Stocks to Watch: IndiGo, ITC, Infosys, M&M, Zee Entertainment, Hero MotoCorp
InterGlobe Aviation: Private airliner IndiGo Airlines' promoter Gangwal family is all set to sell its shares worth ₹3,730 crore through a block deal on 16 August, reported ET citing the term sheet. According to the report, the family has put 15.6 million shares on the block with a floor price of ₹2,400 per share, which is a 5.8% discount to the closing price of Monday. The deal's lenders are Morgan Stanley, JPMorgan, and Goldman Sachs.
The Gangwal family owned 29.72 per cent of IndiGo Airlines by the end of June 2023, as per BSE records, however, promoters held a total of 67.77 per cent of the firm. ITC: ITC Ltd on Monday outperformed Street expectations with a 17.5% rise in standalone net profit for the June quarter, helped by lower expenses. However, an ongoing ban on wheat export and a more recent ban on rice export hurt standalone revenue for the quarter which fell 7.2% to ₹16,995.49 crore from ₹18,320.16 crore a year ago.
The company posted a net profit of ₹4,902.74 crore for the quarter ended 30 June, up from ₹4,169.38 crore a year ago. The figures topped ₹4,817 crore estimate in a Bloomberg survey of 14 analysts. Infosys: Infosys, the second-largest IT services company in India, and Liberty Global have signed an initial five-year agreement worth 1.5 billion euros to evolve and scale the communications firm's digital entertainment and connectivity platforms.
The companies have entered into an initial 5-year agreement, with an option to extend to 8 years and beyond. Infosys will provide services to Liberty Global estimated at 1.5 billion euros over the initial 5-year term and at 2.3 billion euros if the contract is extended to 8 years, the companies said in a joint statement on Tuesday. M&M: On Tuesday, Mahindra
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