Stocks to Watch: M&M, Reliance, Sapphire Foods, CE Info, BEL, Hind Zinc

Stocks to Watch: M&M has entered into an asset transfer agreement for certain identified assets related to four-wheeler passenger electric vehicles with Mahindra Electric Automobile

Equity benchmark indices are eyeing a weak open on Wednesday following a sharp decline in US markets overnight. As indicated by the SGX Nifty, which was quoting at 17,778 levels, the Nifty index may open around 60-70 points lower. 

On Wall Street, the Dow Jones lost 2.06 per cent and the S&P 500 dropped 2 per cent while the tech-heavy Nasdaq fell 2.5 per cent as investors remained wary of strong economic data that makes case for more rate hikes. 

In Asia, Nikkei and Kospi slipped 1.2 per cent each. Strait times and Shenzhen index dipped up to 0.7 per cent while Hang Seng opened fractionally in green. 

Here are some stocks to watch out in trade today: 

Mahindra & Mahindra: The company has entered into an asset transfer agreement for certain identified assets related to four-wheeler passenger electric vehicles with Mahindra Electric Automobile (MEAL), which would be incorporated as a subsidiary. M&M and British International Investment Plc have agreed to invest up to Rs 1,925 crore each in MEAL, in two tranches, which would be completed on fulfilment of agreed conditions and certain milestones. 

Reliance Industries: The company’s subsidiary Reliance New Energy has completed the purchase of 7,433 common shares; 1,518 series B1 preferred shares; and 660 series B2 preferred shares of Nexwafe GmbH, for an aggregate consideration of euro 7,55,684.

Pharma stocks: The Department of Pharmaceuticals has released the first tranche of incentives under the Product Linked Incentive (PLI) scheme of pharmaceuticals amounting to Rs 166 crore to four selected applicants, namely Dr Reddy's Labs, Biocon, Strides Pharma Science and Premier Medical Corp.

Wockhardt: As per reports, the company during its investor meeting said that the restructuring of business will result in annual savings worth $12 million. The restructuring will include the shutdown of its manufacturing facility at Morton Grove. The company has also signed an agreement with the Serum Institute of India to manufacture vaccines at its UK facility for which it has received 10 million pounds as a contribution for reserving capacity.

Mirza International: The NCLT has approved the amalgamation of RTS Fashions Pvt Ltd (the transferor company) with and into Mirza International and the de-merger of the latter’s branded business into Redtape Ltd on a going concern basis.

Hind Zinc: The company’s shareholders are scheduled to meet on March 29, 2023, to consider the reorganisation of capital pursuant to the NCLT order in this matter. 

Lemon Tree Hotels: The company has signed a franchise agreement for a 34-room property in Manali, Himachal Pradesh under its brand “Lemon Tree Hotel’. The hotel is expected to be operational by June 2023. 

Bharat Electronics: The company has signed a MoU with ADA, DRDO, for advanced medium combat aircraft programme.

ITI: Rajesh Rai has been appointed as the Chairman and Managing Director of the company effective February 21, 2023. 

Sapphire Foods: Gamma Pizzakraft (Overseas), a wholly-owned subsidiary of Sapphire Foods, has considered and approved subscription of up to 81,914 shares of its arm Gamma Island Food. Pursuant to this proposed acquisition, the equity shareholding of Gamma Pizzakraft in Gamma Island Food will be increased from the existing 51 per cent to 75 per cent.

CE Info Systems: The company has invested another Rs 13.53 lakh in E-Chargeup Solutions Private Limited.

Toyam Sports: One of the existing shareholders of Bhakti World Radio Broadcasting Private Limited has proposed to transfer 12.6 per cent shares of Bhakti World to the company. 

Arihant Tournesol: Its Board meeting will be held on Feb 27 to consider raising of funds through Foreign Investment of up to $50 million in one or more tranches to finance the capital and working capital for expansion of business by way of preferential allotment.

Advik Capital: The company is in the advanced stage of financing another Mega Infra Project for Gohana Sonepat Highway, backed by NHAI and other agencies, in collaboration with other NBFCs, private and PSU Banks.