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NEW DELHI: Here are the top 10 stocks that could be in focus on Thursday:
Tata Consultancy Services: Has made changes to its leadership roles in North America. As part of the changes, Suresh Muthuswami has been elevated to the role of chairman, North America. This is one of the most significant leadership changes the company has announced for the region.
Vodafone Idea: Parent Vodafone Plc is in talks to sell up to a 5% stake in tower firm Indus Towers to Bharti Airtel, and use the proceeds to plough into Vodafone Idea Ltd, as the self-mandated March deadline for the loss-making Indian telco to raise funds from external investors draws near.
Vedanta Ltd: The board of the company will meet on 2 March to consider and approve third interim dividend for the current financial year. The record date for the purpose of determining the entitlement of the equity shareholders for the said dividend, if declared, is being fixed as 10 March.
Future Retail: Lenders to Future Retail Ltd are not inclined to sign an inter-creditor agreement (ICA) until promoter Kishore Biyani presents a workable debt restructuring plan to revive the hypermarket operator, said people aware of the development. Led by Bank of India, lender are scheduled to meet later this week to decide on the next course of action given that the deadline to sign the ICA ends on 3 March.
Adani Group: Shell Plc and Adani Group are likely to be front-runners to acquire Actis Llp’s Indian renewable energy platform Sprng Energy for around $1 billion in equity. The binding bids for Sprng Energy are to be placed by 15 March, in what would be one of the largest deals in India’s green energy sector. Seventeen firms had submitted non-binding bids in the first stage of the sale process, which Bank of America is managing.
Welspun India: Plans to raise ₹500 crore by issuing non-convertible debentures (NCDs) or commercial papers on a private placement basis. Its board has approved raising of funds, subject to the approval of shareholders.
Ujjivan Small Finance Bank: Will seek shareholders' approval to raise up to ₹600 crore as equity capital by issuing shares to qualified institutional buyers in order to meet the regulatory requirements for amalgamation with its parent company.
Spandana Sphoorty: The microfinance lender said it would like to complete its proposed ₹300-crore fundraising by March and that its promoter Kedaara Capital and a significant long-term shareholder Valiant would subscribe to the shares in the preferential allotment at ₹459 per share, which is at a 20.5% premium to its Wednesday's closing price.
Indian Hotels Company: Parent Tata Sons plans to dilute its stake by up to 8% in the hotel major, as the hospitality giant is looking to raise around ₹2,000 crore via qualified institutional placement (QIP) in the next two weeks. Tata Sons holds a 41% stake in IHCL, the operator of the Taj group of hotels. IHCL will use the proceeds to reduce its consolidated debt worth ₹1,905 crore.
Bosch: Has acquired a minority stake of 26% in Autozilla Solutions Pvt Ltd to participate in a digital B2B-marketplace for the independent aftermarket in India. The deal will strengthen Bosch’s market pull through its Bosch car service outlets and through the independent garages that are enrolled under the “extra" loyalty programme.
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