Vedant Fashions, Tech Mahindra, IDBI Bank, Burger King and more: Top stocks to watch out for on Feb 16

SUMMARY

Stocks to watch: SGX Nifty50 futures contract were up 0.3 percent at 17,402.5 as of 6:48 am hinting at a slightly higher start for the Indian benchmark indices on Wednesday. Among stocks to keep a close eye on, are Vedant Fashions, Tech Mahindra, IDBI Bank, Burger King and Cipla. Here is a list of top stocks to watch out for in trade today:

By CNBCTV18.comFeb 16, 2022 7:17:06 AM IST (Published)

Vedant Fashions | The company will make its debut on the bourses today. The final issue price has been fixed at Rs 866 per share.

Tech Mahindra | The company will acquire 80 percent equity shares in Geomatic.ai for consideration of A$6m.

Cipla | Two promoters on Tuesday divested shares worth over Rs 1,835.6 crore in the firm, through open market transactions. This represents 2.5 percent of the total shareholding of the company. According to bulk deal data on the BSE, Mustafa Khwaja Hamied and Yusuf Khwaja Hamied offloaded 67.23 lakh shares and 1.34 crore scrips, respectively, for Rs 611.91 crore and Rs 1,223.69 crore, respectively.

Punjab & Sind Bank | NPA account, IL & FS Tamil Nadu Power Company with outstanding dues of Rs 148.86 crore has been declared as fraud. The bank reported this fraud to RBI and has already made provisions amounting to Rs 59.54 crore.

IDBI Bank | The government is reportedly set to launch the IDBI Bank stake sale process next week.

Wheels India | ICRA has downgraded its long term rating for bank lines to ‘A-‘, from ‘A’ earlier while keeping the outlook stable. The rating agency also downgraded its short term rating for bank lines to ‘A2+’, from ‘A1’ earlier.

Burger King India | The company closed its qualified institutional placement issue and has finalised the issue price at Rs 129.25 per share, a discount of 5 percent to the floor price of Rs 136.05 per share.

Redington India | Investor Marina IV (Singapore) Pte Ltd sold a 2.14 percent equity stake in the company through open market transactions on February 11. As a result, its shareholding in the company dropped to 3.22 percent from 5.36 percent.

Textile companies | The Union government and states will implement a proposed structural revamp of the goods and services tax in phases, a report said. The proposed revisions will include pruning tax exemptions, removing anomalies from taxing raw materials and intermediates higher than finished products, and reducing the number of GST slabs, the report added.

Aditya Birla Fashion and Retail | The company could invest in and build as many as 30 internet-first brands in the next 3-5 years, a report said.