Top 10 stocks for today- 7th March 2024

7 Mar 2024 , 08:35 AM

Here are some of the stocks that may see significant price movement today.

Mahindra & Mahindra: A promoter group business is expected to sell a 0.75% share in M&M in a block sale to garner around $215 million, according to various sources familiar with the matter. The block bid has been published, with offer prices ranging from ₹1,911.5 to ₹1,970.65 per share.

Tata Motors: Moody’s has affirmed Tata Motors’ BA3 ratings, with the outlook remaining positive, following the board of directors’ agreement in principle to split its operations into two separate listed companies for commercial vehicles and passenger vehicles, subject to shareholder and regulatory approvals. The demerger is projected to be completed within the next 12-15 months.

Zomato: Foreign investor Morgan Stanley Asia (Singapore) Pte purchased 5,68,11,443 equity shares in the food delivery business at an average price of ₹160.1 per share, totaling ₹909.55 Crore. However, foreign investor and Ant group affiliate Antfin Singapore Holding Pte Ltd sold 17,63,95,675 equity shares in Zomato, accounting for 2.02% of paid-up equity and ₹2,827.08 Crore as of December 2023, while its stake in the firm was 6.42%.

Adani Enterprises: Ospree International FZCO, Dubai, a step-down subsidiary of Adani Enterprises, has purchased a 100% ownership in Le Marché Duty-Free SAS (LMDF) for €5,000. Atul Ahuja, a sole stakeholder, and Flemingo Group promoter, owns LMDF, which was established to do duty-free commerce in France.

Life Insurance Corporation of India: LIC has increased its stake in LIC Mutual Fund Asset Management through a private placement. Following the private placement, the corporation’s ownership in LIC MF grew from 40.93% to 44.61% of its paid-up capital.

Infosys: The digital services and consultancy firm has extended its digital innovation agreement with the ATP Tour until 2026. The three-year renewal of the relationship will continue to use Infosys’ extensive expertise in digital technologies such as artificial intelligence, data analytics, and cloud computing, enhancing both the spectator experience and player performance in professional tennis.

Vedanta: The iron ore mining business is considering legal alternatives, including filing a review petition in the Supreme Court about the shutdown of the copper smelting facility in Thoothukudi. This is according to the advise of its legal experts. On April 10, 2023, Vedanta filed a special leave plea in the Supreme Court challenging the ruling of the Madras High Court, which sustained the closure of the copper smelting facility at Thoothukudi. On February 29, the Supreme Court dismissed the company’s special leave plea.

Hindustan Aeronautics: The state-owned defence contractor has signed a revision to the LCA (Light Combat Aircraft) IOC (Initial Operational Clearance) contract. The contract’s value has been amended from ₹2,700.87 Crore to ₹5,077.95 Crore.

Samvardhana Motherson International: Sumitomo Wiring Systems, a foreign promoter firm, sold 30 Crore equity shares (equal to 4.42 % of total paid-up equity) in Samvardhana Motherson through open market transactions for ₹3,633.2 Crore.

UPL: Subsidiary UPL Corporation, Mauritius, and Masarrah Investment Company (MIC) signed a share subscription agreement to establish a manufacturing complex in Saudi Arabia to produce phosphate, cyanide, and chlorine value-added goods, therefore diversifying their export portfolio. UPL Corporation’s subsidiary, UPL Arabia, will issue additional shares to UPL Corp. and MIC. Following the issuing of additional shares, UPL Corp. will own 85% of UPL Arabia, with MIC owning 15%.

For feedback and suggestions, write to us at [e-mail]