Stocks to Watch on Sept 22: JSW Steel, Glenmark Life, Samhi, Zaggle, TaMo

Stocks to Watch today, September 22, 2023: Glenmark Pharmaceuticals Board has approved the divestment of a 75 per cent stake in its subsidiary Glenmark Life Sciences to Nirma for Rs 5,651 crore

Photo: Bloomberg

Photo: Bloomberg

Nikita Vashisht New Delhi

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Stocks to Watch on Friday, September 22: Equity markets are eyeing a fourth consecutive weak session Friday as Indo-Canada tensions escalate. At 7:40 AM, Gift Nifty was quoting at 19,681, down 98 points.

Elsewhere in Asia, Australia, and Japan's benchmark indices were down 1 per cent each, while South Korea's Kospi shed 0.5 per cent. On the contrary, Hong Kong, and China's indices were up 0.1 per cent each.

Overnight, the Nasdaq Composite retreated 1.82 per cent in the US, the Dow Jones Industrial Average dropped 1.08 per cent, and the S&P 500 slid 1.64 per cent.

Meanwhile, here's a list of stocks to watch out today:

Glenmark Life Sciences: Mumbai-based Glenmark Pharmaceuticals said on Thursday that its board has approved the divestment of a 75 per cent stake in its subsidiary Glenmark Life Sciences (GLS) to Nirma at Rs 615 a share, implying a valuation of Rs 7,535 crore. The deal size is estimated to be Rs 5,651 crore.

Glenmark Pharma will continue to own a 7.84 per cent stake in GLS, and pursuant to the transaction, Nirma will make a mandatory open offer to all public shareholders of GLS

Samhi Hotels, Zaggle Prepaid Ocean Services: The two companies will debut at the bourses on Friday. The issue price for Samhi Hotelsis fixed at Rs 126, while that of Zaggle has been fixed at Rs 164.

Tata Motors: Jaguar has announced that it has signed a deal with Tesla to get access to the Supercharger network. 

BSE: As a measure to prevent erroneous order placement, the Exchange has notified that Stop Loss orders with Market condition (SL-M) in Equity segment, Equity Derivatives segment, Currency Derivatives segment and Commodity Derivatives segment shall be discontinued with effect from October 9, 2023.

Wipro: Wipro's Chief Financial Officer Jatin Dalal has resigned with immediate effect. He will be replaced by Aparna C Iyer.

Oil India, Gujarat Gas: Life Insurance Corporation (LIC) has reduced stake in OIL to 9.69 per cent from 11.3 per cent. It has increased stake in Gujarat Gas to 5.01 per cent from 4.98 per cent.

ICICI Bank: The lender will buy a 9.99 per cent stake in Quantum CorpHealth Private for Rs 4.99 crore by the end of October 2023.

ICICI Lombard: Bhargav Dasgupta has resigned from the designation of MD and CEO of the company. 

Muthoot Finance: Muthoot Finance will issue secured redeemable non-convertible debentures to raise up to Rs 700 crore. The issue opened on September 21 and will close on October 6.

JSW Steel: JSW Steel Ltd is slowing down the process to buy a stake in the steelmaking coal unit of Canada's Teck Resources, Reuters reported on Thursday. It, however, said the paperwork was still going on.

The Phoenix Mills: The company has completed the acquisition of balance 5,000 equity shares, constituting 50 per cent of the share capital of Bartraya Mall Development Company Private Limited.

Vedanta: The company will raise up to Rs 2,500 crore via NCDs on a private placement basis.

InterGlobe Aviation: IndiGo has signed a codeshare partnership with UK flag carrier British Airways.

Kalyani Forge: Shareholders have approved the appointment of Viraj Gaurishankar Kalyani as the managing director (MD) of the company.

Sunteck Realty: International Finance Corporation (IFC) and Sunteck Realty have partnered to create a joint platform with a total investment of up to Rs 750 crore ($90 million) to promote the development of nearly 12,000 high-quality housing units across four to six green housing projects within the Mumbai Metropolitan Region (MMR) in the state of Maharashtra.

NBCC: The state-owned entity has bagged order for various development works at township and mines of SAIL Bhilai Steel Plant worth Rs 100 crore.

First Published: Sep 22 2023 | 08:00 AM IST

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