Stocks to Watch: IRCTC, Poonawala Fin, SBI, Vedanta, Tata Motors

IRCTC: The Central Government will sell up to 5% stake in Indian Railway Catering and Tourism Corporation (IRCTC) through an offer for sale (OFS) on the BSE and NSE on 15 and 16 December, as the government seeks to meet a steep divestment target for FY23. The floor price has been fixed at ₹680 a share, at a discount of more than 7% as compared to today’s closing price of ₹733.50.

Poonawalla Fincorp: Poonawalla Fincorp Ltd on Wednesday announced the sale of its housing subsidiary Poonawalla Housing Finance Ltd to Perseus SG Pte Ltd, an entity affiliated with TPG Global for ₹3,900 crore. “The transaction will maximize the shareholders’ value in the long term as Poonawalla Fincorp focusses on building a tech-led and digital-first financial services company, with leadership in consumer and micro, small and medium enterprise (MSME) financing,” the Cyrus Poonawalla group promoted non-bank lender said in a regulatory filing.

State Bank of India: Public lender State Bank of India (SBI) on Wednesday said that the bank board has approved raising ₹10,000 crore by way of issuance of Basel III compliant debt instrument. The bank is planning to raise fresh additional Tier 1 (AT1) capital of ₹10,000 crore. “Raising fresh Additional Tier 1 (AT1) Capital up to an amount of Rs. 10,000 crore, subject to Govt. of India concurrence,” SBI regulatory filing added.

Vedanta: In a development paving the way for the resumption of iron ore mining in Goa, the state government announced on Wednesday that Vedanta Limited has emerged as a successful bidder for a mining block auctioned earlier this year. Chief Minister Pramod Sawant told reporters that Vedanta was the highest bidder with 63.55 per cent revenue for Bicholim Mining Block, spread over 485 hectares.

Tata Motors: Tata Motors on Wednesday said it has inked a pact with Everest Fleet Pvt Ltd to supply 5,000 units of XPRES-T EVs. The company handed over 100 units to Mumbai-based Everest Fleet on Wednesday, as a part of the deal. In July 2021, Tata Motors launched the ‘XPRES’ brand exclusively for fleet customers, and the XPRES-T EV is the first vehicle under this brand.

NTPC: India’s largest power producer NTPC Ltd aims to sell a 20% stake in its green energy business this fiscal year, expecting to raise up to 30 billion Indian rupees ($363.97 million), three government sources said. The deal marks the first green transaction by an Indian state company, which has drawn interest from investors, such as Canada Pension Plan Investment Board (CPPIB), Malaysia’s Petronas and Brookfield.

JB Chemicals and Pharmaceuticals: Private equity KKR-backed JB Chemicals & Pharmaceuticals Ltd has agreed to acquire Glenmark Pharmaceuticals Ltd’s cardiac franchise Razel for ₹313.7 crore in a cash deal. The transaction, which will be funded by long-term debt and internal accruals (primarily debt), is expected to be closed by the end of this calendar year, subject to customary closing formalities.

Arham Technologies: Arham Technologies is expected to be listed on the bourse today, December 15. The Arham Technologies IPO price band was fixed at ₹42 with a market lot of 3000 shares. Arham Technologies Limited is a smart television manufacturer in India. The company produces smart TV under the STARSHINE brand. They are also the manufacturer of Fans, Air Coolers, and Mixer Grinders through third-party manufacturers.

PTC India: Power trading company PTC India on Wednesday said that it has roped in SBI Capital Markets (SBICAPS) as a consultant for monetising investments in its arm PTC Energy. SBICAPS shall conduct an analysis of investments to suggest a future strategy to be adopted for divestment/holding of the investment in its subsidiary company PTC Energy Ltd, it stated.

Torrent Pharma: Torrent Pharmaceuticals on Wednesday said it has inked a pact with Boehringer Ingelheim India to co-market diabetes drugs and their combinations in the country. The company has inked an agreement to jointly sell Cospiaq (Empagliflozin), Cospiaq Met (Empagliflozin Metformin) and Xilingio (Empagliflozin Linagliptin). Empagliflozin is a novel sodium-glucose co-transporter-2 (SGLT-2) inhibitor, which is useful for improving glycaemic control in adults with type-2 diabetes mellitus.