India Daybook – Stocks in News

*Engineers India:* Company gets an order worth Rs 472 cr from ONGC (Positive) *Honeywell:* CEO Vimal Kapur sees India business doubling in next 5 years (Positive) *JSW Steel:* Company emerges as preferred bidder of mining lease for iron ore mineral in two blocks (Positive) *Ahluwalia:* Company gets order worth Rs 426.57 crore (Positive) *HFCL:* Company bags order worth approximately Rs 81 crore from Delhi Metro Rail Corporation (Positive) *Greaves:* Electric Mobility enters into an agreement with Bike Bazaar Finance to provide flexible financing options (Positive) *Go Fashion:* ICICI Prudential Life, BNP Paribas, Kuwait Investment Authority Fund, and Societe Generale have bought total 24.44 lakh equity shares (Positive) *Balrampur Chini:* Europe-based financial services group Societe Generale has picked half a percent stake (Positive) *Man Infraconstruction:* Societe Generale has also bought 39.31 lakh shares or 1.06 percent stake (Positive) *Usha Martin:* Motilal Oswal Mutual Fund has bought 18.5 lakh shares (Positive) *Tejas Networks:* Company has deployed its TJ1400 family of carrier-class FTTx and packet switching network solutions. (Positive) *Caplin Point:* Company has received approval from USFDA for cisatracurium besylate injection. (Positive) *Tata Motors:* Jaguar Land Rover plans an annual investment of 3 billion pounds while targeting revenue of over 30 billion pounds by FY26 (Positive) *RK Forging:* Sets New Company ‘Ramkrishna Titagarh Rail Wheels Limited’ Alongwith Titagarh Rail Systems. (Positive) *Inox Wind:* Board members have approved the merger of Inox Wind Energy into the company (Neutral) *Punjab & Sind Bank:* The bank has received board approval for raising capital up to Rs 750 crore through the issuance of Basel-III compliant additional Tier-1 bonds (Neutral) *Jyoti Structures:* Follis Advisory LLP has sold 1.33 crore shares in the construction company (Negative) *ZEE ENT:* SEBI has restrained Essel Group Chairman Subhash Chandra Goenka and Zee Entertainment head Punit Goenka from holding any key managerial position for 1 year. (Negative)

CARYSIL

Commentary from Mgmnt - Confident of 1000 Cr revenue in FY25 vs earlier target of FY26 - 15-20% growth in FY24 - Margins will expand to 20% - Inventory Destocking in Global Markets is behind - 30-40% growth in Domestic Biz in FY24 Target 100 Cr revenue from each new expansion plant Will re-consider expansion in Quartz capacity post Q2 Have signed a few new $5-10m

Ramkrishna Forgings:

The company incorporated Ramkrishna Titagarh Rail Wheels Ltd. along with Titagarh Rail Systems Ltd. Ramkrishna Titagarh Rail has been incorporated to manufacture and supply forged wheels. Both companies will hold 50% stakes in Ramkrishna Titagarh Rail.

Inox Wind:

The wind energy solutions provider said its board members have approved the merger of Inox Wind Energy into the company. The merger is subject to various regulatory approvals and compliances. The appointed date for the amalgamation is set as July 1, 2023. As per the proposed amalgamation, Inox Wind will issue 158 equity shares for every 10 equity shares to shareholders of Inox Wind Energy, and also issue 158 share warrants with an issue price of Rs 54 each, to shareholders of Inox Wind Energy, for every 10 share warrants with an issue price of Rs 847 each held by them.

Zee Entertainment

Zee Entertainment Enterprises SEBI has barred the company’s Chief Executive Officer Punit Goenka and Essel Group Chairman Subhash Chandra from holding the position of a director or a key managerial position in a company’s board.

HFCL:

The digital network solutions provider has bagged an order worth Rs 80.92 crore from Delhi Metro Rail Corporation (DMRC). The company will set up a fibre optics transmission system (FOTS) for three priority corridors of Phase IV of Delhi Metro Rail Project. The order is expected to be executed within 156 weeks from the date of notice to proceed. Thereafter, the company has to provide warranty support for 104 weeks.

News Alert

India’s IIP growth in April rises to 4.2% from 1.7% in March. India’s CPI inflation in May falls to 4.25% from 4.70% in April India’s CPI inflation in May of 4.25% is below expectations of 4.4%. India’s CPI inflation in May is lowest in 25 months