HomeMarket InsiderStocks to watch: Adani Group, SBI, Shriram Finance, NALCO, SBI Life

Stocks to watch: Adani Group, SBI, Shriram Finance, NALCO, SBI Life

Adani Power/Adani Enterprises/Adani Wilmar: Adani Enterprises, Adani Power, and Adani Wilmar were added to the short-term extra monitoring mechanism framework on Thursday, according to an NSE circular. After the National Stock Exchange (NSE) and the Bombay Stock Exchange (BSE) said on Monday that Adani Enterprises would leave the framework for short-term enhanced monitoring measures (ASM), this information became public.The exchanges’ circular states that the adjustment will take effect on March 8.

State Bank of India: The country’s biggest lender, State Bank of India, raised Rs 3,717 crore in an extra-tier 1 bond auction on Wednesday. The bank said that this is the third Basel III-compliant extra-tier 1 (AT1) bond offering, with the most recent issuance closing at an 8.25 percent interest rate. The funds will be utilised to supplement the bank’s extra Tier 1 capital as well as its total capital base, as well as to increase capital adequacy in compliance with RBI rules. These perpetual bonds feature a call option after ten years and on each subsequent anniversary.

Shriram Finance: Two entities offloaded shares of non-banking financial business Shriram Finance, valued at over Rs. 1,329 crore, in open market transactions on Wednesday. The shares in the NBFC business were sold by Apax Partners’ subsidiaries, Dynasty Acquisition (FPI) and Arkaig Acquisition (FPI). According to the bulk trade data available with the exchanges, Dynasty sold 83.50 lakh shares on NSE and Arkaig sold 24.98 lakh shares on BSE.

NALCO: National Aluminium Company Limited (NALCO), the country’s biggest integrated Bauxite-Alumina-Aluminium-Power Complex, said next week that it would consider a second interim dividend for fiscal years 2022–23, with a record date set for the same. National Aluminium Corporation issued an equity dividend of 130.00% at a face value of 5 per share for the fiscal year ending March 2022, bringing the total to 6.5 per share. This amounts to a dividend yield of 7.86% at the current share price of 82.60.

SBI Life: Private Sector SBI Life Insurance announced on Wednesday that its board of directors has approved an interim dividend of $2.50 per equity share for the fiscal years 2022–23. The corporation has set March 16, 2023, as the record date for the dividend distribution. The interim dividend will be paid to stockholders no later than April 6, 2023. According to Trendlyne statistics, SBI Life Insurance Company Limited has announced five dividends since April 3, 2018.

Kirloskar Oil Engines: Kirloskar Oil Engines’ promoter entities sold a 17.71% stake in the firm for Rs 825 crore in open market transactions on Wednesday. Jyotsna Gautam Kulkarni, Ambar Gautam Kulkarni, and Nihal Gautam Kulkarni are among the promoters and promoter group that sold the shares. The shares were purchased by Nomura Trust and Banking Co. Ltd., Societe Generale, Sageone Investment Managers LLP, the Regents of the University of California, BNP Paribas Arbitrage, Max Life Insurance Company, and DSP Mutual Fund, among others.

Alembic Pharmaceuticals Limited stated on Wednesday that it has obtained final clearance from the US Food and Drug Administration for its abbreviated new drug application for Prazosin Hydrochloride Capsules, which is used to treat hypertension. “The approved ANDA [abbreviated new drug application] is therapeutically similar to Pfizer Inc’s reference listed drug product (RLD), Minipress Capsules, 1 mg, 2 mg, and 5 mg,” the firm stated in a stock exchange announcement. Prazosin Hydrochloride Capsule, according to the label, is used to treat hypertension and reduce blood pressure.

Bharat Forge: Bharat Forge, via its wholly-owned subsidiary Kalyani Powertrain, announced the establishment of an e-bike manufacturing plant in MIDC Chakan in Pune. The plant has a capacity of 60,000 units per year, which may be increased to 1 lakh units per year. The plant will manufacture e-bikes for Tork Motors, of which Kalyani Powertrain owns 64.29%.

Global Capital Markets: In a regulatory filing today, the company stated that “members are hereby informed that the Company has fixed a record date of March 20, 2023 for the subdivision in face value of equity shares of 10 to 1 and the issue of bonus equity shares in the ratio of 1:1, pursuant to Regulation 42 of the SEBI LODR Regulations, 2015.” For Q3FY23, the company recorded a net income of 15.25 Cr, compared to 0.53 Cr in Q3FY22. The company recorded net expenditures of 14.46 Cr for the quarter ended December 2022, compared to 0.28 Cr reported for the quarter ended December 2021.

SeQuent Scientific: SeQuent Scientific has broken the agreement to buy all of Tineta Pharma’s shares. It announced the purchase of Tineta Pharma in November 2022. Unfortunately, the aforementioned transaction has yet to take place. As a result, the firm announced that it would not buy Tineta, and the company’s acquisition agreement with Tineta and its sponsors has been cancelled.

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