Stocks to watch, Swiggy, HCLTech, Akzo Nobel, Bajaj Electricals, Torrent Power, Karur Vysya Bank, Infosys, Dilip Buildcon and more, these are the stocks to watch for tomorrow.
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Swiggy | The company has approved the divestment of its holding in bike-taxi operator Rapido through two separate transactions worth a combined ₹2,399 crore. The company will sell shares valued at ₹1,968 crore to Dutch-based MIH Investments, while a second deal will transfer Rapido shares worth ₹431 crore to Setu AIF Trust, according to its exchange filing.
HCLTech | Technology major said it has renewed its long-standing digital transformation agreement with one of the world’s leading manufacturers of trucks, buses, construction equipment, marine and industrial engines, and comprehensive transport solutions, headquartered in Gothenburg, Sweden. The renewed multi-year contract comes with an expanded scope of services. Under the agreement, HCLTech will enhance and modernise the Gothenburg-based manufacturer’s IT infrastructure and transform its digital foundation services.
Akzo Nobel | Imperial Chemical Industries is likely to divest up to 5% stake in paint maker through a block deal. The offer size is pegged at ₹742.7 crore, with a floor price of ₹3,261.80 per share. This represents a discount of about 4% to Akzo Nobel’s last closing price. The seller will remain subject to a 30-day lock-up on its residual stake following the completion of the transaction.
Bajaj Electricals | The company has cleared a proposal to acquire the Morphy Richards brand and related intellectual property rights from Ireland’s Glen Electric, part of the Glen Dimplex Group, for ₹146 crore. The deal will cover rights to the brand in India, Nepal, Bhutan, Bangladesh, the Maldives and Sri Lanka, giving BEL complete control over a premium name it has been associated with for over two decades. The transaction is subject to definitive agreements and regulatory approvals.
Torrent Power | Ahmedabad-based company said it has acquired shares of Newzone India Private Limited (NZIPL) and Newzone Power Projects Private Limited (NZPPPL) for a total consideration of ₹211 crore. The acquisition includes 11,95,110 shares of NZIPL, representing 49% equity, and 30,00,000 shares of NZPPPL, representing 100% equity, from the Sarawagi Family and related HUFs. NZPPPL already held 51% in NZIPL, making Torrent Power the effective owner of both companies.
Karur Vysya Bank | Private sector lender, said it has filed writ petitions before the Madurai Bench of the Madras High Court challenging reassessment proceedings initiated by the Income Tax Department. The bank disclosed that it had received notices under Section 148 and orders under Section 148A(3) of the Income-tax Act, 1961, from the jurisdictional assessing officer for assessment years 2020-21, 2021-22 and 2022-23. The bank filed its petitions against the orders on Monday, September 22.
Infosys | IT major announced the expansion of its strategic long-term collaboration with Sunrise, Switzerland’s second-largest player in the telecommunications market, to accelerate IT transformation. Under the extended collaboration, Infosys will support Sunrise in implementing a robust, modern, agile and secure technology foundation aimed at enhancing customer experience, driving operational agility and enabling future readiness.
