Mahindra Group Partners Google Cloud, the Latest on Eveready Industries' Takeover Bid, and Buzzing Stocks Today

Fri, 4 Mar Pre-Open

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Indian share markets ended on a negative note yesterday.

Benchmark indices turned volatile and slipped into the red zone in afternoon deals amid weakness in auto, banking and select index heavyweight stocks.

At the closing bell yesterday, the BSE Sensex stood lower by 366 points (down 0.7%).

Meanwhile, the NSE Nifty closed lower by 108 points (down 0.7%).

ONGC and UPL were among the top gainers.

UltraTech Cement and Asian Paints, on the other hand, were among the top losers.

The BSE Mid Cap index ended down by 0.6%, while the BSE Small Cap index ended up by 0.4%.

Sectoral indices ended on a mixed note with stocks in the auto sector, banking sector and finance sector witnessing most of the selling pressure.

Oil & gas and power stocks, on the other hand, witnessed buying interest.

Shares of GMDC and Hitachi Energy hit their respective 52-week highs.

Gold prices for the latest contract on MCX were trading up by 0.7% at Rs 51,675 per 10 grams at the time of closing stock market hours yesterday.

Crude oil futures soared past the US$118-mark and were up nearly 3% as the ongoing invasion of Ukraine by Russia showed no signs of easing.

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Top Stocks in Focus Today

Among the buzzing stocks today will be Easy Trip Planners.

Online travel services provider Easy Trip Planners said its board has approved allotment of bonus shares in the ratio of one share for every one existing share held by eligible shareholders.

The board of directors approved the allotment of 108.7 m equity shares of the face value of Rs 2 each as fully-paid up bonus equity shares, in the ratio of one equity share of Rs 2 each for every one existing equity share of Rs 2 each.

The bonus shares will be issued to members whose names appeared in the register of beneficial owners as of 2 March 2022, which is the record date fixed for that purpose, it added.

Consequently, the paid-up equity share capital of the company has increased to Rs 434.6 m, comprising 217.3 m equity shares of Rs 2 each, from Rs 217.3 m compromising 108.7 m equity shares of Rs 2 each.

EaseMyTrip is an Indian online travel company, founded in 2008. The company provides hotel bookings, air tickets, holiday packages, bus bookings, and white-label services.

Time Technoplast share price will also be in focus today.

Time Technoplast announced receipt of the most awaited single largest order of 7,58,814 cylinders of 10 kg capacity for a value of Rs 1.8 bn approximately from Indian Oil Corporation (IOCL), to be supplied over the next 12 months.

This is for the first time in India that the public sector OMC has come out with such a large order for Type-IV LPG Composite Cylinders.

Furthermore, IOCL has said that the same order quantity may be repeated at their discretion for a further period of up to 12 months, on same terms and conditions.

For the December 2022 quarter, net profit of Time Technoplast rose 39.7% to Rs 537.2 m against Rs 384.5 m during the previous quarter a year ago.

Time Technoplast is a multinational conglomerate involved in the manufacturing of technology and innovation driven polymer & composite products.

Mahindra Partners with Google Cloud

Mahindra Group and tech giant Google Cloud on Thursday announced collaboration as part of the homegrown conglomerate's digital transformation strategy to fuel its next phase of business growth.

Under the collaboration, Mahindra group's digital, data and cloud centre of excellence, referred to as Mahindra Digital Engine (MDE), will use Google Cloud's secure and reliable infrastructure and advanced data analytics technology, the two partners said in a joint statement.

Mahindra Group Chief Technology Officer Mohit Kapoor said the group is building for the future with advanced cloud-based technologies and data-driven strategies to speed decision making and maximise synergies across its business.

'By utilising Google Cloud's best-in-class infrastructure and data capabilities, we can innovate faster for competitive differentiation, advance our enterprise sustainability goals, and strengthen our talent pool by attracting the best tech talent in the industry,' he added.

The partnership is aimed at driving innovation across the group's multiple business units, including its core operations, customer-facing channels and employee experience, the statement said.

Eveready Industries Chairman, MD Resign Amid Burman Group's Takeover Bid

Eveready Industries Chairman and Managing Director quit amid an intensifying takeover bid by the Burmans of Dabur.

The resignations of Aditya Khaitan and Amritanshu Khaitan came two days after the Burmans made an open offer for the Kolkata-based dry cell battery major.

Suvamoy Saha will assume charge as the new MD of the company, a filing said.

The Burmans made the open offer, mandatory under market regulator's takeover rules, once they acquired an additional 5.26% Eveready stake from the open market, which put its total shareholding at 25.1%.

Before the takeover bid, Burmans were already the largest shareholder in the company with a 19.85% stake.

Eveready has great potential and only needs direction, Mohit Burman of Dabur Group said. This is the appropriate time for the Burmans to step in, he said, adding that they had been monitoring the situation in the company for some time.

'We feel we will be able to add value and take this business to the next level,' said Burman, who is a director at Dabur.

Dabur India is not directly involved in the acquisition process of Eveready, a statement said.

Eveready belonged to the BM Khaitan group for two decades. It had come under the group in 1993 when it acquired Union Carbide India and renamed it 'Eveready Industries India'.

The promoters' shareholding in Eveready fell to just 4.8% - a steep dive from 44.1% over the past two years - following defaults on repayments, prompting lenders to offload their pledged shares.

The Khaitans had pledged their holdings in Eveready and McLeod Russel, a tea producer, to get loans to repay McNally Bharat Engineering's debts.

We will keep you updated on the latest developments from this space. Stay tuned.

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