Five Largecap names that investors should keep an eye on today!

Five Largecap names that investors should keep an eye on today!

by 5paisa Research Team Last Updated: 2022-02-28T17:02:59+05:30

Check out the largecap companies making headlines in the morning trade session. 

Among the largecap companies, Bharti Airtel, Hindalco, Adani Power, Biocon and Reliance Industries were among the stocks that are in the news on Monday. Let us see why!

Bharti Airtel:  In an EGM of the company’s board held on February 26, the board has approved the issue of equity shares by the company to Google on “a preferential basis” following the latter’s recent purchase of a 1.28% stake in the telco for US$ 700 million. It has also been resolved in the said EGM that the company will purchase a 4.7% stake in the tower infrastructure company Indus Towers from Vodafone. It has entered into an agreement with Euro Pacific Securities Ltd, an affiliate of Vodafone Group Plc, for the acquisition of the stake. On Monday at 10 am, Bharti Airtel was trading at Rs 677.55, down 1.58 % or 10.60 per share.

Hindalco: The aluminium major has announced divestment of Hindalco Do Brazil Industria Comercia de Alumina LTDA (HDB), its wholly-owned step-down subsidiary. It has entered into a Share Purchase Agreement with Terrabel Empreedimentos Ltda, a Brazilian firm to divest entire equity shareholding in HDB. Terrabel is in the business of heavy equipment renting, forestry, agriculture, dam decommissioning and other mining-related services. At 10 am on Monday, Hindalco was trading at Rs 545.90, up 2.27% or 12.10 per share.

Adani Power: The apex court has ordered the Rajasthan government's power distribution companies (DISCOMs) to pay Adani Power Rajasthan Ltd (APRL), which generated and provided power for them, Rs 3,048.63 crore plus 9% interest. The payment is specified to be made within four weeks. The court said if they failed to pay up, the discoms would have to appear before it on March 31, 2022, and face contempt-of-court proceedings. At 10 am on Monday, Adani Power was trading at Rs 123, down by 0.69% or 0.85 per share.

Biocon : Biocon Biologics Ltd (BBL), a material subsidiary of Biocon Ltd has announced to acquire Viatris’ Biosimilars Assets for up to US$ 3.335 billion in Stock and Cash. BBL will gain Viatris’ global biosimilars business whose revenues are estimated to be USD 1 billion next year, along with its portfolio of in licensed biosimilar assets, the company said in its exchange filing. The acquisition is to be financed by internal accruals, debt finance and future equity infusion. It is expected that this immediately accretive combination creates a unique Global, Vertically Integrated Biosimilars Leadership. In the morning deals on Monday, Biocon was trading at Rs 370, down 6.13% or 24.15 per share.

Reliance Industries: The retail arm of Reliance Industries is set to rebrand and open 200 Future Retail stores in the next week. At present, it is taking stock, rebranding, and relocating 30,000 Future Retail and Future Lifestyle employees taking them in its rolls. RIL has taken possession of those stores that were sub-leased to Future Retail after the latter missed its lease commitments. All of these stores taken over by Reliance are loss-making. At the time of writing, Reliance Industries was trading at Rs 2277, down 0.29% or 6.55 per share.

 

Also read: 5 BTST Stocks: BTST Stock list for today February 28


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