Stocks to Watch: HUL, Adani Ports, Concor, IndiGo, RITES


HUL: The fast moving consumer goods company on Wednesday said the Chandigarh bench of the National Company Law Tribunal (NCLT) has approved its merger with GlaxoSmithKline Consumer Healthcare Ltd. The company is yet to notify the effective date of merger.

Jet Airways: The bankrupt airline on Wednesday said the committee of creditors (CoC), in a meeting held on 18 February followed by e-voting on 25 February, decided to invite fresh expressions of interest. The airline, which was grounded in April 2019, is undergoing insolvency.

Adani Ports: The company on Wednesday informed the stock exchanges that it has incorporated a wholly-owned subsidiary Adani Bangladesh Ports Pvt Ltd for an authorised capital of 1 crore taka ( ₹84.50 lakh) and paid-up share capital of 55 lakh taka (approximately ₹46.47 lakh).

Concor: The state-owned logistics company and Joint Stock Company of Russian Railways Logistics have signed a memorandum of understanding to promote inter-modal transportation of cargo over the International North-South Transport Corridor (INSTC). The agreement will facilitate transportation of cargo from India to Russia and vice versa, according to a regulatory filing.

TCS: The IT major on Wednesday informed the stock exchanges that it has been ranked number one for customer satisfaction, with a score of 77% more than the industry average of 70%, in the Whitelane Research 2019-2O lT Sourcing Study, Europe’s largest independent survey of lT service providers.

IndiGo: India’s largest airline by market share on Wednesday said it has responded to all queries from markets regulator Securities and Exchange Board of India (SEBI) regarding related party transactions and asserted that they took place in the best interests of the company, according to a PTI report. IndiGo is owned and operated by InterGlobe Aviation Ltd.

Thomas Cook (India): The company on Wednesday said its board has approved the buy-back of 2.61 crore shares valued at ₹150 crore and priced at ₹57.50 per share, with a premium of 40%. The buy-back will help the company return cash to its shareholders enhancing overall return for them.

RITES: The state-owned engineering consultancy company on Wednesday said the government proposes to sell up to 5% stake in the company, or 1.25 crore equity shares, through the offer for sale (OFS) route, with floor price set at ₹298 per share.

JP Associates: The Supreme Court on Wednesday asked the company to return the 858-acre parcel to its subsidiary Jaypee Infratech Ltd, which is currently undergoing insolvency. The court upheld the original order of NCLT Allahabad and quashed the National Company Appellate Law Tribunal (NCLAT) order, which had stayed the direction subsequently.

Mahanagar Gas: The company on Wednesday said its board has declared an interim dividend of ₹9.50 per equity share at face value of ₹10 each for the financial year ending March. The dividend will be paid to all eligible shareholders on 16 March 2020.