Summary:
Several stocks are expected to remain in focus on June 24 following major corporate developments. Infosys announced a new AI-led partnership with GlobalFoundries, while IRFC is in the spotlight due to the government's stake sale through an OFS. Investors will also track updates from Honasa Consumer, Rashi Peripherals, Yes Bank, SIS, City Union Bank, and Imagicaaworld Entertainment for potential market-moving reactions.
There are several stocks that are expected to be in the limelight on June 24 owing to major corporate moves made by them through acquisition, raising funds, sale of stakes, or expansions in their businesses. The stocks include:
Infosys
The Infosys stock is expected to be in the limelight following a move made by the firm regarding its decision to enter into a multi-year partnership with GlobalFoundries, which is one of the top semiconductor companies listed in Nasdaq. As part of the agreement, Infosys will be providing AI led managed services for Global Foundries’ enterprise IT environment.
The deal will be advantageous to Infosys considering the current growth trends in the artificial intelligence sector.
Indian Railway Finance Corporation (IRFC)
The stocks of IRFC could continue to be under pressure following the Government of India's decision to offer its 2 percent stake in the company in the form of an Offer for Sale (OFS). In addition to this, there will also be a greenshoe option of 1 percent.
The OFS will take place on June 24 and June 25, and the floor price has been set at ₹91 per share. It is common knowledge that the sale of stakes by the government increases trading volumes as the effects of increased share volume in the market have to be considered.
Honasa Consumer
Honasa Consumer, which is the parent organization of Mamaearth, has made an announcement of acquiring a majority share of 58 percent in Fluence Pharma, which is a science-driven nutraceuticals company.
This is considered to be Honasa's first move into the rapidly growing nutraceuticals market. The acquisition will enable the company to explore various new avenues of revenue generation by entering into the wellness & healthcare market.
Rashi Peripherals
Definitive agreements have been inked between Rashi Peripherals for the purchase of 67 percent shareholding interest in VDA Infosolutions for ₹368.5 crore, subject to usual closing conditions.
Besides, Rashi Peripherals is looking to buy the rest 33 percent shareholding interest over three years, through an annual purchase of 11 percent every year in August 2027, August 2028, and August 2029 respectively.
The move will help Rashi Peripherals enhance its abilities in the technology distribution and solutions business segment.
City Union Bank
As per the news released by City Union Bank, the board of directors of the bank has taken the decision to infuse up to ₹500 crores via the Qualified Institutional Placements (QIP) mode.
The record date for calculating the shareholders eligible to receive the dividend and the date for the annual general meeting have been decided as July 31 and August 14 respectively.
Yes Bank
Yes Bank has notified the stock exchanges that its Board of Directors is scheduled to hold a meeting on June 29 for consideration of fund raising through issuance of equity and debt instruments.
It is quite evident that any announcement pertaining to fund raising is usually one of the important catalysts for the performance of banking stocks. Market players will wait for the results of the Board of Directors' meeting.
SIS
It has been reported that the Board of Directors of Security and Intelligence Services (SIS) will meet on June 29 to discuss the plan for repurchasing the equity shares.
The plans for share repurchase have traditionally been welcomed by investors because such a step would lead to an increase in earnings per share. The news is expected to keep the stock under focus during the upcoming sessions.
Imagicaaworld Entertainment
According to Imagicaaworld Entertainment, it is ready to restart its operations at the Imagicaa Water Park in Khopoli, Maharashtra, on June 26 as there have been some improvements in water availability due to rains in the catchment area.
It was reported that the firm incurred losses of about ₹50 lakh because of this problem. It was said that many water conservation steps had been taken by management in order to keep up its business operations during the closure period.
