Stock Market Recommendations [04-02-2022] : India’s stock benchmarksfell, dragged bylosses in information technology, realty stocks. The S&P BSE Sensex fell 0.29% to 58,620.01. The NSE Nifty 50 alsodeclined by similar magnitude to 17,503.90.
The S&P BSE MidCap almost mirrored its larger peers while the S&P BSE SmallCap outperformed, as it remained little changed. Tenof the 19 sectoral indices compiled by BSE Ltd. advanced with S&P BSE Metalindex rising over 0.6%. On the flipside, the S&P BSE Information Technology and Realty indices fell over 1%.
The market breadth was skewed in the favour of bulls. About 1,507 stocks advanced, 1,035 declined and 85 remained unchanged.
Stocks / Share For Today
- ICICI Bank: Bought additional stake in India International Clearing Corporation (IICC) at IFSC in GIFT City for Rs 4.43 crore, taking its holding in the clearing body to 9.90%.
- Escorts: The company has received approval from Competition Commission of India for the preferential issue of 93,63,726 equity shares to Kubota Corporation, Japan.
- MRF: The company said the order of the CCI, that imposed a penalty of Rs 622.09 crore for breach of Competition Act, is not based on proper appreciation of facts and laws. The company all its stakeholders, that it follows high standards of governance in its business practices and plans to pursue the matter before appropriate appellate forum, based on advice from legal counsel.
- Godrej Properties: The company approved investment in DB Realty and will also set up a special purpose vehicle along with DBR to jointly undertake slum rehabilitation and MHADA redevelopment projects. The company will subscribe to warrants convertible into equity shares aggregating to approximately 10% of the issued and paid-up capital of DBR for approximately Rs 400 crore. The company along with DBR will each contribute an additional Rs 300 crore towards the equity platform.
- DB Realty: The company allotted 3,30,00,000 warrants convertible into equity shares to Pinnacle Investments and further approved allotment of 5,70,00,000 warrants convertible into equity shares, potentially increasing its stake in the company to approximately 18%. It also issued 9,75,00,000 warrants to the company’s promoters and 5,00,000 warrants to Godrej Properties taking the aggregate fund infusion in the company to nearly Rs 1,575 crore.
- Bajaj Sugar: The company has received Rs 500 crore in the escrow account maintained exclusively for cane price payment for its 14 sugar units from Uttar Pradesh Power Corporation. This amount is paid to the cane growers towards the cane payment arrears for the sugar season 2020-21 and 2021-22.
- Ipca Laboratories: One plant out of the two plants being set-up for manufacturing of Drug Intermedidates / Active Pharmaceuticals Ingredients at the company’s new green field manufacturing unit being set up at Dewas, Madhya Pradesh with a capital outlay of about Rs 250 crores has commenced trial production.
- OnMobile: The company partners with Dialog Axiata to launch the first mobile cloud gaming platform in Sri Lanka.
- Powergrid: The company approved investment in Transmission system for evacuation of Power from Pakaldul HEP in Chenab Valley HEPs-LTA System at an estimated cost of Rs.318.12 crore and Transmission System Strengthening Scheme for evacuation of Power from Solar Energy Zones in Rajasthan (8.1 GW) under Phase-II Part G1 at an estimated cost of Rs. 359.47 crore.
- Mahindra Lifescience: The company launched a new residential project at Kalyan, Mumbai Metropolitan Region named ‘Mahindra Happinest Kalyan – 2, registered with Maharashtra RERA.
- Sadhana Nitro: The company issue of 65,20,606 share warrants convertible into equity shares of face value of Rs. 1/- each, to be issued at Rs 153.36 per share warrant/equity share (including premium of Rs. 152.36) approximately aggregating to Rs 1,00,00,00,137 on preferential basis.