Stocks to Watch: TCS, Tata Motors, IDBI Bank, SpiceJet, Adani Enterprises
TCS: A nearly six-month-long probe into the bribes-for-jobs scandal at Tata Consultancy Services Ltd has resulted in crucial suggestions for hiring reforms, along with the sacking of the former head of its resource management group. On Sunday night, TCS disclosed to the exchanges that it had sacked 16 employees and blacklisted six staffing firms. E.S.
Chakravarthy, the former head of TCS’s resource management group has now been sacked by the company, according to an executive privy to the development. Tata Motors: Tata Motors Ltd sold a 9.9% stake in Tata Technologies Ltd for ₹1,613.7 crore to the Ratan Tata Endowment Foundation and TPG Rise Climate SF Pte. Ltd, a climate investment fund of TPG Global.
The transaction, which values the IPO-bound Tata Technologies at around $2 billion, is in line with Tata Motors’ deleveraging strategy, according to a company release. Tata Motors sold 9% to TPG Rise Climate for ₹1,467 crore and 0.9% to the Ratan Tata Endowment Foundation for ₹146.7 crore. IDBI Bank: The prospective asset valuers of IDBI Bank were informed by the government on 15 October that the lender has deferred tax assets of ₹11,520 crore and 120 properties in the top seven cities including Mumbai, Pune, and Chennai.
The DIPAM said, in response to the pre-bid queries from prospective asset valuers of IDBI Bank, that the bank has as many as 68 properties in Mumbai, 20 in Pune, nine in Chennai and seven in Ahmedabad. Besides, it has six properties in Kolkata and five each in Delhi and Hyderabad. SpiceJet: The reports of IndiGo co-founder Rakesh Gangwal looking to buy a stake in rival airline SpiceJet led to the latter's shares surging by 20% on the stock market on October 13.
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