Stock that will see action today: 2 September 2024

Auto stocks; Automobile majors will remain in focus as most of them have declared their sales figures for August. Passenger vehicle (PV) manufacturers in August reported a decline in wholesale dispatches to dealers. The decline was uniform across major car makers like Maruti Suzuki India (MSIL), Hyundai Motor India (HMIL) and Tata Motors. However, two and three-wheeler makers such as Hero MotoCorp and TVS Motor report rise in sales figures.

Nearly 11 years after the default of Rs 5,600 crore on National Spot Exchange, there are hopes for investors to get their money back with a possible one-time settlement with the promoters 63 moons (formerly Financial Technologies). Jignesh Shah-promoted 63 moons on Sunday said it has received a communication from NSEL Investors Forum suggesting that the company and NSEL can consider an amicable one-time settlement for closure of litigation arising out of payment default by defaulters on NSEL platform. Representing the majority of investors, the NSEL Investors Forum was spearheading court cases to recover money from the defaulters.

Bajaj Housing Finance is set to float its much-awaited Rs 6,560-crore initial share-sale for public subscription on September 9. The initial public offering (IPO) will conclude on September 11 and the bidding for anchor investors will open for a day on September 6, according to the red herring prospectus (RHP). The proposed IPO comprises a fresh issue of equity shares of up to Rs 3,560 crore and an offer for sale (OFS) of equity shares to the tune of Rs 3,000 crore by parent Bajaj Finance. The share sale is being conducted to comply with the Reserve Bank of India’s (RBI’s) regulations, which require upper layer non-banking financial companies (NBFCs) to be listed on the stock exchanges by September 2025.

PVR Inbox plans to close 70 non-performing screens in FY25 and will go for potential monetisation of non-core real estate assets in prime locations such as Mumbai, Pune, and Vadodara, according to its latest annual report. Though the company will add 120 new screens in FY25, it will also close almost 60–70 non-performing screens, as it chases for profitable growth. About 40 per cent of new screens addition will come from South India, where it will have a “strategic focus” on this lesser penetrated region as per its medium to long-term strategy.

The board of NBCC (India) has approved issue of bonus shares in a ratio of 1:2 to eligible shareholders and the company will utilise Rs 90 crore free reserve for this purpose. The company proposes to issue 90 crore shares as bonus shares. IT has fixed October 7 as the record date for the bonus shares.

 State-owned power giant NTPC has got shareholders’ approval to raise up to Rs 12,000 crore through issuance of non-convertible debentures (NCDs) on a private placement basis.

Hero MotoCorp has elevated its Chief Business Officer for global business, Sanjay Bhan to the role of Executive Vice President with effect from September 1. Bhan, in his expanded capacity, will also lead the Global Product Planning (GPP) portfolio along with the newly established Global Market Insights function, Hero MotoCorp said in a regulatory filing on Friday.

BLS International on Saturday said it has acquired a 51 per cent stake in sports management company SLW Media for a value of Rs 80.24 lakh. The company has entered into a definitive share purchase agreement to acquire a 51 per cent stake in SLW Media for a value of Rs 80.24 lakh, SLW Media said in a statement. The acquisition aligns perfectly with BLS International’s extensive global presence, allowing for seamless integration of golf events with its visa and travel services across more than 66 countries, it said.

Energy stocks: The government has cut windfall tax on domestically-produced crude oil to Rs 1,850 per tonne, from Rs 2,100 per tonne with effect from Saturday. The tax is levied in the form of Special Additional Excise Duty (SAED). The SAED on the export of diesel, petrol and jet fuel or ATF, has been retained at ‘nil’. The new rates are effective from August 31, 2024, an official notification issued late Friday said.

Emami has announced the acquisition of the remaining 49.6 per cent stake in Helios Lifestyle, which owns male grooming brand ‘The Man Company’. Helios Lifestyle is already a subsidiary of Emami with 50.4 per cent shareholding, according to a statement from Emami. “The completion of the acquisition of Helios by Emami will strengthen its presence in the fast-growing digital-first premium male grooming segment,” it said.

State-owned Power Grid Corporation has acquired project special purpose vehicle (SPV), Bhadla-III and Bikaner-III Transmission Ltd, through tariff-based competitive bidding.

Oil India has signed hook-up agreement with Indra Dhanus Gas Grid Ltd. for connecting Oil India’s natural gas fields of upper Assam with the Duliajan Feeder Line of the North-East Gas Grid and also for evacuation of natural gas to be produced from its DSF Block in Tripura through IGGL’s Agartala-Tulamura Natural Gas Pipeline.

Biocon Pharma, a wholly owned subsidiary of Biocon Ltd, has received approval of its ANDA for its Sacubitril / Valsartan Tablets from the USFDA which is used in the treatment of chronic heart failure in adults to help reduce the risk of death and hospitalisation. This medicine is also used to treat pediatric patients over the age of one year

The board of Insecticides India has approved buyback 5 lakh equity shares of 1.69 per cent of the total equity of the company for up to ₹50 crore. The buyback price has been fixed at ₹1,000 per shareand the The record date has been fixed as September 11.

Century Textiles’ subsidiary Birla Estates has signed agreement with LGCPL Group to co-develop 131 acres of land parcel in Sector 150 in Noida.

GPT Infra has been declared as lowest bidder for a ₹204 crore project from Kolkata Railways.