Stocks to watch: ONGC, Sula Vineyards, Whirlpool, Torrent Power and CIE Automotives stocks will be in the spotlight on Tuesday (Image Source: iStock)
Stock market today: Gift Nifty on Tuesday at 8:10 am was down 0.15 per cent or 32.5 points at 22,139. The Index hinted at a quiet start for D-Street.
Ahead of Tuesday's market open, take a look at the stocks in the news.
Actions to take into account:
Oil and Natural Gas Corporation (ONGC): The state-owned oil and natural gas company and its subsidiary, Imperial Energy, have obtained shareholder approval for the merger of five Cyprus-based companies, including Imperial Energy Cyprus, Imperial Energy Nord, Redcliffe Holdings, Biancus Holding and San Agio Investment. Imperial Energy, incorporated in Cyprus with a small subsidiary structure in Cyprus and Russia, currently has a total of seven direct subsidiaries, including Imperial Frac Services Cyprus and Imperial Energy Tomsk. Once the merger is completed, ONGC's subsidiaries in Cyprus will be reduced to three companies.
Whirlwind: The promoter, Whirlpool Mauritius, is set to sell a 24 per cent stake at a base price of Rs 1,230 per share, which is a 7.6 per cent discount to Monday's closing price.
Sula Vineyards: Foreign Investor Morgan Stanley Asia Singapore Pte. Limited. Ltd. bought 8,65,500 shares of the wine producer at an average price of Rs 575 per share. In another transaction with a foreign company, Mousserena LP sold 29 lakh shares (3.4 per cent equity) of the company at an average price of Rs 575.47 per share, and Verlinvest Asia Pte Ltd exited the company by selling the his entire share of 70,42,275. equity shares at an average price of Rs 576.78 per share.
Godrej Consumer Products: The consumer goods company has signed an agreement to sell its entire stake in the wholly owned subsidiary, Godrej East Africa Holdings, Mauritius, for $3.5 million. Upon completion of the agreement, Godrej East Africa Holdings, together with its delisted subsidiaries (DGH Tanzania, Mauritius, Charm Industries Kenya and Sigma Hair Industries Tanzania) will no longer be subsidiaries of GCPL.
Torrent power: The power generation and distribution company has laid the foundation for four projects including pumped storage hydropower, green hydrogen and solar power generation, with an investment of Rs 25,000 crore in Uttar Pradesh.
Kotak Mahindra Bank: The bank has appointed Devang Gheewalla as chief financial officer and key management personnel and Milind Nagnur as chief operating officer.
CIE Automotive: The company posted a 0.29 percent year-on-year decline in revenue to Rs 2,240.39 crore in Q3FY24. While net profit fell 9.12 percent to Rs 177.05 crore . The board approved a final dividend of Rs 5 per share.
IPO listings today
IPO of Vibor steel pipes: The company's shares will debut on the stock exchanges on Tuesday. The issue price was Rs 151 per share. The Rs 72.17 crore IPO witnessed strong demand, with subscriptions reaching 298.86 times on its third and final day.
