Indian benchmark indices might witness a tepid open on Tuesday following the weakness in SGX Nifty50 futures contract that was up merely 0.1 percent at 17,172.5 points as of 6:46 am.
Wipro
The technology company will consider interim dividend on March 25.
Sun Pharmaceutical Industries
The company will acquire an 11.28 percent stake in Zenotech Laboratories for Rs 5.32 crore.
Zomato
The company has announced that it will soon launch a 10-min food delivery offering – Zomato Instant. It will pilot Zomato Instant with four stations in Gurugram from next month.
Larsen & Toubro
The board on March 24 will seek approval for raising funds including through the issue of debt securities as part of the company’s refinancing programme.
Shankara Building Products & APL Apollo Tubes
APL Apollo Tubes announced a minority equity investment by its subsidiary APL Apollo Mart in Shankara Building Products. The investment will be through a combination of purchase of secondary promoter shares and proposed preferential allotment of convertible warrants. Total investment by APL Apollo Mart in Shankara Building Products will be up to Rs 180.5 crore including an immediate investment of Rs 101.8 crore.
HUL
Hindustan Unilever Ltd is in talks with Mahashian Di Hatti Pvt. Ltd (MDH) to buy a majority stake in the maker of MDH Spices. MDH could be valued at Rs 10,000 crore- Rs 15,000 crore, given its pan-India appeal. While the branded spices market size is large and estimated by Avendus to double to Rs 50,000 crore by 2025, it is dominated by regional champions.
Oil marketing companies (OMCs)
State-owned fuel retailers raised petrol and diesel pump prices by 0.8 rupees per litre on Tuesday, the first increase since November. India’s three state-run fuel retailers – Indian Oil Corp, Bharat Petroleum Corp and Hindustan Petroleum Corp – dominate fuel retailing in India, and tend to move their prices together. Petrol will now cost Rs 96.21 per litre in Delhi, and diesel Rs 87.47 per litre.
Ruchi Soya
Will use the proceeds from its Rs 4,300-crore follow-on public offer (FPO) to retire debt of Rs 3,300 crore. The company has set a price band of Rs 615-650 for its FPO, which will open for subscription on 24 March and close on 28 March.
Vedanta
Has set up multiple teams to scout for suitable locations across five states to set up its semiconductor plant. Last month, Vedanta said it planned to invest $8.4 billion in a chip manufacturing unit in partnership with Hon Hai Technology Group (Foxconn). Besides Telangana, the company is also surveying sites in Tamil Nadu, Maharashtra, Gujarat, and Himachal Pradesh.
Punjab National Bank
The board of the public sector lender will meet on 29 March to consider and approve the proposal of raising of capital through the issuance of Basel-III compliant additional tier-1 bonds and/or tier-2 bonds or a combination thereof, in one or more tranches for FY23. The bank did not provide details on the quantum of the capital to be raised.
IDBI Bank
The government is holding roadshows for IDBI Bank privatisation and will come out with EoI after assessing investor interest. The Cabinet Committee on Economic Affairs had in May last year given an in-principle approval for strategic disinvestment and transfer of management control in IDBI Bank. The government and LIC together own more than 94 per cent equity in the lender. The exact quantum of stake dilution is yet to be decided.
Airline stocks
Airfares have soared following last week’s record hike in jet fuel prices, upsetting summer travel plans for those making last-minute bookings. Average fares on popular routes like Delhi-Mumbai, Hyderabad-Delhi and Chennai-Delhi are up 50-60 per cent for bookings made within a fortnight before travel compared to fares a year ago.
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