Stocks to watch on March 15: After Wednesday's sell-off, the bulls had a strong rebound on Thursday. This was especially noticeable in the broader market, which has been under significant pressure in recent sessions. Shares of Paytm, Vedanta, IIFL Finance, RIL and Blue Star will be in focus in today's trading.
reel: Reliance Industries has agreed to purchase the entire 13.01% stake in local entertainment network Viacom 18 Media's Paramount Global for about Rs. 4,286 crore, RIL said in a regulatory filing.
payment: On the eve of the March 15 deadline for Paytm Payments Bank to cease operations, Paytm on Thursday secured a third-party application provider license from the National Payments Corporation of India. The license provides Paytm customers with alternative payment methods through the app following the closure of its banking arm, Paytm Payments Bank, due to non-compliance. In related news, a report said that Paytm's team size is likely to decline by 20%. However, the company described this as a ‘routine’ employee evaluation.
Eris Lifesciences, Biocon: Branded formulations specialist Eris Lifesciences will acquire the domestic branded formulations business of Biocon's biosimilars arm Biocon Biologics for ₹1,242 crore, the two companies announced on Thursday. The debt-financed acquisition will pave the way for Eris' debut in the Indian injectables market, which is valued at over ₹30,000 crore. The deal will also bring two popular insulin brands, Basalog and Insugen, under Eris' umbrella, according to the company's exchange filing.
Ashok Rayland: Creador, a private equity fund focused on investing in businesses in South and Southeast Asia, will purchase a 19.6% stake in Hinduja Tech Ltd, a subsidiary of Ashok Leyland and a global mobility engineering R&D services company, for $50 million. This investment will give Hinduja Tech a post-mortem valuation of $255 million. As stated by the company, the capital injection will enable Hinduja Tech to expand its research and development capabilities, increase its global presence and strengthen its state-of-the-art laboratories.
Vedanta: A report by Credit Sights, a FitchSolutions company, said the company's proposed spin-off could face significant obstacles from minority shareholders and creditors. The report claims that the planned demerger of Vedanta Ltd's other divisions could face significant challenges from minority shareholders and/or creditors, potentially delaying or even derailing the deal. It also notes that there have been few updates on the progress of the split since the September 2023 announcement.
Novartis India: The company, a subsidiary of Swiss pharmaceutical giant Novartis AG, is currently in talks to confirm a distribution partner for the upcoming launch of Asciminib. This new therapy targeting the ABL myristoyl pocket (STAMP) is the first treatment of its kind for chronic myeloid leukemia (CML), said Amitabh Dube, country president and managing director of the company. In an email conversation with Mint, Dube said the company plans to introduce the treatment in India by the end of this month, but did not disclose specific details about the brand's potential partnership. “We are preparing to launch the Assi Minib in India this month,” he added. However, it is still too early to discuss brand partnerships in India,” he said.
IIFL Finance: On March 14, credit rating agency Fitch placed IIFL Finance on 'Rating Watch Negative' (RWN), following guidelines issued by the Reserve Bank of India (RBI) on March 4, placing IIFL Finance on new gold-backed loans and related services. instructed to stop. Off-balance sheet funding transactions. RWN suggests that once the Watch is resolved, the rating may remain the same or be downgraded. Fitch said in a press release that the implications of these restrictions will depend on their duration and potential ramifications for the remainder of IIFL Finance's operations.
Religious businesses: Proxy advisory firm InGovern has expressed concern over Religare Enterprises' proposal to infuse Rs 1.5 billion in fresh capital into its subsidiary MIC Insurance Web Aggregator. Religare is currently seeking shareholder approval for this capital infusion through share subscription, with postal ballot results due on March 23. InGovern's research report pointed out that Religare's board did not justify the infusion of funds and did not disclose financial or valuation details about MIC.
J Kumar Infrastructure Projects: The Mumbai-based company expects revenue growth of 16-17 per cent in the coming fiscal year, up from its previous forecast of 15 per cent. Nalin Gupta, managing director of the company, said these growth estimates are supported by robust order volumes. By the end of the current fiscal, the company expects orders worth around ₹19,000 crore and an inflow of orders worth around ₹7000-8000 crore in the coming year. Gupta expressed confidence in the company's progress toward its goal of achieving $1 billion in sales by fiscal 2027. He also noted that he expects the company's EBITDA margins to remain in the 14-15% range.
IRB Infrastructure Developer: On Thursday, March 14, IRB Infrastructure Developers Ltd. announced that Cintra, a subsidiary of Spanish construction giant Ferrovial, had agreed to purchase a 24% stake in IRB Infrastructure Trust from an affiliate of GIC. Ferrovial said the stake would be acquired for $810 million (about ₹6,720 crore). Ferrovial expects the transaction to be completed by the end of April 2024.
Oil Marketing Companies: The Center has reduced the prices of petrol and diesel by Rs 2 per liter from 6 am on March 15.
RailTel Corporation in India: The company has received work orders worth Rs 113.46 crore from Odisha Computer Application Center (OCAC).
Interglobe Airlines: The company has introduced 11 new codeshare routes across Australia through an agreement with Qantas.
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