Buzzing Stocks: Jio Financial, Bharat Electronics, Garden Reach, Linde India, others in news

Bharat Electronics: The state-run defence company has received defence and non-defence orders worth Rs 3,289 crore during July and August 2023 (till date). These orders also include the Rs 1,075-crore contract received from Hindustan Shipyards for the supply of CMS, communication systems, EW systems and other sensors for fleet support ships. With these orders, BEL has received orders of Rs 11,380 crore in current financial year.

Reliance Industries: The stock will be in focus as the 46th annual general meeting (post-IPO) of the Billionaire Mukesh Ambani-owned company will be held on August 28. After the demerger and listing of Jio Financial Services last week, analysts and investors may be looking for the timeline for IPOs of telecommunication and retail businesses, new segments wish to enter by Jio Financial, more updates on 5G rollout, and new plans & progress of various projects initiated under the new energy business, experts said. (Disclaimer: MoneyControl is a part of the Network18 group. Network18 is controlled by Independent Media Trust, of which Reliance Industries is the sole beneficiary.)

Indostar Capital Finance: The non-banking finance company has sold a significant portion of its corporate loan book to Phoenix ARC. The sale consists of certain accounts that were tagged in Stage 2, aggregating to dues outstanding of Rs 915 crore. Phoenix ARC will set-up a trust that will monitor the progress of the real-estate projects and will also consider funding certain amounts towards financing the completion of these projects.

HDFC Bank: Board members of the bank have approved the re-appointment of Sanmoy Chakrabarti as the Chief Risk Officer (CRO) of the bank, for a further five years. The reappointment will be effective from December 14, 2023 to December 13, 2028.

Garden Reach Shipbuilders & Engineers: The state-owned Kolkata-based warship builder has signed a contract with the DEMPO Group, the business house of Goa, to launch a collaboration model to build commercial vessels in three premier shipyards of DEMPO at Goa and Bhavnagar. This is Garden Reach’s maiden attempt to diversify in commercial shipbuilding to capture a large market share in construction of commercial vessels, both domestic as well as international.

Sasken Technologies: Divyanshu Kumar has been designated as Chief Commercial Officer of the company (senior management personnel) in place of Utpal Bakshi with effect from July 19. Earlier, Divyanshu Kumar was the Senior Vice President – Global Sales in the company.

Linde India: The industrial gases company has received a Letter of Acceptance from Steel Authority of India (SAIL) for installation of 1,000 tonnes per day cryogenic oxygen plant on construct, operate and maintain (COM) basis for 20 years from the date of commissioning of the plant and ancillary facilities, at SAIL’s Rourkela plant. There is a also provision of renewal of contract for further five years on mutual agreement basis.

Jio Financial Services: The removal of Jio Financial Services from the Sensex and other BSE indices will be postponed by another three days as the stock hit the lower circuit on both August 24 and 25. Jio Financial will now be removed from all the S&P BSE Indices effective prior to the open of trading on September 1. Earlier Jio Financial was slated to be dropped from Nifty 50 and Sensex on August 24, which was deferred to August 29 as the stock kept hitting the lower circuit. Meanwhile, Motilal Oswal Mutual Fund picked 3.72 crore shares or 0.58% stake in Jio Financial, via open market transactions at an average price of Rs 202.8 per share. (Disclaimer: MoneyControl is a part of the Network18 group. Network18 is controlled by Independent Media Trust, of which Reliance Industries is the sole beneficiary.)

One 97 Communications: Foreign investor Antfin (Netherlands) Holding B V, owned by Chinese billionaire Jack Ma’s Ant Group, has sold 2.27 crore equity shares or 3.59% stake in the Paytm operator, via open market transactions, at an average price of Rs 895.20 per share, which amounted to Rs 2,037.01 crore. However, Societe Generale has bought 59.87 lakh shares and Morgan Stanley Asia Singapore Pte purchased 39.96 lakh shares in Paytm at an average price of Rs 895.20 per share. Antfin (Netherlands) Holding held 23.79% stake in Paytm as of June 2023.

UNO Minda: Promoter Nirmal Kumar Minda has sold 74.46 lakh equity shares or 1.3% stake in the auto ancillary company via open market transactions, at an average price of Rs 602.02 per share, which amounted to Rs 448.27 crore. Nirmal held 22.54% stake in the company and the entire promoters shareholding stood at 70.05% as of June 2023.

Amber Enterprises India: The Government of Singapore has bought further 7.25 lakh shares or 2.15% stake in Amber Enterprises, at an average price of Rs 2,800 per share, which amounted to Rs 203.06 crore. However, Ascent Investment Holdings Pte Limited has offloaded 12.6 lakh shares or 3.74% stake in Amber at same price, amounting to Rs 352.95 crore. Ascent held 9.76% stake or 32.88 lakh shares in Amber as of June 2023, while in previous session, Government of Singapore picked 1.2% stake or 4.05 lakh shares in Amber.

GI Engineering Solutions: Investor GG Engineering has continued selling stake in GI Engineering throughout this week. GG Engineering on Friday sold 12.93 lakh shares or 1.5% stake at an average price of Rs 11.95 per share. In last five days, GG Engineering sold total 1.36 crore shares or 15.88% stake in GI Engineering against the shareholding of 2.1 crore shares or 24.47% stake as of June 2023.