Stocks in the news: Tata Steel, ZEEL, GVK Power, Mahindra Lifespace and Jet Airways

NEW DELHI: Nifty futures on the Singapore Exchange were trading 5 points, or 0.04 per cent, higher at 11,792, indicating a positive start for the Nifty50. Here are a few stocks which may buzz the most in today’s trade:

Tata Steel: S&P Global Ratings has revised Tata Steel’s outlook to positive on expectations of stable steel prices, reduced chances of acquiring bankrupt Bhushan Power & Steel and the divestment of its low margin European business.

Zee Entertainment: Sony Corporation’s bid to buy Subhash Chandra-controlled ZeeEntertainment Enterprises has been derailed on differences over valuation, pushing a rival consortium of US cable major Comcast to the forefront, four sources told ET.

GVK Power: GVK filed an injunction in the Delhi High Court to block Bidvest from selling its stake in Mumbai International Airport to a third party to preempt a possible takeover threat by the Adani Group.

Cadila Healthcare: Drug firm Zydus Cadila on Tuesday said it has received a tentative nod from the US health regulator to market its Mirabegron extended-release tablets. The company has received tentative approval from the USFDA to market generic Mirabegron extended-release tablets in the strengths of 25 mg and 50 mg, Zydus Cadila said in a statement. The product is used for the treatment of overactive bladder.

Lupin: Drug major Lupin announced receipt of the Establishment Inspection Report (EIR) from the US health regulator for its Pithampur unit in Madhya Pradesh. US Food and Drug Administration (USFDA) gives EIR on closure of inspection of an establishment that’s the subject of a USFDA inspection.

Mahindra Lifespace: Mahindra group's realty firm Mahindra Lifespace Developers said Tuesday its chief financial officer (CFO) Jayant Manmadkar has resigned from the company.

Jet Airways: A mint-fresh revival plan for financially battered Jet Airways drawn by its lenders has likely come undone after India’s apex court declared rules governing the plan unconstitutional and ultra vires or done beyond one’s legal power or authority.The domestic operations now comprise just 12-15 planes.

Mindtree: The committee of independent directors of Mindtree has appointed Khaitan and Co as legal counsel and ICICI Securities as financial advisor to help the company board take a decision on the open offer made by Larsen and Toubro (L&T).

Tata Power: Tata Power said it has signed a pact with Indraprastha Gas Limited (IGL) for setting up rooftop solar projects in the country.

Hatsun Agro Products: With an aim of delivering farm fresh cow milk to Indian households and strengthening its product portfolio, dairy maker Hatsun Agro Products announced it has unveiled a new brand Hatsun Cow Milk.

Security and Intelligence Services (SIS): The company, which made several acquisitions in the past two years, is exploring more deals in the coming year to keep its strong pace of growth.

Dr Reddy's Laboratories: The company said it has entered into a confidential settlement agreement with US-based biotechnology firm Celgene for its abbreviated new drug submissions (ANDS) related to a generic version of REVLIMID brand capsules pending before Health Canada. REVLIMID is indicated for treatment for multiple myeloma (cancer).
Nitesh Estates: The company plans to sell three plots in southern India to raise ₹440 crore over the next 3-4 months and use the proceeds to reduce debt, the real estate developer’s managing director said, Sobia Khan reports.

IPO watch
Metropolis Heathcare: The diagnostics company has raised Rs 530 crore on Tuesday by allotting 60.24 lakh shares to 26 anchor investors at 880 per share. The 1,200-crore offer, which will run from April 3 to 5, consists of about 15.3 million shares.

RVNL: The IPO by Rail Vikas Nigam (RVNL) was subscribed 48 per cent on the third day of the bidding process on Tuesday. The IPO was subscribed 9 per cent on Day 1 and 18 times on Day 2 of the bidding process on Friday and Monday, respectively. The issue will close today.

Board meetings

The 1,200-crore Metropolis offer, which will run from April 3 to 5, consists of about 15.3 million shares.

Analyst calls
• Edelweiss has maintained its hold rating on Coal India with a target price of Rs 243 as e-auction premium will dip given the inventory buildup in the upcoming summer months. Coal India’s shipments in FY19 surpassed the 600MT mark for the first time ever; the 4.7% YoY increase was broadly in line with our expectation, says brokerage.

• Motilal Oswal has initiated coverage on Godrej Agrovet with a buy rating and set a target price of ₹610 as the company is riding on the back of crop protection and the palm oil business. The diverse nature of of the company’s various businesses de-risks its operations, enabling it to focus on growth, optimise capital efficiency and to maintain its competitive advantage, said the brokerage.

• IIFL has maintained its reduce rating on United Spirits with a target price of ₹540 citing moderate sales growth in January-march 2014 quarter. Our industry checks suggest that United Spirits would witness 5% sales growth in 4Q, as the key markets of Maharashtra, Karnataka and UP face demand headwinds, said the brokerage.

• ICICI Securities has maintained its buy rating on Kaveri with a target price of ₹598. We note Kaveri has created strong value over the past decade and we remain positive on the medium-term growth outlook, said the brokerage. It expects the company to report revenue and PAT CAGRs of 7.6% and 9.4%, respectively over FY18-FY21.

• Emkay has maintained its buy rating on Kajaria Ceramics with a target price of ₹628. We expect 12% volume CAGR in FY18-21E and expect OPM to improve to 16.7%/17.2% in FY20/21E vs. 15.4% in FY19E, said the brokerage. Gas prices have come down by 12% in Q4FY19, which should help in margin expansion, it added.

• Kotak Securities has initiated coverage on Welspun Corp with a buy rating and set a target price of ₹161, valuing stock at 4.5 times FY21 estimated EV/EBITDA. Given its strong manufacturing and execution capabilities, strong order backlog coupled with robust bids in the pipeline, we believe, Welspun is better placed compared to its peers, to take advantage of renewed pipe demand globally and in the domestic market, said the brokerage.

Insider Buys:

• Asian Granito India Limited: Mukeshbhai J. Patel has bought 62,049 shares through Market Purchase on Mar 29, 2019.
• Asian Granito India Limited: Kamleshbhai Bhagubhai Patel has bought 66,210 shares through Market Purchase on Mar 29, 2019.
• Compucom Software Limited: Compucom Technologies Private Limited has bought 1,23,985 shares through Market Purchase from Mar 18, 2019 to Mar 31, 2019.
• EID Parry India Limited: M M Murugappan Jointly With Meenakshi Murugappan has bought 1,75,000 shares through Off Market on Mar 26, 2019.
• Hubtown Limited: Rushank V. Shah has bought 75,000 shares through Market Purchase on Mar 29, 2019.
• JSW Steel Limited: Jsw Holdings Limited has bought 36,000 shares through Market Purchase on Mar 26, 2019.
• Man Infraconstruction Limited: Parag K. Shah has bought 2,50,000 shares through Market Purchase on Mar 29, 2019.
• Onward Technologies Limited: Onward Network Technologies Pvt Ltd has bought 40,000 shares through Market Purchase from Mar 29, 2019 to Apr 1, 2019.
• Tube Investments of India Limited: M\/S. Meenakshi Murugappan Family Trust has bought 5,00,000 shares through Off Market on Mar 26, 2019.
• Tube Investments of India Limited: M\/S. M M Murugappan Family Trust has bought 2,31,800 shares through Off Market on Mar 26, 2019.
• Uniply Industries Limited: Kkn Holdings (P) Ltd has bought 17,10,974 shares through Market Purchase on Mar 28, 2019.

Insider Sells:

• Alkem Laboratories Limited: Deepak Kumar Singh has sold 25,000 shares through Market Sale on Mar 28, 2019.
• Biocon Limited: Narendra Chirmule has sold 29,600 shares through Market Sale from Mar 25, 2019 to Mar 26, 2019.
• DCB Bank Limited: Mr. Durga Prasad Rath has sold 20,000 shares through Market Sale on Mar 27, 2019.
• Dewan Housing Finance Corporation Limited: Jayesh Khona has sold 25,000 shares through Market Sale on Mar 28, 2019.
• Edelweiss Financial Services Limited: Raviprakash Ramautar Bubna has sold 50,000 shares through Market Sale on Mar 29, 2019.
• Edelweiss Financial Services Limited: Manjeet Pawankumar Bijlani has sold 40,000 shares through Market Sale from Mar 28, 2019 to Mar 29, 2019.
• EID Parry India Limited: Meenakshi Murugappan has sold 25,000 shares through Off Market on Mar 26, 2019.
• EID Parry India Limited: M M Murugappan has sold 1,50,000 shares through Off Market on Mar 26, 2019.
• GATI Limited: Sunil Alagh has sold 20,000 shares through Inter-se-Transfer on Feb 9, 2019.
• HDFC Life Insurance Company Limited: Badrish Kulhalli has sold 30,000 shares through Market Sale on Mar 29, 2019.
• HDFC Life Insurance Company Limited: Rajendra Ghag has sold 15,000 shares through Market Sale on Mar 29, 2019.
• HDFC Life Insurance Company Limited: Vivek Bimbrahw has sold 50,000 shares through Market Sale on Mar 29, 2019.
• ICICI Bank Limited: Ganesh R has sold 15,000 shares through Market Sale on Mar 29, 2019.
• ICICI Bank Limited: Girish Nayak has sold 17,500 shares through Market Sale on Mar 29, 2019.
• ICICI Bank Limited: Vishakha Vivek Mulye has sold 25,000 shares through Market Sale on Mar 29, 2019.
• IIFL Holdings Limited: Bhavyakala Nemkumar Bhandari has sold 1,00,000 shares through Market Sale from Mar 28, 2019 to Mar 29, 2019.
• ITC Limited: A. K. Poddar has sold 25,000 shares through Market Sale on Mar 29, 2019.
• ITC Limited: Asim Satpathy has sold 60,000 shares through Market Sale on Mar 29, 2019.
• ITC Limited: Chitranjan Dar has sold 20,000 shares through Market Sale on Mar 29, 2019.
• ITC Limited: D. Ashok has sold 30,700 shares through Market Sale on Mar 28, 2019.
• ITC Limited: S. Suresh Kumar has sold 45,000 shares through Market Sale on Mar 28, 2019.
• ITC Limited: Siddhartha Ghosh has sold 27,450 shares through Market Sale on Mar 28, 2019.
• ITC Limited: Sudhir Gupta has sold 1,00,000 shares through Market Sale on Mar 28, 2019.
• ITC Limited: Supratim Dutta has sold 45,000 shares through Market Sale on Mar 28, 2019.
• Jayshree Tea & Industries Limited: Manav Investment & Trading Co. Ltd. has sold 1,46,916 shares through Market Sale on Mar 28, 2019.
• Kotak Mahindra Bank Limited: Mohan Shenoi has sold 17,500 shares through Market Sale on Mar 29, 2019.
• Lakshmi Vilas Bank Limited: Kusuma Ramakrishna Setty Muniraju has sold 50,000 shares through Market Sale on Mar 29, 2019.
• RBL Bank Limited: Ravindranath Thota has sold 40,000 shares through Market Sale on Mar 27, 2019.
• RBL Bank Limited: Pushpendra Sharma has sold 20,000 shares through Market Sale on Mar 29, 2019.
• Star Cement Limited: Pushpa Agarwala has sold 3,75,000 shares through Market Sale on Mar 28, 2019.
• Star Cement Limited: Rahul Chamaria has sold 7,25,000 shares through Market Sale on Mar 28, 2019.
• Star Cement Limited: Sachin Chamaria has sold 4,00,000 shares through Market Sale on Mar 28, 2019.
• Star Cement Limited: Amit Agarwal has sold 10,00,000 shares through Market Sale on Mar 28, 2019.
• Thomas Cook (India) Limited: Rambhau R. Kenkare has sold 25,500 shares through Market Sale on Mar 29, 2019.
• Tube Investments of India Limited: Meenakshi Murugappan has sold 2,31,800 shares through Off Market on Mar 26, 2019.
• Tube Investments of India Limited: M M Murugappan has sold 5,00,000 shares through Off Market on Mar 26, 2019.
• Uniply Industries Limited: Madras Electronics Solutions Private Limited has sold 17,10,974 shares through Market Sale on Mar 28, 2019.
• Zee Entertainment Enterprises Limited: Essel Corporate Llp has sold 23,17,035 shares through Market Sale from Mar 13, 2019 to Mar 25, 2019.
• Zee Entertainment Enterprises Limited: Cyquator Media Services Private Limited has sold 53,17,839 shares through Market Sale from Feb 13, 2019 to Mar 29, 2019.

Note: Disclosure made under Reg 13(4), 13(4a) of SEBI (IT) regulations 1992.

Bulk and Block Deals :
Source: Edelweiss Alternative Research