Stocks to Watch: SBI, LTIMindtree, SAMIL, SpiceJet, Dabur, M&M
State Bank of India: State Bank of India (SBI) announced that the Executive Committee of the Central Board (ECCB) has approved its acquisition of the entire stake held by SBI Capital Markets in SBICAP Ventures (SVL). The approval was accorded on July 4, 2023. SBI had proposed to acquire 6,03,80,000 equity shares or a 100% stake currently held by SBICAPS in SVL.
The proposed transaction will be done at an estimated cost of ₹708.07 crore. The proposed acquisition is to be done on an arm's length basis. The reason behind SBI's acquisition of SVL is for better governance.
LTIMindtree: Due to merging under HDFC Bank, the stock exchange NSE on Tuesday announced a replacement against HDFC share price on its indices. On the mainboard Nifty 50, tech player LTI Mindtree will replace the housing finance giant with effect from July 13, 2023. Not just that, many other stocks will be replacing HDFC on several indices on NSE including Financial Services, Nifty 200, Nifty 500 and Services Sectors among others.
Further, on Nifty 100, metal giant Jindal Steel & Power (JSPL) will replace HDFC and the same will be applicable on the Nifty100 Equal Weight index. Samvardhana Motherson: Auto parts maker Samvardhana Motherson International (SAMIL) announced on July 4 that it will buy a majority stake of 81 per cent in Japan-based auto-part maker Yachiyo Industry's four-wheeler (4W) business - a subsidiary of Honda Motor. The transaction is valued at 22.9 billion Japanese yen ($158.54 million), said SAMIL in a regulatory filing to the stock exchanges on Tuesday.
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