Stocks To Watch Today: HDFC Bank, Wipro, NBCC, Nalco & More

Here are the top 10 stocks to watch on Friday, 22nd September that are likely to trigger price action in today's intraday session.

HDFC Bank

"We wish to inform you that out of 86,83,148 equity shares of Rs. 10 each held by erstwhile HDFC Ltd., in Hindustan Oil Exploration Company Limited ("HOEC") (i) HDFC Ltd. sold 239,144 shares (representing 0.18% of the share capital of HOEC) on March 31, 2022 and on June 23, 2023 and (ii) after the effective date (July 1, 2023) of the merger of HDFC Ltd. with and into HDFC Bank Limited (the "Bank"), the Bank sold 26,98,744 shares (representing 2.04% of the share capital of HOEC). Thus, the aggregate stake sale is 2.22% of the share capital of HOEC," said the bank in a stock exchange filing.

Glenmark Pharmaceuticals

Glenmark Pharmaceuticals Limited and Nirma Limited have entered into a legally binding agreement for Glenmark Pharmaceuticals Limited to sell a 75% stake in Glenmark Life Sciences Limited (GLS) for a total value of Rs 56,515 million, subject to closing adjustments, at a price of Rs 615 per share. After the sale, Glenmark Pharma will hold 7.84% shareholding in GLS. The deal is subject to standard prerequisites, such as getting shareholder and regulatory authorizations. In accordance with the deal, Nirma Limited will make an obligatory open offer to all GLS public shareholders.

Commenting on the divestment, Glenn Saldanha, Chairman and Managing Director, Glenmark Pharmaceuticals Limited Said, "We are pleased to announce this strategic transaction with Nirma, which marks a significant milestone in shaping an independent growth trajectory for GLS. This deal aligns with Glenmark's strategic intent of moving up the value chain to become an innovative/brand led organization, with continuous focus on our core therapeutic areas of dermatology, respiratory and oncology. It also presents an opportunity for us to strengthen shareholder value through deleveraging and enhancing our overall return profile."

Speaking on the announcement Dr. Yasir Rawjee, Managing Director and CEO, Glenmark Life Sciences Limited said, "Today's announcement marks the next step in the journey of the company, one that will accelerate growth and help create more value for our stakeholders in the long term. We will continue to operate as an independent API company under the new ownership of Nirma Limited. I see this as an opportunity to further strengthen our position in the API industry and continue the growth trajectory."
Kotak Investment Banking acted as the exclusive financial advisor to Glenmark Pharma and GLS on this transaction. S&R Associates acted as legal advisor to Glenmark Pharma and Trilegal acted as legal advisor to GLS, as per a stock exchange filing.

Wipro

Aparna C. Iyer has been appointed as the new Chief Financial Officer of Wipro Limited, the company said on Thursday. Aparna will join the Wipro Executive Board and report to CEO Thierry Delaporte. Jatin Dalal, who is leaving his position as CFO to seek other possibilities, is replaced by her.

"Aparna is an accomplished and results-driven leader. Throughout her 20-year career with Wipro, she has been a dynamic, forward-thinking strategic partner to our business leaders," said Thierry Delaporte, Chief Executive Officer and Managing Director, Wipro Limited.

"Aparna has been integral to our finance transformation over the last few years, playing a key role in our financial strategy and planning, investment programs, and transformation initiatives. Her commitment to creating lasting value, expertise across the full spectrum of finance operations, and her experience in working with a range of stakeholders will be instrumental in achieving our financial objectives. "I also want to thank Jatin for his contributions to Wipro over his tenure and wish him the best in his future endeavors," Thierry Delaporte further added.

"I am thrilled to take on the role of CFO at this important juncture for Wipro," said Aparna. "As we continue our transformation journey, I look forward to working with Thierry, our finance team and the entire organization to build on our successes, drive sustainable growth, and create value for our stakeholders."

Aparna is a Chartered Accountant (CA) and was a gold medalist of the CA 2002 batch. Aparna began working with Wipro in April 2003. She has worked at Wipro for 20 years, serving in a variety of financial positions, most recently as senior vice president and chief financial officer of Wipro FullStride Cloud. Her previous positions in finance include internal audit, business finance, finance planning and analysis, corporate treasury, and investor relations. Aparna has extensive knowledge of directing corporate strategy, growth, and capital allocation as well as managing financial risk.

The Phoenix Mills

For a total of Rs. 50,000/-, The Phoenix Mills Limited has completed the purchase of the remaining 5,000 equity shares, which make up 50% of the share capital of Bartraya Mall Development Company Private Limited.Bartraya is now a totally owned subsidiary of the company after the Company acquired the remaining 50% equity stake after holding a 50% equity shareholding.

JSW Steel

"The Company through its wholly owned step-down subsidiary Periama Holding LLC owns coal mining assets in the State of West Virginia, USA. Caretta Minerals LLC, a step-down subsidiary of Periama Holding LLC was operating coal mines and preparation plant to beneficiate the coal mined through a leasing arrangement from Alawest Inc and West Virginia Properties ("the lessors"). Pursuant to termination of the coal mining lease and plant lease by the lessor, the Company had recognised an impairment provision for all the investments (including loans extended) relating to these coal assets in the earlier years.

The carrying value of the investments relating to coal assets net of impairment is Nil. We now hereby inform you that Caretta Minerals LLC has entered into an agreement on 20 September 2023 for selling its property, plant and equipment and mineral rights to West Virginia Properties for a consideration of USD 24 million as operating the mines are not economically viable in absence of coal mining lease and plant lease," said JSW Steel in a stock exchange filing.

Sunteck Realty

In order to promote the construction of close to 12,000 high-quality housing units across four to six green housing projects in the Mumbai Metropolitan Region (MMR) in the state of Maharashtra, IFC and Sunteck Realty have partnered to create a joint platform with a total investment of up to Rs 7,500 million (US$90 million). Up to Rs 3,300 million (US$40 million) in investment is being offered by IFC, with Sunteck Realty contributing the remaining funds.

"We are pleased to collaborate with IFC in our shared goal of addressing the housing shortage in India," said Mr. Kamal Khetan, CMD of Sunteck Realty. "Our wide range of offerings provide high quality amenities and enhanced lifestyles for all the segments of the population. This strategic partnership demonstrates our capability to develop high quality large-scale housing projects in the MMR and aligns with our vision of sustainable and green housing solutions."

"This investment aligns with our strategy to create more inclusive and equitable cities by backing affordable and eco-friendly housing through partnerships with reputed companies like Sunteck Realty," said Wendy Werner, IFC Country Head, India. "It also supports the Government of India's 'Housing for All' initiative, delivering essential societal benefits including shelter, safety, job opportunities, wealth generation, and enhanced credit access."

NBCC

NBCC has awarded an order from SAIL worth Rs 100 Cr for construction of various development work at township and mines of SAIL Bhilai Steel Plant.

NALCO

The shareholders of National Aluminium Company Limited (NALCO), a Navratna CPSE under the Ministry of Mines, Government of India, approved the annual accounts for 2022-23 at the 42nd Annual General Meeting held on Thursday. The accounts show a sales turnover of Rs. 14,171 crore, a net profit of Rs. 1,544 crore, and an export turnover of Rs. 4,217 crore. Additionally, a 20% final dividend, or Rs 1 per equity share, was authorised by the shareholders. It should be noted that the corporation had previously distributed a dividend worth Rs. 918.32 crore during FY 22-23.

The aluminium giant NALCO produced 21.23 lakh tonnes of alumina hydrate in FY 2022-23 compared to a normative capacity of 21 lakh tonnes, representing 101.1% of capacity utilisation. This was the company's highest-ever bauxite excavation. Similar to this, the corporation has also recorded the highest-ever domestic metal sale of 4.64 lakh tonne, which is also a record for metal sales. Despite being more than 40 years old, the plants have continued to run at or over their rated capacity thanks to routine maintenance.

DMR Hydroengineering & Infrastructures Ltd

The company received an order from Afcons Infrastructures on Thursday worth Rs. 12.50 Lakh for engineering services for Daudhan Dam under Ken- Betwa Link Project in the state of Madhya Pradesh. The order is to be executed in 3 months.

AVG Logistics

AVG Logistics Limited has received a fresh order from a reputable international FMCG customer. The order has a total estimated value of Rs 72 crores and will be completed over the course of three years. The business deal will enable the company to enhance its market share with the customer and strengthen its geographic footprint in India, both of which will contribute to double-digit growth in FY24. AVG Logistics is well-positioned for future development and expansion in all regions with its bespoke, tech-enabled specialised trucking business model.

Commenting on this development, Mr. Sanjay Gupta, Managing Director and CEO, mentioned, "This award signifies our Long-term relationship with FMCG customers and testimony of our efficient integrated logistics services and capabilities. I am happy to mention that this new order would help us to achieve FY24 revenue target and overall performance of the company in years to come. This order is expected to commence from Q3FY24 "