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EquityPandit

EquityPandit
BUSINESS

Bain Capital Buys 24.98% Stake in IIFL Wealth

Bain Capital will acquire a 24.98 per cent equity stake in IIFL Wealth Management from General Atlantic Singapore and FIH Mauritius, owned by Indian-Canadian billionaire Prem Watsa’s company Fairfax.

Bain Capital will acquire 22.15 million shares at Rs1,666 apiece for nearly Rs 3,700 crore. Shares of IIFL Wealth closed at Rs 1,666.5.

The transaction won’t trigger an open offer as it is just below the 25 per cent threshold. Bain Capital has said the transaction is subject to regulatory and other customary approvals.

General Atlantic bought the stake in October 2015 for Rs 1,122 crore. IIFL Wealth was listed in September 2019 after demerging from parent IIFL Finance. As of December 2021, General Atlantic Singapore held 21 per cent, and FIH Mauritius (Fairfax) had a 13.64 per cent stake in IIFL Wealth

“The company is well poised to benefit from secular tailwinds of wealth creation in the economy, greater financialisation, and increasing penetration of formal wealth management. We look forward to working with the team on the next phase of IIFL Wealth’s growth journey,” said Pawan Singh, Managing Director at Bain Capital.

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MARKETS

Rail Vikas Nigam Shares Surge 3% on Emerging L1 for Rs 115 Crore Contract 

Ali Waghbakriwala

The share price of Rail Vikas Nigam Ltd (RVNL) rose more than 3% on 25 March after the company got an order worth Rs 115 crore. 

In its regulatory filing, the company said, “RVNL has emerged as the lowest bidder (L1) from Central Railway for OHE modification work for up-gradation of existing 1×25 KV electric traction system to 2×25 KV at feeding system in Itarsi-Amla section in Nagpur division of Central Railway to meet 3000 MT loading target.”

The order must be fulfilled within 24 months.

Earlier on 20 March, the company received a Letter of Acceptance from the National Highway Authority of India for constructing a six-lane access-controlled link to Visakhapatnam Port Road of NH 516C on Hybrid Annuity Mode in the State of Andhra Pradesh under NH (O) on Hybrid Annuity Mode.

Earlier this month, South Western Railway sent the company a Letter of Acceptance for Rs 156.35 crore for engineering, procurement, and construction (EPC) for the design, supply, erection, testing, and commissioning of a 2X25 KV OHE & PSI system (TSSs & SPs & SSPs), which includes engineering, telecommunication, and electrical general services between Rayadurga Topavagada of the TK-RDG section.

However, at 3:30 pm, the shares of Rail Vikas Nigam shed all their gains and closed 0.42% lower at Rs 370 on NSE.

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MARKETS

HCL Technologies Shares Gain 3% on Partnering Up with Western Union 

Ali Waghbakriwala

Shares of HCL Technologies Ltd were trading in the green and 3% higher on 25 March after the company announced that they have partnered with Western Union to encourage innovation and change in the financial services industry.

Through the partnership, Western Union will use HCLTech’s AI-powered solutions, FENIXAI and AI Force, to accelerate its transition to a platform-centric operating model, which will allow for more agility and scalability.

Additionally, HCLTech will help Western Union enhance its platform and channel capabilities. The enterprise’s infrastructure will be transformed by HCLTech, which will encourage data-driven decision-making and resiliency.

Additionally, in collaboration with HCLTech, Western Union will open a state-of-the-art technological facility in Hyderabad, India.
 
C Vijayakumar, CEO and managing director of HCLTech, said, “This strategic partnership emphasizes our focus on empowering fintech companies through digital engineering led transformation and creating exceptional value for their stakeholders. We remain deeply committed to Western Union’s growth journey through innovative solutions that deliver real business outcomes.”

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The Western Union Company offers cross-border, cross-currency money movement, payments, and digital financial services that connect individuals, businesses, financial institutions, and governments to billions of bank accounts, millions of digital wallets and cards, and hundreds of thousands of retail locations across more than 200 countries and territories and more than 130 currencies.

HCLTech is an international technology company with over 220,000 workers in 60 countries. It has industry-leading expertise in digital, engineering, cloud, and artificial intelligence, all backed by a broad range of technology services and solutions. The company provides clients in all of the primary verticals with industry solutions for Financial Services, Manufacturing, Life Sciences and Healthcare, Technology and Services, Telecom and Media, Retail and CPG, and Public Services.

At 1:39 pm, the shares of HCL Tech were trading 1.68% higher at Rs 1,631.10 on NSE.

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MARKETS

Garden Reach Shares Surge 5% on Contract with Companies in Germany 

Ali Waghbakriwala

Shares of defence PSU Garden Reach Shipbuilders & Engineers Ltd (GRSE) rose 5% on 25 March after the company announced that it had signed a contract with Carsten Rehder Schiffsmakler and Reederei GmbH & Co. KG, based in Germany, for the construction and delivery of the seventh and eighth 7,500 DWT multi-purpose vessels (MPVs).

The deal, which was finalised in Hamburg, Germany, concludes an eight-ship series under an earlier option agreement between the two companies, the business said in a regulatory filing. 

With this most recent agreement, GRSE’s entire order for these vessels is still worth about $108 million, and the financial parameters have not changed. With a single cargo hold that can accommodate bulk, general, and project goods in addition to containers on hatch covers, each 120-meter-long by 17-meter-wide MPV is built to carry 7,500 tonnes of cargo.

Notably, these ships are built to support enormous windmill blades, proving GRSE’s ability to construct specialised vessels to satisfy shifting industrial needs.

Last Monday, the business signed a contract with PWD Nagaland to deliver eight double-lane modular steel bridges, enhancing connectivity throughout the state. Its already impressive portfolio of modular bridge projects is expanded with the delivery of over 5,800 units to states, the Border Roads Organisation (BRO), NHIDCL, and nations including Bangladesh, Bhutan, Nepal, Myanmar, and Sri Lanka.

At 11:40 am, the shares of Garden Reach Shipbuilders were trading 0.17% higher at Rs 1,707.60 on NSE.

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MARKETS

Stocks in Focus: Rail Vikas Nigam, Garden Reach Shipbuilders, HCL Tech, and Others

Ali Waghbakriwala

The GIFT Nifty futures, which is an early indicator of the Nifty50 index, was trading 0.10% higher by 23.5 points at 23,771, indicating that the domestic benchmark indices are likely to make a positive start on Tuesday.

On Monday, 24 March, Domestic benchmark indices S&P BSE Sensex soared by 1,078.87 points or 1.40%, and settled at 77,984.38 while the Nifty50 traded 1.32% higher by 307.95 points, settling at 23,658.35.

Here are some stocks that are likely to remain in focus on 25 March.

Rail Vikas Nigam: The company has emerged as the lowest bidder for a project worth Rs 115.79 crore from Central Railway. The scope of the project involves OHE modification work for the upgradation of the existing 1×25 KV electric traction system to 2×25 KV at the feeding system in the Itarsi-Amla section in the Nagpur division of Central Railway to meet the 3000 MT loading target.

Garden Reach Shipbuilders: The company has announced inking a contract with Reederei GmbH & Co. KG and Carsten Rehder Schiffsmakler, Germany, for constructing and delivering the 7th and 8th multi-purpose vessels of 7,500 DWT in Hamburg, Germany.

HCL Technologies: The company has formed a strategic partnership with Western Union to drive innovation and transformation in the financial services industry. As a part of the agreement, both companies will set up an advanced technology centre in Hyderabad to further enhance Western Union’s global technology capabilities. 

Gujarat Narmada Valley: The company has announced the signing of an agreement with Thyssenkrupp Udhe India to supply a weak nitric acid-III plant on an LEPC basis. 

Easy Trip Planners: The Board of Directors of the company has approved the acquisition of a 49% stake in Big Charter. The board has also approved investing 1,000 Brazilian Real in its subsidiary Easy Trip Planners Do Brasil Ltda and 50,000 Riyals in Easy Trip Planners, Saudi Arabia.

Brigade Enterprises: The company has announced the acquisition of a 4.4-acre land parcel in East Bengaluru to develop a residential project. The project will have a total development potential of 0.6 million square feet and a gross development value of Rs 950 crore. 

Hyundai Motors India: The company has announced an investment of Rs 694 crore for a new tooling centre, which will be dedicated to the manufacturing of stamping tools and panel production for vehicles. The move of this investment is aimed towards boosting localisation of the production process and strengthening its supply chain. 

Britannia Industries: Operations at the company’s plant in Jhagadia, Gujarat, has been partially affected by the workers strike that began on 24 March. The company stated that they are constantly talking with the workers to deescalate the situation and resolve it. 

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MARKETS

Stocks Under F&O Ban: IndusInd Bank

Ali Waghbakriwala

Under the futures and options (F&O) segment, one stock was banned from trade on Tuesday, 25 March, by the National Stock Exchange (NSE). The securities banned for the F&O trade are IndusInd Bank.  

Derivative contracts of these stocks were banned as the open market interest for these securities has crossed 95% of the market-wide position limit (MWPL) set by the exchanges. The MWPL is the maximum number of contracts that can be opened at any particular time.

IndusInd Bank was retained on the list from Monday as the open interest as a percentage of the MWPL of its F&O contracts stood at 86.9%. 

The ban will be lifted once the position falls below 80%. Traders will get penalised for buying or selling these securities. They will be available for trading in the cash market. 

The open interest for F&O contracts of Hindustan Copper and Polycab India declined below the 80% limit. Hence, it was removed from the list on Tuesday.

The National Stock Exchange updates the list of securities on the F&O ban list daily. This list serves as a guide for traders and investors in the market. Traders who trade in indices do not encounter a situation of security ban.

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