Market Commentary - Stock Alert
HDFC, HDFC Bank, ITC, InterGlobe Aviation in focus As on : 20-Jun-23  08:39

HDFC, HDFC Bank: HDFC Limited, HDFC Bank Limited and HDFC Credila Financial Services Limited (HDFC Credila), announced they have entered into definitive agreements to sell a majority stake in HDFC Credila to an investor consortium of BPEA EQT and ChrysCapital. The consortium valued HDFC Credila at a Pre‐Money Valuation of Rs 10,350 crores and will infuse primary proceeds of Rs 2,000 crores into the company. HDFC Limited will continue to remain invested with a stake of 9.99% in HDFC Credila.

ITC: The company entered into definitive agreements to acquire further 857 Compulsorily Convertible Preference Shares of Rs 10 each of Mother Sparsh for Rs 11.54 crore (approx.). The shares, once acquired, will take the company's shareholding in Mother Sparsh from 22% to 26.50% (on a fully diluted basis).

HDFC Asset Management Company: Abrdn Investment Management is reportedly expected to exit the stock by selling entire 2.18 crore equity shares or 10.2% stake via block deals.

InterGlobe Aviation: InterGlobe Aviation placed a firm order for 500 Airbus A320 Family aircraft. This will provide IndiGo a further steady stream of deliveries between 2030 and 2035. With this new order, since its inception in 2006, IndiGo has ordered a total of 1330 aircraft with Airbus.

IIFL Securities: IIFL Securities is in receipt of an Order dated 19 June 2023 passed by SEBI, whereby it has prohibited the company from onboarding new clients for a period of two years in respect of its business as a stock broker.

Isgec Heavy Engineering: The company's wholly owned subsidiary, namely Saraswati Sugar Mills, has enhanced the production capacity of its Ethanol Plant from 100 Kilo Liter Per Day to 160 Kilo Liter Per Day and the enhanced capacity has come into commercial production on 18 June 2023, after obtaining all statutory approvals.

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