Five midcap stocks to keep on your radar in today’s session!
Check out the midcap companies making headlines in the morning trade session.
Among the midcaps companies Crompton Greaves Consumer Electricals, Brigade Enterprises, SIS, Firstsource Solutions and Aditya Birla Fashion and Retail are among the stocks to watch out for. Let us find out why!
Crompton Greaves Consumer Electricals: The company has announced in its exchange filing that it has entered into a share purchase agreement for the acquisition of 55% of the paid-up equity capital of Butterfly Gandhimathi Appliances Ltd for Rs 1403 per equity share aggregating to Rs 1379.68 crore. It will also acquire certain Butterfly trademarks in allied and cognate classes from promoter group entities for consideration of Rs 30.38 crore. The company will also make an open offer to acquire up to 26% of the voting share capital of Butterfly at a price of Rs 1,433.90 per equity share ("Offer Price") aggregating up to Rs 666.57crore from the public shareholders of Butterfly in accordance with the SEBI Regulations. Cumulatively, the total consideration would come to Rs 2076.63 crores.
Further, the Board has also approved to enter into two separate agreements to acquire 9.12 acres of land from LLM Appliances Pvt Ltd for a consideration of Rs 63 crore and 3.37 acres of land from V M Balasubramaniam for a consideration of Rs 22 crore in Tamil Nadu.
At 10.02 am on Wednesday, the stock was trading at Rs 389.60 with a gain of 2.91%.
Brigade Enterprises: The company has incorporated wholly-owned subsidiary Brigade Real Estate Developers Pvt Ltd, stated in its exchange filing. The incorporation date of the subsidiary is stated as February 21, 2022, with an authorized and paid-up capital of Rs 1 crore (1,000,000 equity shares of Rs 10 each). The newly incorporated company will undertake real estate development business.
At 10.00 am the stock was trading at Rs 502.35 with a gain of 1.92%.
SIS Ltd: SIS has been awarded a two-year contract valued at approximately Rs 225 crore to provide security solutions at 18 sites of Mahanadi Coalfields located across India with an option to renew for a further one-year period. As part of the contract, SIS will deploy security personnel in different categories to provide security services across 18 sites of Mahanadi Coalfields at Sambalpur, Bhubaneshwar, IB Valley Coalfields and Talcher Coalfields.
At 10.00 am the shares of SIS were trading at Rs 491 with a gain of 2.4%.
Firstsource Solutions Ltd: The global provider of Business Process Management (BPM) services was ranked #1 in 2022 Best in KLAS®: Software & Services Report, and noted as a leader in the Eligibility and Enrollment Services category. The report is based on insights gathered from thousands of healthcare organizations including direct feedback from Firstsource’s customers.
The shares of the company were trading at Rs 123.60 with a gain of 1.68% at 10.00 am
Aditya Birla Fashion & Retail Ltd: The fashion retailer has announced a collaboration with Accenture to drive its digital transformation journey. Accenture will design, build, and install an enterprise resource planning (ERP) system for ABFRL, which will streamline all business processes for the clothing fashion brand and improve data visibility and accessibility across operations, according to a statement released by Accenture on Tuesday. The new ERP system will help ABFRL, which owns brands like Louis Philippe, Van Heusen, Allen Solly, and Peter England, handle numerous fulfilment routes and combine heterogeneous IT systems across stores in India.
At 10.00 am the shares of ABFRL were trading at Rs 268.90 with a gain of 2.32%
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