Top Stocks to Watch: Tata Steel, Wipro, Sheela Foam, and More

In the spotlight for Tuesday’s trading session are the following key stocks:

Tata Steel: Moody’s Investors Service has given Tata Steel a boost by upgrading its long-term issuer rating to Baa3, marking it as the lowest investment grade rating. This upgrade comes on the back of the company’s strong market position and expectations of improved profitability. Moody’s has also adjusted the outlook from “positive” to “stable,” reflecting Tata Steel’s strengthening credit metrics.

Sheela Foam: The manufacturer of Sleepwell mattresses has successfully concluded its Qualified Institutional Placement (QIP) issue on September 25th. During this offering, the company allocated 11,131,725 shares at an issue price of ₹1,078 per share, offering a 4.94% discount to the floor price. The proceeds from this issue will be utilized to reduce debt and support growth initiatives.

Wipro: The IT giant has recently sold a 14-acre land parcel in Sholinganallur, a prime IT corridor in Chennai, Tamil Nadu, along with a 20-year-old building. The sale, valued at ₹266.38 crore, was made to Casagrand Bizpark Private Limited.

HDFC AMC: HDFC Asset Management Company has invested ₹25 crore in its wholly-owned subsidiary, HDFC AMC International. The company maintains its 100% ownership of the subsidiary’s total paid-up share capital.

Strides Pharma: Strides Pharma has approved a scheme of arrangement aimed at creating a distinct contract development and manufacturing entity named “OneSource.” This entity will be established through the merger of the contract development and manufacturing operations of Strides Pharma, Steriscience Specialties, and Stelis Biopharma. The demerger is anticipated to be finalized within the next 12-16 months.

Reliance Industries: Reports suggest that the conglomerate may eventually transform into a holding company, holding majority stakes in independent entities that operate its major business verticals.

Fortis Healthcare: Fortis Healthcare’s board has given the green light for the acquisition of a 99.9% stake in Artistery Properties Private Ltd for ₹32 crore. This acquisition aligns with Fortis Healthcare’s expansion plans, particularly in the vicinity of Fortis Hospital, Anandpur, Kolkata.

Welspun Corp: Leading pipe manufacturer Welspun Corp has announced that its wholly-owned subsidiary, Sintex BAPL, has signed a Memorandum of Understanding (MoU) with the Telangana government to establish a manufacturing unit in the state, with an investment of up to ₹350 crore. This project, which will manufacture water tanks and pipes, is expected to be completed within the next two years.

RPP Infra: RPP Infra has secured letters of acceptance for four new projects valued at ₹482.37 crore. These projects include road and drain works for CBR Project of CPCL in Nagapattinam, Tamil Nadu, and provision of civil works and allied services for an engine test facility for GRTE in Rajankute, Bengaluru, Karnataka.

Mangalore Chemicals: The chemical fertilizer manufacturer has temporarily halted operations at its ammonia and urea plants for planned maintenance. Production is scheduled to resume by the end of October 2023.

Bannari Amman Spinning Mills: Shareholders have given their approval for the reappointment of S V Arumugam as Managing Director of Bannari Amman Spinning Mills for three years, effective from June 27, 2023, to June 26, 2026. They have also approved the appointment of C Sivasamy as an Independent Director of the Company for five consecutive years, starting from June 28, 2023, to June 27, 2028.

GR Infraprojects: Bids for two ropeway projects, which were previously won by GR Infraprojects, have been annulled by the National Highways Logistics Management. These projects, valued at ₹3,613 crore, were scheduled for development, operation, and maintenance in Uttarakhand on a Hybrid Annuity Mode.

KM Sugar Mills: Shareholders have granted approval for the reappointment of L K Jhunjhunwala as Chairman, Aditya Jhunjhunwala as Managing Director, Sanjay Jhunjhunwala as Joint Managing Director, and SC Agarwal as Executive Director of the sugar firm. These appointments will be effective from April 1, 2024, for three years.

Ujjivan Small Finance Bank: SMC Global Securities has announced a strategic partnership with Ujjivan Small Finance Bank to offer online trading services to the bank’s customers. This collaboration will provide services including savings, demat, and trading accounts to the bank’s customers, allowing SMC Global to expand its client base leveraging Ujjivan SFB’s extensive pan-India presence, serving over 76 lakh customers.

RPP Infra Projects: RPP Infra has received a letter of acceptance for road and drain works-1 for CBR project of CPCL at Nagapattinam, Tamil Nadu, at a contract price of Rs 300.44 crore. Additionally, contracts worth Rs 90.18 crore have been awarded for provision of civil works and allied services for an engine test facility along with ancillary work for GRTE at Rajankute, Bengaluru. The company has also received a contract worth Rs 16.88 crore for the construction of a stormwater drain from Thoothukudi City Municipal Corporation, Tamil Nadu.

Delta Corp: Ace investor Ashish Rameshchandra Kacholia has sold 15 lakh shares, equivalent to 0.56% of the total paid-up equity, through open market transactions at an average price of Rs 144.65 per share.

Madhusudan Masala: The spices maker is set to list its equity shares on the NSE Emerge. The issue price for these shares is Rs 70 per share, and they will be available for trading in the trade-for-trade segment.

Kundan Edifice: The manufacturer of light-emitting diode (LED) strip lights is scheduled to make its debut on the NSE Emerge on September 26. The issue price for its equity shares is Rs 91 per share, and they will be available for trading in the trade-for-trade segment.

Stay updated with these developments as you navigate the stock market on Tuesday.

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