Stocks To Watch: SBI, Indian Hotels, Religare Enterprises & More

Here are the top 10 stocks that are likely to be in focus today as per the latest updates made by the companies.

Indian Bank

Reserve Bank of India (RBI) on Monday imposed a monetary penalty of Rs.1.62 crore on the bank for non-compliance with certain directions issued by RBI on 'Loans and Advances - Statutory and Other Restrictions'.

SBI

As per a stock exchange filing, the Reserve Bank of India (RBI) has, vide its letter dated September 25, 2023 imposed a monetary penalty of Rs. 1.30 crore on the State Bank of India for non-compliance with certain directions issued by RBI on 'Loans and Advances - Statutory and Other Restrictions' and 'Guidelines on Management of Intra-Group Transactions and Exposures'.

Indian Hotels

On September 25, 2023, The Indian Hotels Company Limited invested US$ 11.5 million as equity in IHOCO BV, a wholly-owned subsidiary in the Netherlands. IHOCO BV will utilise the funds to continue investing in United Overseas Holding Inc. in the USA in order to pay off debt and for other business needs. Presently, the company holds 100% paid-up share capital of IHOCO. The company proposes to acquire 1,116,505 equity shares of IHOCO, representing 3% of the paid-up equity share capital of IHOCO, as per a stock exchange filing.

Ujjivan Small Finance Bank

In order to provide online trading services to the bank's customers, SMC Global Securities Limited and Ujjivan Small Finance Bank (Ujjivan SFB) formed a strategic agreement on Monday. Customers of Ujjivan SFB will benefit from this association's services, which include savings, demat, and trading accounts, by having a hassle-free and effortless trading experience.

Through the partnership, SMC Global will be able to broaden its clientele by utilising Ujjivan SFB's enormous pan-Indian reach and its over 76 lakh customers. SMC Global shall manage the interaction between Ujjivan SFB customers Trading and Demat Accounts under the terms of this agreement. Customers of the bank can choose between full and affordable brokerage services from SMC. Through the Ujjivan SFB mobile banking app, current Ujjivan SFB customers can create a Demat Account.

Star Housing Finance

On Monday, the Board of Directors of the company approved issuance of up to 2,000 secured, rated, listed, senior, redeemable, transferable non-convertible redeemable debentures to Northern Arc Capital Limited on a private placement basis, having face value of Rs. 1,00,000 each aggregating up to 20,00,00,000/-.

Religare Enterprises

Monday saw the announcement of an open offer by M.B. Finmart Private Limited, Puran Associates Private Limited, VIC Enterprises Private Limited, and Milky Investment & Trading Company for the acquisition of up to 90,042,541 fully paid-up equity shares of Religare Enterprises Limited. All four companies are partners of the Burman group and now own 26.52 percent of the outstanding equity share capital of Religare Enterprises. A 25 percent ownership stake in a publicly traded company must be purchased through an open offer, according to the market regulator Securities and Exchange Board of India (SEBI). For a total payment of up to Rs 2,115 crore in cash, the offer price per equity share is Rs 235.

R.P.P Infra Projects

The company has received new projects viz, "Road and Drain Works-1 for CBR Project of CPCL at Nagapattinam, Tamilnadu at a contract price of INR 300.44 Crores (Incl of GST), provision of civil works and allied services for engine test facility along with ancillary work for GRTE at Rajankute, Bengaluru, Karnataka at a contract price of INR 90.18 Crores (Incl GST), and Thoothukudi Corporation - Construction of Storm Water Drain from Ponsubbiah Nagar to Loorthammalpuram Main Road package 4 under ADB Tamil Nadu Urban flagship investment Program-tranche 3 at a contract price of INR 16.88 Crore, as per a stock exchange filing.

"We further inform you that M/s. RPP Infra Projects Ltd and M/s Sun Construction - M/s RPP-Sun (JV) with the ratio of 51% and 49% respectively has been received letter of acceptance for a new project - Twad- Improvement of existing CWSS to Pudukkottai municipality and three Town Panchayats and fifteen wayside habitations in Pudukkottai district, Tamilnadu for the Value of INR 74.87 Crore( Incl GST)," R.P.P Infra Projects in a stock exchange filing.

Tips Industries

On Monday, Tips Industries Limited, a publicly traded music firm, announced the appointment of Mr. Hari Nair as the new CEO of the organisation. Hari has a total of 25 years of experience, the last 20 of which were spent in the music industry. "With this appointment, TIPS aims to strengthen its core leadership team, as well as focus on driving revenues further, be it through increasing its music distribution capabilities or expanding into new domains of music monetization. Hari will be responsible for leading the company into its next phase of growth, amidst the fast-changing digital trends and a vibrant content ecosystem in India's entertainment industry," said Tips Industries in a stock exchange filing.

Birla Estates

The Aditya Birla Group's real estate division, Birla Estates Private Limited, has successfully opened Phase 1 of Birla Trimaya, Devanahalli. Investors and homebuyers have shown quick interest in this initial phase. The project is anticipated to have an overall revenue potential of over INR 3000 Cr, demonstrating its significant attractiveness to the audience in question. The 8-tower Birla Trimaya is purposefully constructed to meet a variety of demands and offers a selection of 1, 2, and 3 BHK apartments as well as opulent duplexes. This project, which is well situated close to the future BIAL IT Investment Region, will draw a wide spectrum of people, including high-net-worth and non-resident investors.

Mr. K. T. Jithendran, MD & CEO of Birla Estates, said, "After the success of Birla Alokya and Birla Tisya crossing a booking value of approx. INR 1,000 crore in the Bengaluru market, we are delighted to launch our third project in the rapidly developing city. With the launch of Birla Trimaya phase 1, we estimate our potential booking value at approx. INR 500 cr. North Bengaluru has become one of the fastest growing business hubs with several R&D, aerospace, automobiles and pharmaceutical establishments setting up operations in the area. Consequently, this has created a significant influx of skilled professionals, drawn by high-value career opportunities, who aspire to a lifestyle of opulence."

Mr. M R Seetharam, designated partner of M S Ramaiah Realty LLP said, "Our joint venture with Birla Estates exemplifies our dedication to providing residences that enhance the quality of living. By partnering with them we are well-positioned to extend our reach within the high-end residential real estate sector and explore new growth aveneues in this sector."

UTI Asset Management Company

UTI Mutual Fund (UTI) introduced UTI Innovation Fund, an open-ended equity scheme, on Monday. The Fund would use a bottom-up strategy for investing in innovators and disruptors with the ability to provide results with non-linear growth. September 25, 2023 marks the beginning of the NFO, which ends on October 9, 2023. Investors with a horizon of at least three to five years may think about investing in this fund.

Mr. Ankit Agarwal, Fund Manager, UTI AMC, commented on the launch, "UTI Innovation Fund marks a significant step forward for investors in navigating the ever-growing landscape of investment opportunities. It is a unique portfolio that is true-to-label, investing predominantly in innovative businesses and disruptors. In an era of rapid technological advancements and evolving market dynamics, it's an opportunity to embrace innovation, adapt to market dynamics, and participate in potential wealth generators that could grow in a non-linear fashion."