Here are the stocks that could be in focus on Thursday:
Tata Consultancy Services: The ₹18,000-crore share buyback of Tata Consultancy Services (TCS) was subscribed more than 7.5 times on Wednesday – the last day for tendering of shares. Investors offered 30.12 crore shares during the buyback, which began on March 9, against the company’s offer of four crore shares. Analysts said the strong participation was because the purchase price was 21% above the current stock price.
Future Retail: Offshore bondholders of the company have received a formal communication that a Reliance Industries-linked entity will fully absorb $500 million of senior secured bonds, implying a full recovery for them. Domestic lenders, fearing a haircut, have appointed Saraf & Partners as their legal advisor to counsel them on how to maximise their recovery.
Hero Motor Corp: Income tax searches at the offices Hero Motocorp Ltd and the home of its chief executive, Pawan Munjal, were part of a “routine inquiry”, the company said. “We at Hero MotoCorp are an ethical and law-abiding corporate, and maintain the highest standards of impeccable corporate governance,” it said.
Kotak Mahindra Bank: Canada Pension Plan Investment Board is likely to sell up to 40 million shares, or 2.02% of stake, in Kotak Mahindra Bank on Thursday through block deals. The Canadian pension fund will likely raise as much as ₹7,079 crore through the stake sale. The floor price has been fixed at rupees1,681.26 – 1,769.75 apiece.
HDFC Bank: HDFC Bank has acquired 7.84% stake in the open public digital infrastructure framework entity ONDC by investing ₹10 crore in the entity. ONDC was incorporated in India on 30 December 2021 and aims to develop and transform the Indian digital commerce ecosystem for both goods and services.
Zomato: Zomato plans to open over 40 stations in Delhi-NCR in the next 90 days, and then expand to Bengaluru and Mumbai. It will target a 1-2 km radius to fulfil the orders. The food aggregator offers easy-to-deliver items such as patties, desserts, snacks, and tea.
Ruchi Soya Industries: Ruchi Soya has raised ₹1,290 crore from anchor investors ahead of its follow-on public offering (FPO). The FPO will open for public subscription on Thursday to raise up to rupees 4,300 crore. The company offered 1.98 crore equity shares at a price of rupees 650 per equity share to anchor investors on Wednesday.
