700 crores, on a private placement basis.

Shriram Transport Finance Co Ltd will consider raising of funds by way of issue of redeemable non-convertible debt securities including bonds in the onshore/offshore market on a private placement basis and/or public issue subject to market conditions.

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In this regard, the meeting(s) of the concerned committees will be held to consider and approve the same during the month ending May 31, 2022, on such terms and conditions including the issue price of debt securities/bonds, as the committee may deem fit, the company informed the exchanges. 

Jindal Polypack Limited, a wholly-owned subsidiary of Jindal Poly FilmsLtd has entered into an agreement to acquire 100 per cent shareholding of SMI Coated Products Private Limited which is engaged in the manufacturing of pressure sensitive label stocks.

After adjusting for net debt and or the price of debt-like items, the equity value payment by Jindal Polypack Limited would amount to ₹99.65 crore. The acquisition would augment the company’s existing growth plans, the company said in an exchange filing. 

The Board of Colgate Palmolive has approved the declaration of a second interim dividend of ₹21 per equity share of ₹1 for the financial year 2021-22. The said interim dividend will be paid on and from May 25, 2022, to those shareholders whose names appear in the Register of Members of the company as on the record date i.e. May 7, 2022. 

Additionally, Ram Raghavan has resigned as Managing Director and Chief Executive Officer of the company with effect from April 15, 2022. The company has announced the appointment ofPrabha Narasimhan as Managing Director and Chief Executive Officer for a period of five consecutive years effective September 1, 2022, consequent to the resignation of Raghavan.

The Board of Directors of the Ashnisha Industries Ltd at its meeting held on April 28, 2022, has approved a stock split. The Board has approved the split/sub-division of one equity share of the company with a face value of ₹10 each into ten equity shares having a face value of ₹1 each.

India Ratings and Research (Ind-Ra) has affirmed Gujarat Gas Limited‘s (GGL) Long-term Issuer Rating at ‘IND AA+.’ The outlook is Positive. The Rating for Bank Loans of Gujarat Gas Limited is affirmed at ‘IND AA+’/Positive/IND Al+ and Commercial Papers of Gujarat Gas Limited are affirmed at ‘IND Al+’ by Ind-Ra.

The Board of Directors of Lemon Tree Hotels Limited (‘Company’) at its meeting held on April 27, 2022, has approved the acquisition of 25.10 per cent shareholding of Carnation Hotels Private Limited from Rattan Keswani. Post the consummation of the transaction, Carnation Hotels Private Limited will become a wholly-owned subsidiary of Lemon Tree Hotels. 

Brickwork Ratings has reaffirmed its rating at ‘BWR A1+’ on Commercial Paper and withdrawn its rating on the proposed Non-Convertible Debenture (NCD) for JSW Energy Ltd.

Computer Age Management Services Ltd announced that CAMSfinserv is working with Microsoft India to develop a robust technology foundation for the Account Aggregator (AA) marketplace in India to accelerate digital transformation in areas such as credit lending, investment advisory, and personal finance management.

The Board of IndiaMart InterMesh Ltd at its meeting held on April 28 has approved the proposal for buyback of up to 1,60,000 fully paid-up equity shares of the company having a face value of ₹10 from all shareholders/beneficial owners of the equity shares of the company, including promoters and members of the promoter group, on a proportionate basis as on the record date through the “tender offer” route.

The buyback will be done using a mechanism for acquisition of shares through the stock exchange at a price of ₹6,250 per share in cash for an aggregate amount of up to ₹100 crore, excluding expenses to be incurred for the buyback viz. brokerage, costs, fees, turnover charges, taxes such as buyback tax, securities transaction tax, and goods and services tax.

The buyback offer size represents 5.32 per cent and 5.37 per cent of the aggregate of the company’s fully paid-up capital and free reserves as per the latest standalone and consolidated audited financial statements of the company, respectively, as on March 31, 2022, which is less than 10 per cent of the total paid-up equity share capital and free reserves of the company. 

India Ratings upgraded Torrent Pharmaceuticals and its NCDs to ‘IND AA+’; and the outlook is stable.

Results calendar: Wipro, IndusInd Bank, SBI Cards and Payment Services, Maruti Suzuki India, UltraTech Cement, Can Fin Homes, Star Health and Allied Insurance Company, Geojit Financial Services, Gillette India, HFCL, Just Dial, L&T Finance Holdings, GNA Axles, Gokaldas Exports, Lloyds Metals and Energy, RPG Life Sciences, Shriram City Union Finance, Solara Active Pharma Sciences, Sonata Software, Supreme Industries, Tanla Platforms, Tata Chemicals, and Thyrocare Technologies.

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