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Tamilnad Mercantile Bank, Tata Steel, Paytm, IDBI Bank, HFCL, GR Infra stocks in focus on weekly F&O expiry

Bulls may attempt a comeback on Dalal Street on weekly F&O expiry day, suggested early trends on SGX Nifty. Ahead of Thursday’s session, Nifty futures were trading 18 pts or 0.1% up on the Singapore Exchange, signalling a flat to positive start for NSE Nifty 50 and BSE Sensex

Tamilnad Mercantile Bank, Tata Steel, Paytm, IDBI Bank, HFCL, GR Infra stocks in focus on weekly F&O expiry
Tamilnad Mercantile Bank, Tata Steel, Paytm, IDBI Bank, HFCL, GR Infra stocks in focus on weekly F&O expiry

Bulls may attempt a comeback on Dalal Street on weekly F&O expiry day, suggested early trends on SGX Nifty. Ahead of Thursday’s session, Nifty futures were trading 18 pts or 0.1% up on the Singapore Exchange, signalling a flat to positive start for NSE Nifty 50 and BSE Sensex. “Markets are in strong hands and such a strong recovery amid the global mayhem has further strengthened our belief. We thus reiterate our view to maintain a positive bias however pick the sectors wisely. The IT pack is most vulnerable to the global decline while banking is just inches away from its record high. In short, use dips to buy strength and avoid weak pockets,” said Ajit Mishra, VP – Research, Religare Broking.

Stocks in focus on 15 September, Thursday

Tamilnad Mercantile Bank: Tamilnad Mercantile Bank shares will debut on stock exchanges BSE, NSE today. According to market experts, the stock may get listed flat or at moderate premium over the final issue price of Rs 525 given the lower-than-expected investors’ response to the IPO. The Rs 831.6 crore public issue was entirely a fresh issue by the company, and was subscribed 2.86 times during September 5-7, with retail investors buying shares 6.48 times the allotted quota, non-institutional investors 2.94 times and qualified institutional investors 1.62 times.

Also Read: Sensex, Nifty snap 4-day gaining streak, Bank Nifty hits record closing high; check support for F&O expiry day

Tata Steel: Tata Steel will raise Rs 2,000 crore through the issuance of non-convertible debentures (NCDs) on a private placement basis. The issue is divided into two series. In series one, 5,000 NCDs of face value Rs 10 lakh each will be issued to raise an amount aggregating Rs 500 crore. The date of allotment for the first series is September 20, 2022, and its date of maturity is September 20, 2027. While, under the second series, 15,000 NCDs of face value Rs 10 lakh each will be issued to raise another Rs 1,500 crore. Its allotment date is also September 20, 2022, maturity date is September 20, 2032.

Paytm: The Enforcement Directorate (ED) on Wednesday carried out fresh raids on Paytm and some other agencies in connection with an ongoing money laundering probe linked to alleged financial irregularities by instant app-based loan companies “controlled” by Chinese persons, agencies reported, quoting official sources. They said premises linked to certain payment gateway operators, some companies engaged in these loan app transactions and operators in around three states are being searched. A spokesperson for Paytm said the action was linked to the same matter where the agency had undertaken searches earlier this month.

IDBI Bank: The Centre will soon float an expression of interest (EoI) for strategic disinvestment of IDBI Bank and the transaction may provide a template for privatisation of public sector banks as per the new public sector enterprises policy, department of investment and public asset management (Dipam) secretary Tuhin Kanta Pandey said on Wednesday. IDBI Bank will be the first of its kind transaction where a bank will be privatised in the real sense even though it is even now perceived as a private bank from the regulatory point of view as the government holds 45.48%, below the 51% threshold. State-run LIC holds 49.24% of the lender.

HFCL: The company received advance purchase orders aggregating to Rs 447.81 crore from BSNL and RailTel. The company plans to execute the orders in less than a year. Of the total Rs 447.81 crore, the order from BSNL amounted to Rs 341.26 crore for the supply installation, commissioning, operation, and maintenance of CUPS BNG (Control Plane User Plane Separation Broadband Network Gateway) and associated subscriber Policy Manager & Authentication platform on turnkey basis. The remaining Rs 106.55 crore was for the supply, installation, testing, commissioning, integration with existing infra, operation, and maintenance of IP-based video surveillance system at 180 railway stations under the western region of RailTel for and on behalf of Indian Railways.

Also Read: Paytm share price tanks 45% so far in 2022, but Citi remains bullish on fintech stock, sees this much upside

Balaji Amines: The company that Phase 1 of its 90-acre Greenfield Project (Unit IV) has been completed and the DMC/PC and PG Plant will be ready to commence commercial production by the end of September 2022. This is estimated to result in annual production capacity of 15,000 tons of Di-methyl Carbonate (DMC)/Propylene Carbonate (PC) and 15,000 tons Propylene Glycol (PG). The company has also started construction in Phase 2 of Greenfield Project (Unit IV) for below 2 plants.

G R Infraprojects: Promoters Laxmi Devi Agarwal, Suman Agarwal, Ritu Agarwal, Lalita Agarwal, Sangeeta Agarwal, Kiran Agarwal and Manish Gupta will be selling up to 57,04,652 equity shares or 5.9% stake in the company via offer for sale on September 15-16. In addition, they are also intended to sell additional 8,70,202 shares in an oversubscription option. The floor price has been fixed at Rs 1,260 per share.

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