Market Commentary - Stock Alert
RIL, HDFC Bank, Tata Motors, Cyient DLM in focus As on : 10-Jul-23  08:42

RIL: RIL said its subsidiary Reliance Retail's board of directors has approved a proposal to reduce the equity share capital to the extent held by shareholders other than its Promoter and holding company, namely, Reliance Retail Ventures. A consideration of Rs 1,362 per share, determined on the basis of valuation obtained from two independent registered valuers, shall be paid towards the capital reduction.

Separately, RIL has fixed 20 July 2023 as the record date for the purpose of determining the equity shareholders who are entitled to receive shares of Reliance Strategic Investments (RSIL). Under the scheme of arrangement, RSIL will allot one fully paid-up equity share of RSIL for every share of RIL as of the record date. RSIL will then be renamed as Jio Financial Services (JFSL).

HDFC Bank: HDFC Bank proposes to participate in an Initial Public Offering (IPO) of National Securities Depository Limited (NSDL), by way of an offer for sale of up to 2% equity stake held by the bank in NSDL (being up to 40,00,000 equity shares), as stated in the Draft Red Herring Prospectus, filed with Securities and Exchange Board of India on 8 July 2023.

Tata Motors: Tata Motors Group global wholesales in Q1 FY24, including Jaguar Land Rover were at 3,22,159 units, rising 5%, as compared to Q1 FY23.

Vedanta: The miner on Friday announced the addition of semiconductors and display glass manufacturing ventures to its diversified portfolio. Vedanta said that its board has approved the acquisition of 100% of Vedanta Foxconn Semiconductors (VFSPL) and Vedanta Displays (VDL), wholly owned subsidiaries of Twin Star Technologies (TSTL) via share transfer at face value.

Cyient DLM: Shares of the company will debut on the bourses today, 10 July 2023. The final issue price has been fixed at Rs 265 a share.

Hindustan Zinc: The miner's board approved an interim dividend of Rs 7 per equity share for the financial year 2023-24.

Indian Oil Corporation (IOCL): IOCL said that its board approved raising of capital by way of issue of equity shares on right basis upto an amount not exceeding Rs 22,000 crore.

Adani Enterprises: Adani Enterprises informed that its wholly owned subsidiary, Adani Digital Labs (ADL) has acquired 29.81% stake of Stark Enterprises (SEPL) for Rs 3.56 crore on 7 July 2023.

Sula Vineyards: The wine producer on Friday announced that it has recorded its highest ever Q1 net revenues overall as well as for own brands and the wine tourism business. Sula Vineyards said that its net revenue has increased by approximately 17% year on year (YoY).

Rail Vikas Nigam (RVNL): RVNL emerged as the lowest bidder (L1) for a project from National Highways Authority of India (NHAI) worth Rs 808.48 crore.

Zydus Lifesciences: The drug maker announced that the United States Food and Drug Administration (USFDA) concluded its inspection at group's facility located at Ahmedabad with nil observations.

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