Vedanta, IIFL Finance, Lemon Tree, Astron Paper, and Others

Stocks to watch on Monday: Nifty futures on the Singapore Stock Exchange traded 318.5 points, or 1.97 percent, down at 15,866.50, indicating that Dalal Street is heading for a negative start on Monday. Bears are back in control of Dalal Street after a one-day hiatus and dragged the major indices down around 2 percent as inflation and growth fears rattled sentiment in the last session. The Sensex index fell by 1,017 points, or 1.8 percent, to 54,303 points, while the Nifty index corrected 276 points, or 1.7 percent, to 16,202 points.

Vedanta

The iron and steel sector owned by billionaire Anil Agarwal entered iron ore mining operations in Liberia, West Africa through its Western subsidiary Cluster (WCL) with a groundbreaking ceremony held at the Bomi iron ore mine on 8 June. WCL is a wholly owned subsidiary of Bloom Fountain (BFL) which in turn is a wholly owned subsidiary of Vedanta. WCL signed a Minerals Development Agreement with the Government of Liberia for three iron ore mining concessions in Bumi, Bhi and Manu in 2011. However, operations could not start due to the Ebola outbreak.

IIFL Financing

British International Investment Plc (formerly CDC Group Plc) disposed of 1.6 crore shares of stock in the company through open market transactions on June 10. By doing so, its stake in the company decreased to 3.557 percent from 7.772 percent. However, Max Life Insurance acquired 24.6 thousand shares of equity in the company and the parent fund of Nomura India Investment Fund bought 44.74.548 shares at an average price of Rs 325.1 per share.

Krishna Institute of Medical Sciences

Mirae Asset Mutual Fund acquired 1,08,472 shares in the company through open market transactions on June 9. By doing so, his stake in the company increased to 8.236 percent from 8.1 percent.

Lemon Tree Hotels

The company has signed a license agreement for a 44-room hotel in Gajuaka, Visakhapatnam, Andhra Pradesh under its “Keys Lite by Lemon Tree Hotels” brand. The hotel is expected to be operational by March 2023. Carnation Hotels Private Limited, a subsidiary and management arm of the company’s hotel, will operate the property.

Infravit Fund

The company is proposing to acquire fully equity capital in five special purpose vehicles – three highway infrastructure assets (Simhapuri Expressway, Rayalseema Expressway and Mumbai Nasik Expressway) and two annual infrastructure assets (Kosi Bridge Infrastructure Company and Gorakhpur Infrastructure Company) – from BIF India Holdings Pte Ltd and Kinetic Holdings I Pte Ltd. Both entities (BIF and Kinetic) are owned by funds managed by Brookfield Asset Management Inc and its affiliates. Payment for the proposed transaction is based on the cumulative total value of the enterprise of Rs 8,940.9 crore.

Bank of Jammu and Kashmir

The bank said its board of directors approved the appointment of Prateek de Punjabi as the chief financial officer.

Astron paper and cardboard mill

The company reported a sharp decline in consolidated profit of Rs.0.32 crore for the quarter ended March 2022 against a profit of Rs.6.8 crore in the same period last year, due to weak revenue and lower other income. Revenue decreased to Rs. 143.2 crore from Rs. 143.8 crore during the same period.

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