Ajanta Pharma's Buyback Plan, NSDL e-Governance Infra IPO, and Buzzing Stocks Today

Mon, 27 Dec Pre-Open

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Indian share markets ended on a negative note on Friday.

Benchmark indices snapped 3-day winning run as traders preferred to book profits following the recent gains, given the unpredictable news flow around the Omicron threat.

At the closing bell on Friday, the BSE Sensex stood lower by 191 points (down 0.3%).

Meanwhile, the NSE Nifty closed lower by 69 points (down 0.4%).

HCL Technologies and Tech Mahindra were among the top gainers.

Grasim Industries and NTPC, on the other hand, were among the top losers.

The BSE MidCap index and the BSE SmallCap index ended down by 1.2% and 0.6%, respectively.

Sectoral indices ended on a negative note with stocks in the power sector, realty sector and oil & gas sector witnessing selling pressure.

Shares of Radico Khaitan and KPIT Technologies hit their respective 52-week highs.

Gold prices for the latest contract on MCX were trading up by 0.2% at Rs 48,227 per 10 grams at the time of closing stock market hours on Friday.

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Top Stocks in Focus Today

Among the buzzing stocks today will be Mahindra Lifespace Developers.

Mahindra Lifespace Developers announced that Mahindra Homes (MHPL), a joint venture of the company and Actis Mahi Holding (Singapore) (Actis), approved buyback of 37,800 Series B and Series C equity shares at Rs 29,129 per equity share aggregating to Rs 1.1 bn.

Series B and Series C equity shares carry economic rights as per the shareholders agreement (SHA) executed between the company, Actis and MHPL and are fully held by Actis and the company, respectively.

Basis the overall paid-up share capital of MHPL comprising Series A (carrying no dividend or economic rights), Series B and Series C equity shares, the company holds 71.61% and Actis holds 28.89% in MHPL.

As per the SHA, the offer to buy back is basis economic interest in the ratio of 50:50 between the company and Actis i.e., 18,900 equity shares each from Series B and Series C equity shares.

The company and Actis have agreed to participate in the buyback offer and have, accordingly, submitted acceptance forms for buyback of their respective full entitlement i.e., 18,900 Series C and B equity shares each held by them respectively at an aggregate consideration of Rs 550.5 m each. The acceptance forms received from both the company and Actis have been accepted and confirmed by MHPL.

Consequent to buy back as above, the shareholding of the company in MHPL, basis the overall paid-up share capital, has increased from 71.61% to 72.51%.

Allcargo Logistics share price will also be in focus today.

The board of Allcargo Logistics on Thursday approved the demerger of its container freight stations/inland container depot (CFS/ICD) and real estate businesses, aimed at creating strategic business undertakings to drive growth across distinct opportunities.

Under the proposed scheme of demerger, equipment rental and real estate businesses will move to TransIndia and CFS/ICD (container freight stations/inland container depot) business into Allcargo Terminals Limited, it said.

Besides, as part of the demerger, all three companies will have mirror shareholding, resulting in no change in the entitlement of shareholders for each entity, Allcargo said.

After the demerger, shareholders will get 1 share each of Allcargo Terminals and TransIndia Realty & Logistics Parks for every 1 share held of Allcargo Logistics, it said, adding the 1:1 ratio will avoid fractional allotment and benefit all shareholders.

The strategic move will position the company to accelerate growth across businesses by creating independent business undertakings, with sharper management focus, better access to the right capital, and greater operational and financial flexibility.

At the same time, Allcargo Logistics will continue to be the leader in the international supply chain, express logistics and contract logistics businesses with an increased focus on digitisation, the company said.

The resulting company Allcargo Terminals will be the market leader in the CFS business in India and continue to expand its footprint in ICDs, the company said in a release.

Ajanta Pharma Jumps 5% as Board to Mull Share Buyback Plan

After three days of consecutive fall, shares of Ajanta Pharma rose as much as 5% on Friday on its buyback plan.

The company's board of directors will meet on Tuesday, 28 December 2021, to consider a proposal for the buyback of equity shares of Ajanta Pharma.

Ajanta Pharma is a specialty pharmaceutical company engaged in the development, manufacturing and marketing of quality finished dosages.

The company's business includes branded generics in emerging markets of Asia and Africa, generics in the developed markets of the US and Institution sales.

In India, the company has a presence in high growth specialty segments of cardiology, dermatology, ophthalmology and pain management. Emerging markets are the major contributors to the company's branded generic business.

Its institutional business comprises supplies to various government bodies in India and supplies of Anti-Malarial products under WHO-approved programs in Africa.

Ajanta Pharma operates 7 state-of-the-art manufacturing facilities in India.

NSDL e-Gov Infra Looking to File DRHP for IPO

NSDL e-Governance infrastructure is eyeing to raise funds via primary offering for which it is likely to a file draft red herring prospectus (DRHP).

According to media reports, NSDL e-Governance may raise Rs 13 bn - 14 bn via the initial stake sale, valuing the company in the range of Rs 45 bn - 50 bn.

The initial public offering (IPO) will be an entirely offer for sale (OFS) exercise and no fresh funds will be raised from the issue, the report added.

NSDL e-Governance Infrastructure offers various kinds of e-governance solutions, to both public and private entities. e-Governance is the use of technology for better governance and administration.

The solutions have efficiently made use of information and communication technologies as a tool for delivering public services and benefits to society at large.

Incorporated in 1995, NSDL e-Governance Infra works closely with various government agencies for designing, managing and implementing e-governance projects.

NSDL e-Governance Infra is backed by many institutions and banks including Axis Bank, Bank of Baroda, Citicorp Finance, Canara Bank, Deutsche Bank AG, HDFC Bank, HSBC, SBI, Standard Chartered, NSE Investments.

How this pans out remains to be seen. Meanwhile, stay tuned for more updates from this space.

To know what's moving the Indian stock markets today, check out the most recent share market updates here.

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