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Stocks in Focus: Zomato, Havells India, Canara Bank and Others

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The GIFT Nifty futures were trading in the green before the market’s opening on Wednesday. Indices are expected to open on a similar flat-to-positive note.

Domestic benchmark indices, NSE Nifty 50 and S&P BSE Sensex, ended a two-day losing streak and closed higher on Tuesday. Nifty gained 95 points or 0.48% to settle at 19,889.70, while the Sensex rose by 204.16 points or 0.31% to settle at 66,174.20.

Here are the stocks to watch on November 29.

Canara Bank: Canara Bank plans to transfer its credit card business and other digital product portfolio to its unlisted subsidiary, Canbank Computer Services (CCSL). Canara Bank holds a 69.14% stake in CCSL and plans to buy out the shares of the other stakeholders in CCSL. Moreover, the RBI has approved the bank’s plan to divest its 70% shareholding in its unlisted subsidiary, Canbank Factors. 

PCBL Limited: The company’s board has approved the acquisition of a 100% stake in Pune-based speciality chemicals company Aquapharm Chemicals Private Limited for Rs 3,800 crore. 

Havells India: The consumer durable major announced the launch of its brand ‘Lloyd’ in the Middle East market. Havells has inked an agreement with TeknoDome to distribute its product in the newly tapped market.

Aster DM Healthcare: The company’s board has approved segregating the company’s India and GCC (Gulf Cooperation Council) businesses to unlock value. The company’s subsidiary would sell its stake in Aster DM Healthcare FZC to Alpha GCC for $1.01 billion or Rs 8215 crore. 

Tata Power: The utility company’s subsidiary Tata Power Renewable Energy has bagged a 200 MW firm and dispatchable renewable energy (FDRE) project from SJVN.

Zomato: China’s Alipay Singapore Holding plans to sell its entire 3.44% stake in the food services aggregator through block deals at a floor price of Rs 111.28 per share, totalling Rs 33 crore or $400 million.

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