Stocks To Watch on March 19: Benchmark indices closed higher in a highly volatile trade on Monday as investors turned cautious ahead of the US Fed’s interest rate decision. In today’s trade, shares of L&T Finance, AB Sun Life, TCS, Tata Steel, P&G India among others will be in focus due to various developments.
L&T Finance: The Board of L&T Finance Holdings approved raising of Rs 1.01 lakh crore through issuance of non-convertible debentures in one or more tranches.
TCS: Tata Sons is set to divest a 0.65 per cent stake in in TCS on Tuesday in the open market, according to a term sheet. It will offload 23.4 million shares at a floor price of Rs 4,001.
Separately, TCS is planning to increase salaries by an average of 7-8 per cent for its offsite employees and 2-4 per cent for its onsite staffers in 2024-25. High performers can expect a raise of 12-15 per cent.
Popular Vehicles and Services: The stock will make its debut on bourses today against an issue price of Rs 295.
L&T Finance Holdings: Its board has approved raising up to Rs 1.01 lakh crore via NCDs in one or more tranches.
Tata Steel: Tata Steel UK said it will cease operations of the coke ovens at the Port Talbot plant in Wales after a deterioration of operational stability. It said it will increase coke imports to offset the impact of the coke oven closures.
Aditya Birla Sun Life AMC: Its promoters will divest 11.47 per cent stake (33 million shares) in the company through the offer-for-sale (OFS) route from March 19-20, 2024. The floor price for the OFS has been set at Rs 450 per share. This is a discount of 5 per cent to the current market price.
HG Infra Engineering: The company in a JV with Stockwell Solar Services has received a LoA for a project worth Rs 1,026 crore from Jodhpur Vidyut Vitran Nigam.
P&G India: P&G India announced the appointment of Kumar Venkatasubramanian as CEO, with effect from May 1, 2024. The current CEO, L V Vaidyanathan will leave the company to pursue personal interests.
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