Stocks to Watch, Aug 22: Zomato, Alkem Labs, BEML, Paras Defence

Stocks to watch on August 22: Zomato will acquire Paytm's entertainment ticketing business for Rs 2,048 crore

Stocks to watch on Thursday, August 22, 2024: The benchmarks Sensex, Nifty are expected to stage a bullish open on Thursday, mimicking strong performance by global peers. The GIFT Nifty futures also suggest an optimistic start, as they quoted 85 points higher than Nifty50 futures at 24,883 levels.

Asia-Pacific markets opened mostly higher on Thursday as investors reviewed flash business activity data from Australia, Japan, and India.
 

The Bank of Korea kept its benchmark interest rate at 3.5 per cent, as anticipated, with attention now on its upcoming statements for potential hints on policy easing.
 

The strong global momentum also follows the Federal Reserve's July meeting minutes, which indicated that while some members advocated for rate cuts in July, the majority expected it would be appropriate to ease policy at the next meeting if inflationary data remains consistent.
 

 

In Asia, Japan's Nikkei 225 jumped by 0.96 per cent, with the broader based Topix index surged 0.33 per cent. 

South Korea's Kospi also rose 0.13 per cent, while the Kosdaq declined by 0.41 per cent. 
 

Australia's S&P/ASX 200 was up by 0.24 per cent. Hong Kong’s Hang Seng index plummeted by 0.66 per cent at 17,506 levels.

Meanwhile, domestically below are some hot stocks to watch on Thursday: 

Zomato: Zomato will acquire Paytm's entertainment ticketing business for Rs 2,048 crore. The transaction includes a transition services agreement allowing the ticketing business to operate on the Paytm app for up to 12 months. As part of the deal, 280 employees will move to Zomato.

Alkem Laboratories: The promoter of Alkem Laboratories is set to sell a 0.7 per cent stake, equating to 8.5 lakh shares, through block deals. The floor price for these shares is set at Rs 5,616, representing a 3 per cent discount to the current market price.

BEML: BEML has signed a strategic partnership with the Indian Navy to develop advanced marine applications for defence. This collaboration aims to enhance BEML's capabilities in defence-related marine technologies and promote the indigenous design and development of critical marine equipment and systems.

India Grid Trust: Sponsor Esoteric II Pte plans to sell a 17.32 per cent stake through an Offer for Sale (OFS) on August 22-23, 2024. The OFS includes a base offer of 9.66 per cent and an oversubscription option of 7.66 per cent. The floor price for the offer is set at Rs 132 per share, with non-retail investors participating on August 22 and retail investors on August 23.

Kalyan Jewellers: Promoter TS Kalyanaraman will increase his stake in Kalyan Jewellers by 2.36 per cent, purchasing shares from Highdell Investment at Rs 535 each. His stake will rise from 21 per cent to 23.36 per cent, raising the combined shareholding of the promoter and promoter group from 60.59 per cent to 62.95 per cent.

Paras Defence and Space Technologies: The Department for Promotion of Industry & Internal Trade (DPIIT) has granted Paras Defence an industrial licence to manufacture various defence-related products, including infrared and thermal imaging equipment, electro-optics systems, radar systems, and border security surveillance systems in Navi Mumbai, Maharashtra.

Muthoot Capital: Muthoot Capital will consider raising up to Rs 50 crore via a debt issue on August 24. This decision is part of its strategy to strengthen its financial resources.

Procter & Gamble Health: Procter & Gamble Health reported a 43.7 per cent year-on-year decline in net profit to Rs 16.78 crore for the June 2024 quarter, down from Rs 29.82 crore in the same period last year. Despite healthy operating numbers and reduced input costs, the decline was due to an exceptional loss of Rs 20.19 crore. Revenue from operations fell 5.7 per cent to Rs 283.9 crore from Rs 301.2 crore. The company declared a final dividend of Rs 60 per share.

Welspun Enterprises: Welspun Enterprises’ subsidiary, Welspun Michigan Engineers, has received a Letter of Acceptance (LOA) from the Brihanmumbai Municipal Corporation (BMC) for rehabilitating man-entry sewers using trenchless technology in Mumbai's suburbs. The contract, valued at Rs 159.75 crore, is to be completed within 24 months, excluding the monsoon period.

Zenith Drugs: Zenith Drugs has finished constructing a new plant in Indore and will commence production of tablets and liquid oral formulations in September. The new facility represents a major investment aimed at meeting growing demand with enhanced efficiency and quality.

Kilburn Engineering: Kilburn Engineering plans to acquire Monga Strayfield for Rs 123 crore. 

Sun Pharma: Sun Pharma has entered into an agreement with Pharmazz Inc. under which it will invest up to $15 million in the company.

Indian Renewable Energy Development Agency: The Board of Directors of the Indian Renewable Energy Development Agency will meet on August 29 to consider raising up to Rs 4,500 crore through a further public offer (FPO), Qualified Institutional Placement (QIP), rights issue, or preferential issue.

Awfis Space Solution: The company is expanding its footprint in Bengaluru by unveiling 66,846 square feet of premium workspace.

Karnataka Bank: The All India Karnataka Bank Employees Association has called for a strike on August 28 to protest actions by the Bank of India management. If the strike proceeds, it may impact the normal functioning of the bank.

Zen Technologies: Zen Technologies launched its Qualified Institutions Placement (QIP) on August 21, with a floor price of Rs 1,685.18 per share. The QIP issue size is expected to be around Rs 800 crore, with the potential to increase to Rs 1,000 crore.