Stocks to watch: Ashoka Buildcon, Ipca Labs, Reliance Industries, Info Edge, Adani group
Here is the list of top stocks that could be in focus on June 14.
Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could fall 63 points at the opening bell. Overseas, Asian stocks traded mixed on Monday morning trade, with multiple major markets in the region closed for holidays. Markets in Australia, mainland China and Hong Kong are closed on Monday for holidays. Here is the list of top stocks that could be in focus on June 14.
Ashoka Buildcon: The company has emerged as the lowest bidder (L-1) for project in Punjab. The company had submitted Bid to National Highways Authority of India (NHAl) in respect of the Project viz. ‘Request for Proposal for Development of Memmadpur (Ambala) – Banur (IT City Chowk) -Kharar (Chandigarh) Corridor under Bharatmala Pariyojana – Package-II – 6 laning of IT City Chowk to Kurali Chandigarh Road (Design length: 31.23 Km) in the state of Punjab on EPC mode. The quoted value of the Project is Rs 726 crore.
Ipca Labs: Ipca Laboratories has acquired further 13.09% of the paid-up equity share capital of Trophic Wellness (TWPL), a company incorporated under the Companies Act, 1956 and engaged in the business of manufacturing and marketing several SKUs of Neutraceuticals underthe brand name ‘Nutricharge’. With this acquisition of these 13.09% of the equity share capital, the said Trophic Wellness has become a subsidiary of the Company. The Company now holds 52.35% of the paid-up equity share capital of TWPL.
RIL: Reliance Industries’ (RIL) telecom arm — Reliance Jio Infocomm (Jio) has introduced Jio Freedom plans, with five new ‘no daily limit’ prepaid mobility offerings. The new plans listed on the website start from Rs 127 for 15 days validity, offering 12 GB of uncapped daily data over the plan period. Other plans with the validity of 30 days, 60 days, 90 days and 365 days have also been introduced. The five plans offer fixed data with no daily limit and unlimited voice.
ABB India: ABB India has received approval from board of directors to divest/sale of Turbocharger business in Process Automation business segment and to divest/sale of Dodge Mechanical Power Transmission business in Motion business segment. In this regard, the Board authorized the management of the Company to take all required steps including appointment of advisors, valuers etc.
Info Edge: Info Edge’s (India) board has approved acquisition of 100% of the Share Capital on a fully diluted basis of Zwayam Digital for an aggregate cash consideration of about Rs 61 crore. The proposed acquisition would help the company to further consolidate its position in the online recruitment solutions segment where its flagship brand Naukri.com already has an established leadership position. The Board of Directors of the company at its meeting held on June 11, 2021, has approved the same.
Axiscades Technologies: The company has received approval from board for opening a wholly owned subsidiary in France. The company is opening owned subsidiary in order to have a separate legal entity to cater to the new business opportunities.The company shall keep the Exchanges apprised of all the material developments in this regard.
Welspun Corp: Welspun Corp is setting up a Greenfield facility at Anjar to enter the Ductile Iron (DI) Pipe business. Considering the expected demand, the company has decided to increase the capacity for DI Pipes to 400 KMTPA (from earlier proposed 250 KMPTA) and add DI Fittings to the product range. This would bring the total project cost to Rs 1,550 crore (plus soft cost) from the earlier planned Rs 1,250 crore (plus soft cost). The project is being funded through a combination of internal accruals and debt. There are no changes in the timelines and the project is expected to be commissioned by April 2022. As the project is currently under construction, there is no capacity utilization as of now.
Adani Group stocks: According to ET, National Securities Depository Ltd (NSDL) has frozen the accounts of three foreign funds — Albula Investment Fund, Cresta Fund and APMS Investment Fund — which together own over Rs 43,500 crore worth of shares in four Adani Group companies including Adani Enterprises, Adani Green Energy, Adani Transmission, Adani Total Gas.