Stocks to Watch on June 26: Coforge, M&M Finance, Bank of Maharashtra, and More

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Stocks to Watch on Wednesday, June 26

Team FS

26/Jun/2024

Key Points:

Coforge: Receives CCI nod to acquire a majority stake in Cigniti Technologies.
M&M Finance: CFO Vivek Karve resigns effective October 31, 2024.
Bank of Maharashtra: Likely to raise up to ₹5,000 crore via QIP.

Coforge: Majority Stake Acquisition Approval

Coforge has received approval from the Competition Commission of India (CCI) to acquire a majority stake in Cigniti Technologies. This strategic acquisition is expected to bolster Coforge's capabilities and market position in the IT services sector. The approval marks a significant milestone in Coforge's growth strategy, enhancing its service offerings and expanding its client base.

M&M Finance: CFO Resignation

M&M Finance announced the resignation of its Chief Financial Officer, Vivek Karve, effective October 31, 2024. Karve's resignation comes as the company navigates a period of financial restructuring and strategic realignment. The search for a new CFO is underway, with a focus on ensuring a smooth transition and maintaining financial stability.

Bank of Maharashtra: Fundraising via QIP

Sources indicate that Bank of Maharashtra is planning to raise up to ₹5,000 crore through a Qualified Institutional Placement (QIP). This move aims to strengthen the bank's capital base and support its expansion plans. The infusion of funds will be crucial for enhancing the bank's lending capacity and meeting regulatory requirements.

Central Bank of India: QIP Fundraising

Central Bank of India is also in the news for its plans to raise up to ₹2,000 crore via QIP. The fundraising initiative is part of the bank's strategy to improve its capital adequacy ratio and support growth initiatives. The additional capital will help the bank in expanding its lending portfolio and improving its financial health.

Mazagon Dock Shipbuilders: Navratna Status

The Department of Public Enterprises has approved the grant of Navratna status to Mazagon Dock Shipbuilders Limited. This prestigious status recognizes the company's strong performance and operational efficiency, providing it with greater financial autonomy and decision-making power. The Navratna status is expected to enhance Mazagon Dock's capabilities in executing large-scale projects and competing globally.

Textile Companies: PLI Scheme Extension

The Textile Ministry is considering extending the ₹10,000 crore Production-Linked Incentive (PLI) scheme for the garment sector. This extension aims to boost domestic manufacturing, create jobs, and enhance the sector's competitiveness. The PLI scheme has been instrumental in attracting investments and promoting exports in the textile industry.

SBI Card: Market Share Update

SBI Card reported a decline in average monthly spends by 0.64%, with the total market share of cards at 18.51% compared to 19.53% year-on-year (YoY). This decrease in market share highlights the competitive pressures faced by SBI Card in the credit card industry. The company is focusing on strategic initiatives to regain market share and drive growth.

CE Info Systems: Promoter Stake Sale

The promoters of CE Info Systems plan to sell 0.9% stake via block trade at a floor price with a 5% discount to the current market price. This stake sale is part of the promoter's portfolio rebalancing strategy and could influence the stock's market dynamics.

Sanghi Industries: Promoter Stake Sale via OFS

Sources indicate that promoters of Sanghi Industries, including Ambuja Cements and Ravi Sanghi, are set to sell up to 3.52% stake via Offer for Sale (OFS). The OFS will see Ambuja Cements selling up to 2.36% stake and Ravi Sanghi offloading up to 1.16% stake, with the floor price set at ₹90 per share. The OFS opens on June 26 for non-retail investors and on June 27 for retail investors.

Borosil: QIP Fundraising

Borosil has successfully raised ₹150 crore through a Qualified Institutional Placement (QIP), issuing shares at ₹318 per share. This price represents an 8% discount to the current market price, reflecting the company's strategy to raise capital while providing an attractive investment opportunity for institutional investors.

JSW Energy: Legal Dispute Update

The Himachal Pradesh Government has moved the Supreme Court against the High Court's order favoring JSW Energy in a cess case. This legal dispute pertains to the imposition of a cess by the state government, which was challenged by JSW Energy. The outcome of this case will have significant implications for the company's financials and regulatory landscape.

Glenmark Pharmaceuticals: Product Recall

Glenmark Pharmaceuticals has initiated a recall of Potassium Chloride Extended Release Capsules due to a failed dissolution test. This recall underscores the importance of stringent quality control measures and regulatory compliance in the pharmaceutical industry. The recall could impact the company's market presence and operational efficiency.

Stay tuned for more updates and detailed analysis on these and other stocks. Follow Finance Saathi for comprehensive market news and insights.

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