Top stocks in focus on Monday: From Ruchi Soya to Tech Mahindra

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Markets broke four-consecutive weeks’ losing streak and made a strong recovery in the last week’s performance. Domestic equities picked up momentum shrugging off uncertainties arising from Russia-Ukraine and were supported by major BJP wins in four out of five state election polls – that lifted markets’ mood. The week ahead, markets are set to be focused on inflation data, major central banks policy announcements, and weekly F&O expiry. However, diplomatic developments in Russia and Ukraine’s conflict will continue to hold dominance in swaying markets outlook.

Ruchi Soya: The company has filed Red Herring Prospectus (RHP) for its Follow-on Public Offer (FPO). The FPO aims to raise 4300 after the divestment of a near 17% stake of its promoter company Patanjali. The FPO will open on 24th March 2022 and it will remain open for bidding till 28th March 2022.

One97 Communications: RBI has directed associate, Paytm Payments Bank to halt the onboarding of new customers. The decision was made after RBI RBI has observed certain material supervisory concerns at PPBL. RBI directed the payment bank to supplement a reputed external auditor to conduct a comprehensive System Audit of its IT systems.

BSE: The exchange has signed an MoU with Onsurity Technologies for MSMEs, to work collaboratively to facilitate and comarket their products and services to their respective network of small and medium enterprises.

United Spirits: The company has received board of directors approval for investing to the tune of Rs31.50 crore in craft gin-maker Nao Spirits & Beverages. The transaction will be carried out by purchasing a portion of equity shares from existing shareholders and subscribing to Compulsory Convertible Preference Shares (CCPS) and equivalent shares.

Tech Mahindra: The company approved the proposal to acquire 100% equity shares in Thirdware Solutions Limited. Tech Mahindra will pay total consideration of up to USD 42 million including earnouts. The acquisition will bolster Tech Mahindra’s digital solutions and services in automotive consulting, design, development, and implementation in areas like ERP (Enterprise Resource Planning), EPM (Enterprise Performance Management), RPA (Robotic Process Automation), and IIoT (Industrial Internet of things). The transaction is expected to complete by May 31, 2022.

Indo Rama Synthetics: India Ratings has upgraded the company’s long-term issuer rating to ‘IND A-‘ from ‘IND BBB+. The outlook is stable.

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