The top 10 stocks that will be the subject of today’s attention are listed below:
Adani Group: On March 12, Adani Group, which is led by Gautam Adani, said that it had finished the full prepayment of $2.15 billion in margin-linked share-backed financing, which was done before the deadline of March 31, 2023. This latest news came two days after a report in the Financial Times said that the Adani group was considering sending a formal request to global lenders to sell a 4-5% stake in Ambuja Cement for $450 million in order to pay down debt. Aside from this, the company said that the promoters have paid back a $500 million loan that was used to pay for the Ambuja acquisition.
Infosys: An official filing from the company says that Mohit Joshi, president of the Indian IT services company Infosys, has quit his job. His last day of employment with the company would be June 9, 2023, and he will be on leave beginning March 11, 2023. “In a statement, the company said that the Board of Directors wanted to show how much they appreciated Mohit Joshi’s work and contributions to the company.
Vedanta/Hindustan Zinc: A government official said it is unlikely that Hindustan Zinc will buy Vedanta’s zinc assets, even though the company board has approved the sale. This is because a majority of minority shareholders will not agree with the move, no matter how many shares they own. The government owns 29.5% of HZL, while Vedanta owns 64.9%. “In a related-party transaction, the promoters must get the approval of a majority of the minority shareholders, even if they only own a small amount of shares,” said the official, who asked not to be named.
LIC:CNBC says that on March 14, Siddhartha Mohanty, the MD of Life Insurance Corporation (LIC), will take over as chairman for three months. Also, the insurance giant says that the current chairman of the LIC, MR Kumar, has not been given more time. The source also said that this is a temporary arrangement on top of Siddhartha Mohanty’s regular duties. Siddhartha Mohanty was chosen to be the MD of LIC until June 30, 2023, which is when he will retire.
Mahindra & Mahindra: An Indian company called Mahindra & Mahindra Limited (M&M), which has its headquarters in Mumbai, announced today that it will sell a 4.6% stake in Mahindra CIE through block deals. A report from CNBC says that the floor price has been set at 355 per share. The base size of the block deal is 615 Cr, and no more shares can be sold for 60 days. Mahindra CIE is a company that sells parts for cars and has its headquarters in Mumbai. Mahindra & Mahindra Limited (M&M) owned 9.25% of Mahindra CIE during Q3FY23.
Dish TV: Direct-to-Home service provider Zohra Chatterji, a former government worker, was named Dish TV’s independent Director on Friday. Also, it has sent four names to the Ministry of Information and Broadcasting to get its approval before putting them on the board as directors, which is what the Up-linking Guidelines say needs to happen. This is the first appointment made since March 3, when Dish TV shareholders voted against special resolutions that would have let four new independent directors be chosen. Rajesh Sahni, Virender Tagra, Girish Srikrishna Paranjpe, and Arvind Nachaya Mapangada are the individuals.
Godrej Industries: As a member of the Godrej Group, Godrej Industries intends to raise $1 billion through the private placement of bonds. Godrej Industries announced in a late-night regulatory filing on Friday that the management committee of the board of directors of the company had, among other things, approved the placement memorandum/information memorandum for the issuance of up to one lakh rated, listed, unsecured, redeemable NCDs (Non-Convertible Debentures) having face values of only one lakh each, aggregating up to 1,000 crore.
Yes Bank: Analysts say there may be pressure to sell shares of Yes Bank because the Reserve Bank-mandated three-year lock-in period for individual investors and exchange-traded funds ends on Monday. Analysts expect the bank counter to be tense on Monday because investors, especially the nine banks led by State Bank that bought almost 50% of its stocks in March 2020 for 10 per share, which was 8 more than the face value, as part of the RBI bailout, are likely to leave.
Sula Vineyards, which makes more wine than any other company in the country, said on Saturday that Bittu Varghese, the company’s chief financial officer, has quit. On March 10, 2023, he gave his notice of resignation. “We are letting you know that Mr. Bittu Varghese, Chief Financial Officer and Key Managerial Personnel of the Company, resigned on March 10, 2023, in order to pursue his professional interests outside of Sula,” Sula Vineyards said in its filing.
Nazara Technologies :Two step-down subsidiaries of Nazara Technologies, an Indian gaming and sports media platform, have cash balances of up to 64 crore at Silicon Valley Bank (SVB). The late Rakesh Jhunjhunwala’s wife, Rekha, is one of Nazara’s biggest public shareholders. Due to fears of a lack of cash, the California department shut down SVB and gave the bank’s money to the Federal Deposit Insurance Corporation (FDIC) to handle. Kiddopia Inc. and Mediawrkz Inc. are both parts of Nazara.
