 "Stocks to Watch, Sep 6: Glenmark Pharma, Godfrey, Max Fin Svcs, Pidilite")
In India, GIFT Nifty futures were trading at 25,162 level around 7:10 AM, nearly 100 points behind Nifty futures' last close of 25,236.
Markets in Asia-Pacific mostly fell on Friday as investors awaited crucial jobs data from the US that will determine the quantum of expected rate cuts from the US Federal Reserve, and digest household spending data from Japan.
Japan’s household spending data for July rose 0.1 per cent in real terms from the previous year, which led the country's benchmark Nikkei 225 to start the day marginally below the flatline, while the broad-based Topix started 0.42 per cent lower.
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South Korea’s Kospi was down 0.8 per cent, and small cap Kosdaq was down 1.41 per cent.
In contrast, Australia’s S&P/ASX 200 had climbed 0.14 per cent.
Meanwhile, Hong Kong's Hang Seng index futures were at 17,431, lower than the HSI’s last close of 17,444.3 and mainland China’s CSI 300 futures were at 3,254, marginally lower than the last close of 3,257.76.
Overnight in the US, all three major indexes fell as investors dumped risk assets as concerns mounted over the outlook for the US economy.
That apart, here are a few stocks likely to be in focus on Friday:
Adani Green Energy: The company, part of Adani Group, is in discussions with global banks to raise at least $1.5 billion through dollar bond sales. The funds are intended to refinance project debt. The bonds, primarily issued under Adani Green Energy and Adani Energy Solutions, will be offered in multiple tranches by the end of February.
Glenmark Pharmaceuticals: The company has agreed to a $25 million settlement with the US Department of Justice related to the pricing of a generic drug. Glenmark Pharmaceuticals Inc., a US subsidiary, will pay this amount in six installments over five years, with interest at 4.25 per cent per annum, starting from May 28, 2024.
Godfrey Phillips India: The Delhi High Court has ruled in favour of Bina Modi, allowing her to vote at the company’s AGM. This will help in her re-appointment as managing director amid ongoing disputes with her grandson Ruchir Modi.
Max Financial Services: Max Ventures Investment Holdings, a promoter entity for Max Financial Services, sold a 3.18 per cent stake in the company for Rs 1,218 crore through an open market transaction. The sale involved 11 million shares at an average price of Rs 1,107.37 per share, and reduced the promoter's combined shareholding in Max Financial to 3.34 per cent, from 6.52 per cent.
Ashoka Buildcon: The company’s subsidiary, Viva Highways, has sold land in Hinjewadi, Pune, for Rs 453 crore. The company also won two projects from the Mumbai Metropolitan Region Development Authority, worth around Rs 1,280.8 crore.
Honeywell Automation India: The company has commissioned a Battery Energy Storage System (BESS) for SECI’s solar project in Lakshadweep. This is India’s first on-grid solar initiative with BESS technology, enhancing renewable energy management.
Mrs Bectors Food Specialities: The company is initiating a Qualified Institutional Placement (QIP) to raise up to Rs 400 crore. The issue will be priced at Rs 1,550 per share, a 3.9 per cent discount to the previous closing price. Proceeds will be used for debt repayment and expansion, resulting in a 4.4 per cent equity dilution.
Sundaram Clayton: The company has started commercial production of aluminum die castings at a new facility in Tamil Nadu that was built with an initial annual capacity of 7,750 tonnes.
Brigade Enterprises: The company has raised Rs 1,500 crore through a Qualified Institutional Placement (QIP) by allotting shares at Rs 1,150 each. The funds will be used for expansion, including land acquisitions and development projects.
Jindal Stainless: The company has started supplying stainless steel for the Vande Bharat sleeper coaches.
Udayshivakumar Infra: The company, in partnership with KMC Construction, has secured contracts as the lowest bidder for three National Highway projects in Karnataka, totaling Rs 1,057.3 crore. These projects involve road widening and have a completion timeline of 24 months.
Venus Pipes and Tubes: The company faced a search by the Directorate of Revenue Intelligence (DRI) over alleged customs duty evasion. The company has deposited Rs 5 crore as a duty under protest, though it anticipates no significant impact on its operations.
Indigo Paints: Peak XV Partners is offloading an 11 per cent stake in Indigo Paints through a block deal valued at Rs 770 crore. The offer price of Rs 1,470 per share represents a 4.6 per cent discount to the current market price, with a 90-day lock-up period for the seller.
Nucleus Software: The company has announced a Rs 72.35 crore share buyback, repurchasing 1.7 per cent of its equity at Rs 1,615 per share, a nearly 20 per cent premium over the last traded price. This is the company’s third buyback initiative.
Pidilite Industries: The company has signed an exclusive distribution agreement with CollTech Group for high-performance adhesives and thermal management solutions. This partnership aims to strengthen Pidilite’s presence in the Indian electronics market.