Stocks to watch today — June 6, 2023

Plutus Wealth Management LLP purchased a 4.27 percent stake in MTAR Technologies via an open market transaction on June 5.

As per wholesale transaction data, it has bought 13.15 lakh shares of the company at an average price of INR 1,880.02, amounting to Rs 247.22 crores. Promoters Usha Reddy Chigarapally, Anitha Reddy Duram and Kavitha Reddy Gangapatnam were the sellers.

JSW Steel has made a major breakthrough in environmental sustainability by initiating the injection of waste plastics into blast furnaces.

The company has achieved a remarkable feat by infusing a large amount of waste plastics into blast furnace 3 of the Vijayanagar Steel Plant, demonstrating its unwavering commitment to environmental stewardship and innovation in the steel manufacturing sector.

After extensive experiments conducted over the past year, the JSW Steel blast furnace team has successfully injected a large amount of waste plastic through tubes into the blast furnace. Building on this achievement, JSW Steel is committed to refining and expanding its waste plastic injection capabilities, further enhancing its environmental efforts and enabling circulation and sustainability.

Adani Group shares will remain concentrated, as the group has made an upfront payment of $2.15 in margin-backed financing. The promoters also paid off $700 million in debt owed for the purchase of Ambuja Cement. The cash balance of the listed portfolio increased by 41.5 per cent year-on-year to $4.75 billion (Rs. 40,351 crores) in FY23.

The Board of Directors of SBI Cards and Payment Services has agreed to raise funds up to Rs. 3,000 crore via the issuance of Non-Convertible Notes (NCDs). Funds will be raised in one or more tranches, on a special placement basis.

JK Cement has obtained the approval of the Board of Directors to sign and implement a share purchase agreement with Toshali Cement to acquire 100 percent of the shares in Toshali, from all existing shareholders.

After investing ₹ 157 crore, Toshali will become a subsidiary of JK Cement. The acquisition will help the company expand its presence in the Eastern Province.

Subject to approval by the Board of Directors, NELCO Ltd entered into agreements with the promoters and other shareholders of Piscis Networks Private Limited on 5th June for an initial investment of €99.99,100 to subscribe for 1,111 shares of stock of $10 each representing 9.09 per cent of the paid-up share capital of Piscis Networks Private Limited. And, accordingly, make further investment to increase the company’s shareholding to at least 30 percent of the paid-up capital of Piscis Networks Private Limited. This is subject to approvals and approvals as required by applicable law.

Mahindra and Mahindra Exchanges reported that Sunrise initiatives to sell a full 81.58 per cent stake in Mahindra Marine Private Ltd to Ocean Blue Boating. Ocean Blue currently holds an 18.42 percent stake in Mahindra Marine. The company is the sole beneficiary of the Sunrise Trust and MMPL was a subsidiary of the company under Indian Accounting Standards (IndAS).

BL Kashyap and Sons Limited has secured new orders to the tune of approximately Rs. 147 crore. The total order book as of date is Rs. 2,774 crore (excluding GST) till date.

Indian Energy Exchange generated a total volume of 8,251 MU in May 2023, including green market trades of 358 MU, 1.42 lakh RECs (equivalent to 142 MU) and 2.02 lakh ESCerts (equivalent to 202 MU).

Total volume during the month was up 8 percent year-on-year. The price during May 2023 was $4.74/unit, down 30 percent year-on-year, from $6.76/unit in May 2022 due to an improving supply-side scenario leading to increased liquidity, as well as cooler weather conditions.

Veranda RACE, a wholly owned subsidiary of Veranda Learning Solutions, a publicly listed educational company, is increasing its reach in Kerala through a partnership with Talent Academy & Publications.

This association will strengthen Veranda RACE’s position in the competitive exam preparation department and deepen the range of learning offerings to the student community in Kerala. Veranda RACE is also partnering with Phire, an employment-oriented training company that provides specialized training for placement in the Private Banking and BFSI sectors.

Wipro announced its dynamic digital signage solution, Wipro VisionEDGE, which will power Bowling Center TV (BCTV), an out-of-home digital television network distributed across bowling centers in the United States.

Godrej Consumer Products Board of Directors has appointed Asif Malbari as Chief Financial Officer of the consumer goods company effective August 10. Samir Shah will cease as CFO of the company as he will transition to a group role leading consumer investments.