Stocks to Watch: Angel One, CDSL, Aster DM, PEL, Adani Power, Cipla

Angel One: On March 26, the company announced the launch of a Qualified Institutional Placement (QIP) issue with a base price of ₹2,555 per share, which is approximately 7% lower than the current market price. Today, Angel One's shares closed at ₹2,750 each on the NSE, marking a 3.36% increase. The company stated in an earlier stock exchange filing that the objective of this fundraising is to enhance financial flexibility, grow the business, and leverage emerging opportunities within the existing and growing broking business as well as the broader fintech space. This move follows the leading broker's announcement last month of plans to raise up to ₹2,000 crore through a preferential issue, QIP, or another method.

Central Depository Services (India): Standard Chartered Bank is preparing to divest its entire stake in Central Depository Services (India) Ltd (CDSL) through a block deal. The bank plans to sell 7.5 million shares, which equates to a 7.18% stake in CDSL, as per a term sheet examined by Mint. The overall value of the deal is projected to reach up to $151 million. The shares are being offered by Standard Chartered at a base price of ₹1,672 each, marking a 6.5% discount from CDSL's closing price of ₹1,788.90 on the NSE on Tuesday. The sale process for Standard Chartered is reportedly being overseen by JP Morgan India Private Limited. An email inquiry to a CDSL spokesperson remained unanswered.

Aster DM Healthcare: Olympus Capital Asia Investments, a private equity firm, is expected to offload up to 9.8% of its equity stake in a private healthcare services provider via a block deal, as per several industry insiders who spoke to Moneycontrol. The block deal is estimated to be worth around $235 million, with a set floor price of ₹400 per share. As of December 2023, Olympus Capital Asia Investments owned an 18.96% stake in Aster DM.

Piramal Enterprises: The financial services division of the Piramal Group, Piramal Enterprises, announced on Tuesday, March 26, that it has made an investment of ₹2,000 crore in its wholly-owned subsidiary, Piramal Capital & Housing Finance Ltd (PCHFL), through a rights issue subscription, as per a stock exchange filing. The company stated that PCHFL will use the aforementioned investment for business or general corporate purposes. Piramal Enterprises clarified that there is no change in the company's shareholding percentage in PCHFL following this investment. Since the transaction is between the holding company and its wholly-owned subsidiary, it is exempt from related party transactions.

Adani Power: On Tuesday, the Competition Commission of India gave its approval for Adani Power's purchase of Lanco Amarkantak Power, as stated in an order by the antitrust watchdog. Adani Power intends to acquire full ownership and control of the bankrupt Lanco Amarkantak following a corporate insolvency resolution process (CIRP), according to the CCI. Reports said, Adani Power had won the bid for the debt-ridden company last month for ₹4,101 crore.

Cipla: Sanofi India and Sanofi Healthcare India have declared an exclusive alliance with Cipla for the distribution and promotion of six of Sanofi India's central nervous system (CNS) products in India. This includes Frisium, a top brand in the anti-epileptic medication category. In other news, Cipla has obtained approval from the US regulatory authority to consolidate Cipla Technologies LLC into Cipla USA Inc, effective from March 31, 2024. Both entities are fully owned indirect subsidiaries of Cipla in the USA.

Shyam Metalics and Energy: In a joint venture with Natural Resources Energy (NREPL), Shyam Metalics has been granted a Letter of Intent by the Industry, Energy, Labour, and Mining Department of the Maharashtra Government. This letter pertains to a composite license for an iron ore block spanning 1,526 hectares in Maharashtra. Dorite Tracon, a company that promotes Shyam Metalics, possesses a 49% stake in NREPL.

Wipro: Peter J. Arduini, the President and CEO of GE HealthCare, has announced that the company's India unit is set to further strengthen its position in GE HealthCare's global supply chain. The unit plans to invest ₹8,000 crore over the next five years, starting from the upcoming financial year. In India, GE HealthCare operates a joint venture with Wipro Ltd, known as Wipro GE Healthcare, where it holds a majority stake of 51%. Arduini emphasized the importance of India in their global supply chain, stating that it currently ranks among the top four countries for them. He expressed confidence that India's ranking could rise in the future.

GAIL (India): The state-owned natural gas company is set to commission its inaugural green hydrogen project in central India in April, according to three anonymous company sources. The green hydrogen production unit at the Vijaipur complex in Madhya Pradesh state will utilize a 10-megawatt proton exchange membrane electrolyser imported from Canada. The facility is projected to generate approximately 4.3 metric tons of hydrogen daily, boasting a purity of about 99.999% by volume, powered by renewable energy. By 2030, India aims to achieve an annual green hydrogen production capacity of 5 million tons.

Wockhardt: Investment funds overseen by seasoned investors Madhusudan Kela and Prashant Jain have participated in the QIP of Wockhardt, as revealed in an exchange filing. The company confirmed the closure of the institutional share sale on Tuesday, raising ₹480 crore in the process. The company issued 92.85 lakh equity shares at a price of ₹517 per share, representing a 5% discount to the QIP floor price of ₹544.02 per share. Among the funds that have acquired 5% or more shares in the QIP are the 3P India Equity Fund, managed by former HDFC Mutual Fund veteran Prashant Jain, and Madhusudan Kela's Cohesion MK Best Ideas sub-trust.

ZEE Entertainment Enterprises: The company's board has set up a Monthly Management Mentorship Program designed to assist the management team in achieving key performance indicators, including the 20% Ebitda margin target set by Managing Director and CEO Punit Goenka. A special committee will evaluate the management's business performance and provide necessary strategic direction, as stated in Zee's Tuesday announcement. The special committee, headed by ZEE Chairman R. Gopalan, emphasizes the board's dedication to safeguarding all stakeholders' interests, according to Zee. Uttam Prakash Agarwal, the Chairman of the audit committee, is also a member of this committee.