Top 10 Stocks to watch Today Paytm: On the eve of the March 1 | ACEink Official
Top 10 Stocks to watch Today
Paytm: On the eve of the March 15 deadline for Paytm Payments Bank to cease operations, Paytm secured a third-party application provider license from the National Payments Corporation of India on Thursday. This license will offer an alternative payment method to Paytm's customers via its app, following the shutdown of its banking division, Paytm Payments Bank, due to regulatory non-compliance.
Eris Lifesciences, Biocon: Eris Lifesciences, a company specializing in branded formulations, is set to buy the domestic branded formulation business of Biocon Biologics, Biocon's biosimilar division, for ₹1,242 crore, as announced by both companies on Thursday. This acquisition, funded through debt, will pave the way for Eris's debut in the Indian injectables market, which is worth over ₹30,000 crore.
Ashok Leyland: Creador, a private equity firm with a focus on business investments in South and Southeast Asia, is set to purchase a 19.6% share in Hinduja Tech Ltd, a global mobility engineering R&D services company and a subsidiary of Ashok Leyland, for $50 million. This investment will result in a post-money equity valuation of $255 million for Hinduja Tech.
Vedanta: The company's proposed business demerger could encounter significant obstacles from minority shareholders and creditors, a report from Credit Sights, a company under FitchSolutions, has indicated. The report maintains that the planned demerger of Vedanta Ltd's other businesses may face substantial challenges from minority shareholders and/or creditors, potentially causing delays or even derailing the deal.
Novartis India: The company, a subsidiary of the Swiss pharmaceutical giant Novartis AG, is currently in talks to finalize a distribution partner for the upcoming launch of Asciminib. This novel treatment, which targets the ABL myristoyl pocket (STAMP), is a first-of-its-kind for chronic myeloid leukemia (CML), according to Amitabh Dube, the Country President and Managing Director of the company.
IIFL Finance: On March 14, ratings agency Fitch placed IIFL Finance on a 'Rating Watch Negative' (RWN), following a directive issued by the Reserve Bank of India (RBI) on March 4, instructing IIFL Finance to halt new gold-backed lending and associated off-balance-sheet funding transactions.
Religare Enterprises: InGovern, a proxy advisory firm, has expressed concerns over Religare Enterprises' proposal to inject ₹15 crore of new capital into its subsidiary, MIC Insurance Web Aggregator. Religare is currently seeking shareholder approval for this capital infusion through share subscription, with the postal ballot results due on March 23.
J Kumar Infraprojects: The Mumbai-based company anticipates a revenue growth of 16-17% in the forthcoming fiscal year, an increase from the earlier projected 15%. The company's Managing Director, Nalin Gupta, said that these growth estimates are backed by a robust order book. By the conclusion of the current fiscal year, the company forecasts having orders valued at approximately ₹19,000 crore and expects an inflow of around ₹7,000-8,000 crore in orders the following year.
IRB Infrastructure Developers: On Thursday, March 14, IRB Infrastructure Developers Ltd announced that Cintra, a subsidiary of the Spanish construction behemoth Ferrovial, has agreed to purchase a 24% stake in IRB Infrastructure Trust from GIC Affiliates. Ferrovial said that the stake would be acquired for $810 million (approximately ₹6,720 crore). Ferrovial anticipates that the deal will be finalized by the end of April 2024.
Navin Fluorine International: On Thursday, March 14, flurochemicals manufacturer Navin Fluorine International Ltd, announced that its board of directors has sanctioned an investment of around ₹250 crore in its fully owned subsidiary, Navin Fluorine Advanced Sciences Ltd (NFASL).
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