Indian stock market investors are likely to track several companies on Monday, August 31, following key developments and announcements made after market hours. Royal Orchid Hotels, Cupid, Mahindra & Mahindra, PVR INOX, Aurobindo Pharma, Ola Electric Mobility, Axiscades Technologies, and Patel Engineering are among the stocks likely to remain in focus.
The Indian stock market closed Friday’s session, August 28, higher, snapping a two-day losing streak as buying emerged in the final hour of trade. Technology stocks supported much of the market’s comeback, as upbeat outlooks from Nvidia and Salesforce reignited optimism around domestic IT stocks, while a weaker dollar also supported the metals rally.
The Nifty 50 closed the session 0.35% higher at 24,175, while the Sensex finished at 77,261, up 0.43% from the previous close. However, both indices ended the week in negative territory, extending their weekly losing streak to three weeks.
Stocks to watch on August 31
Royal Orchid Hotels: The company has initiated the process to obtain a discotheque licence for its property located on Golf Avenue, adjoining the KGA Golf Course on HAL Airport Road in Bengaluru.
Cupid: The company’s board has granted in-principle approval to establish a manufacturing venture in South Africa with a local partner. Cupid is expected to hold up to a 49% stake, while the South African partner and/or qualifying local shareholders will hold at least 51%.
Mahindra & Mahindra: The automaker has expanded its Battery-as-a-Service (BaaS) programme across its entire electric Origin SUV portfolio, including the BE6 SPORTEQ, XEV 9S and XEV 9e. Under the programme, customers can purchase the BE 6 SPORTEQ starting at ₹11.45 lakh and pay an effective battery usage cost of ₹3.75 per km.
PVR INOX: The multiplex operator has opened a new six-screen cinema with a seating capacity of 949 at Brigade Cornerstone Utopia on Varthur Road near Whitefield in Bengaluru. With the addition, PVR INOX’s network has expanded to 1,786 screens across 356 properties in 113 cities in India and Sri Lanka.
Aurobindo Pharma: The US FDA has completed an inspection of Unit-VI, an API manufacturing facility of Apitoria Pharma, a wholly owned subsidiary of the company, in Andhra Pradesh. The inspection concluded with three observations, which the company said were procedural in nature.
KP Green Engineering: The company has secured fresh orders worth ₹258 crore, including projects related to solar initiatives, crash barriers, pre-engineered buildings, transmission towers and isolators. Its cumulative confirmed order intake for the current financial year now stands at ₹497.64 crore.
Dhanuka Agritech: The company has incorporated Dhanuka Agritech Europe Private Limited as a wholly owned subsidiary in Ireland.
Ola Electric Mobility: It has received a sanction order from the Ministry of Heavy Industries for the release of ₹95.81 crore under the Production Linked Incentive (PLI) Scheme for Automobiles and Auto Components. This marks the third consecutive year that the company has secured incentives under the scheme.
Axiscades Technologies: The company’s board has approved the acquisition of a 90% stake in Bengaluru-based Cloud Wave Technologies for approximately ₹234 crore in cash. Cloud Wave operates in the precision engineering and manufacturing industry, and the transaction values the company at an enterprise value of around ₹260 crore.
Patel Engineering: It has completed the transfer of its 32% stake in ACP Tollways to APCO Infratech and other purchasers for a consideration of ₹55 crore.
Disclaimer: We advise investors to check with certified experts before making any investment decisions.
