Stocks to Watch: Wipro, Eureka Forbes, Vedanta, Bank of Baroda, Zee
Wipro: The IT services giant on Wednesday disclosed a new deal with US chipmaker, Intel Foundry. The deal with the chip development division of Intel will see Wipro engineers work on Intel’s latest ‘18A’ chip node that will be used in cutting-edge consumer electronics devices next year onward. In an exchange filing, Wipro said the deal will cater to chip designs for clients across automotive, industrial and telecommunications verticals, and be used for “generative AI-driven designs".
Eureka Forbes: Lunolux, the promoter of Eureka Forbes, will sell up to a 12% stake in the household appliances maker for $138.6 million ( ₹1,148.7crore) through a block deal on Thursday, people with knowledge of the deal said. Advent International, which owns Lunolux, had bought a majority stake in Eureka Forbes from Shapoorji Pallonji Group for ₹4,400 crore in 2021. As on December 2023, it held around 72.56% stake in the company.
The block deal will be offered at a floor price of ₹494.75 per share, a 3% discount from Wednesday’s closing price of ₹510.05 on BSE. Vedanta: The Tamil Nadu government told the Supreme Court that Vedanta’s Sterlite Copper plant should not be considered a national asset or deemed necessary to reopen to fulfill the country’s copper demand. The state instead pointed to Adani Group’s forthcoming copper smelter plant in Gujarat as capable of fulfilling India’s copper demand.
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