Stocks to Watch: Kaynes Technologies, Nykaa, NDTV, JSPL, Reliance

Keynes Technologies: End-to-end and IoT solutions-enabled integrated electronics manufacturing player, Kaynes Technologies will be making its market debut on Tuesday after a successful initial public offering (IPO). On BSE, Kaynes will be listed for trading and dealings under the ‘B’ group of securities. NSE as well as notified the listing of the company. The ₹858 crore IPO had received an oversubscription of 34.16 times with a strong appetite across investor categories.

FSN E-Commerce Ventures: Private equity player Lighthouse India will sell shares worth ₹335 crore in FSN E-Commerce Ventures, which runs Nykaa, through a block deal tomorrow. The Bank of America Corporation is the appointed banker for the deal, according to reports. Lighthouse India is expected to sell the shares at a price band of around ₹180-183.5 apiece, a 2% discount to Monday’s last closing price of the e-commerce beauty company.

NDTV: Billionaire Gautam Adani-led Adani Group’s open offer to acquire an additional 26% stake in news broadcaster New Delhi Television Ltd from the market would start on Tuesday, 22 November. The offer, for which a price band of ₹294 per share has been fixed, will open on 22 November and closes on 5 December, a notice by JM Financial, the firm managing the offer on behalf of Adani Group firms has said. The previous timeline for the open offer by Adani was from 17 October to 1 November.

Jindal Steel and Power: The energy ministry of Botswana has declared India’s leading steel, mining, and infrastructure player, Jindal Steel, and Power (JSPL) as the preferred bidder in a tender to build a 300-megawatt (MW) coal-fired power plant. Jindal was among the companies to bid for the only fossil fuel-based power plant that the Southern African’s landlocked country is planning to procure in the next two decades.

Nazara Technologies: Nazara Technologies on Monday posted a surge of 11% in its profit after tax to ₹169 crore for the quarter ended September 2022, against ₹153 crore in the year-ago period. The company said its revenues went up 104% to ₹2,638 in the reviewed quarter, against ₹1,296 crore in the corresponding quarter the previous year, according to a statement shared with stock exchanges.

Reliance Industries: The National Company Law Tribunal (NCLT) on Monday gave its approval to Reliance Jio subsidiary Reliance Projects and Property Management Services for the acquisition of Reliance Infratel (RITL) which owns tower and fibre assets of Reliance Communications. The NCLT has asked Jio to deposit ₹3,720 crore in the State Bank of India (SBI) escrow account to complete the acquisition of RCOM’s tower and fibre assets.

JK Paper: JK Paper on Monday said it will acquire Horizon Packs Private Ltd and Securipax Packaging Private Ltd in phases for about ₹578 crore. HPPL and SPPL have seven plants across the country, the company said in a regulatory filing. JK paper will acquire 26.92 crore equity shares in HPPL for ₹19.33 per share and 4.63 lakh equity shares for ₹1,256.95 apiece in SPPL — representing an 85% stake in each company.

HDFC Bank/Canara Bank: The Reserve Bank of India (RBI) has allowed leading private sector lender HDFC Bank Ltd and state-run Canara Bank Ltd to open a special “vostro account” for trade in rupees with Russia, news agency Reuters quoted a report as saying on Monday. Vostro accounts are accounts a bank holds on behalf of another, often a foreign bank, and this forms a key part of correspondent banking.

Sadbhav Engineering: Vasistha C Patel has resigned as Chief Executive Officer (CEO) of the company with immediate effect, according to reports. Nitin R Patil also resigned as Executive Director and Chief Financial Officer (CFO) of the company, the reports added.

Bharti Airtel: Bharti Airtel has increased the price of its minimum recharge mobile plan in Haryana and Odisha. As listed on the company’s website, the price of the minimum monthly recharge plan has grown by about 57% to ₹155 in both states. Till now, the cost of Airtel’s minimum recharge plan in Haryana and Odisha was ₹99. It offered 200 MB of mobile data and calls at the rate of ₹2.5 paise per second. The ₹155 plan offers unlimited voice calling along with 1GB total data and 300 SMSes.