Stocks to watch on June 27: The Nifty futures contract trading on the Singapore Exchange signals a positive start for domestic stocks. The contract traded at 18,720.50, up 16.5 points or 0.09% from the previous close.
TCS: Tata Consultancy Services (TCS) Ltd has appointed a new head to oversee the hiring of temporary workers amid an internal investigation into the bribery scandal that has led to the sacking of at least 15 executives and the blacklisting of eight agencies. India’s largest IT services company has entrusted Sivakumar Viswanathan, a veteran of about 30 years, as the new head of its Resource Management Group, or RMG, an executive privy to the development said. RMG supervises the hiring of contract workers and deploys people internally on projects.
L&T: On Monday, Larsen & Toubro (L&T) announced it has received “significant” orders for its energy transmission and distribution business in India and internationally totaling between Rs 1,000 crore and Rs 2,500 crore. On a YTD basis, the shares of Larsen & Toubro are up 13.67% and in the past year the stock delivered a stellar return of 54.64% and traded on BSE at Rs 2,375 per share. the company has obtained, concerns the construction of a 765 kV transmission line.
ICICI Prudential: Directorate General of GST Intelligence (DGGI) for failing to pay tax of Rs.492.06 crore over a period of five years from July 2017 to July 2022. The company said in an exchange filing that it has issued a show cause cum demand notice (SCN) from the Directorate General of GST Intelligence (DGGI), asking the company to demonstrate why a tax of Rs 492,06,48,296/- covering the period of July 2017 to July 2022 should not be allowed by the company are demanded.
Sea Entertainment: The Securities Appellate Tribunal (SAT) on Monday declined to include an additional affidavit filed by the Securities and Exchange Board of India (Sebi) in a case related to the alleged misuse of funds by Punit Goenka and Subhash Chandra van Zee Entertainment Enterprises Ltd. The tribunal, while hearing a plea filed by Goenka and Chandra against Sebi’s June 12 order barring them from holding a key position in a publicly traded entity, set the case for hearing on Tuesday.
Bharti Airtel: Bharti Airtel has begun restructuring its enterprise business division, Airtel Business, with CEO Ajay Chitkara stepping down from his position on August 20. Airtel Business will be reorganized into three categories, each with its own head. Vani Venkatesh will helm the global business, Ganesh Lakshminarayanan will oversee domestic operations, while Nxtra Data Centers will be led by Ashish Arora.
PTC India: PTC India Financial Services (PFS), a subsidiary of PTC India, has appointed Mahendra Lodha as Director (Finance) and CFO, the company said in a filing. PTC India Financial Services is a finance company and a systematically significant non-deposit-taking NBFC. It is an infrastructure finance company, classified by the RBI and listed on the NSE and the BSE. Earlier, PFS S appointed Siva Kumar as an executive director, in addition to three independent directors in the board of directors.
she-wolf: Lupine is considering a restructuring to unlock value by spun-off its API (active pharmaceutical ingredients) business, according to industry sources. This strategic decision follows in the footsteps of Lupine’s peer, Glenmark Pharma, which successfully spun off its API business into a separate entity called Glenmark Life Sciences in May 2019. Glenmark Life Sciences’ market debut took place in August 2021. Lupine’s stock has experienced a notable gain of over 24 percent over the past three months.
City Union Bank: City Union Bank on Monday said it will raise Rs 500 crore through the Qualified Institutional Placement (QIP) route to fund business growth. The board of directors at a meeting approved raising more capital through the QIP route in the amount of Rs 500 crore, City Union Bank said in a filing. The private sector lender said it would seek shareholder approval for the capital raise plan at its annual general meeting.
Aditya Birla Capital: Aditya Birla Capital announced on Monday that the company has launched a qualified institutional placement (QIP). The offering opened on June 26, 2023. The floor price of the said QIP is set at Rs 175.99 per share, the financial services company said in a registration application. Earlier this month, Aditya Birla Capital said its board of directors has approved the preferential issuance of Rs 1,250 crore to Grasim and Surya Kiran Investments.
SBI life: Swaminathan Janakiraman, a director-designate representing the State Bank of India (SBI), has resigned as a director of the company.
Sapphire Foods: The promoter of Sapphire Foods India is likely to sell 3 million shares through a block deal, Bloomberg reported. The floor price has been set at Rs 1345-1391 per share.
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