Stocks in the news:
1. Motherson Sumi Systems (MSSL): MSSL conducted a virtual investor conference whereby it outlined its next 5-year plan for 2020-25. The company is targeting US$ 36 billion in group revenues by FY25E, including 25% contribution from non-automotive space. It also aims to be highly capital efficient, with a targeted group RoCE of 40%. Other ambitions outlined include 40% consolidated dividend payout ratio and continued business de-risking via 3CX10 i.e. no component, country or customer to form more than 10% of revenues
2.Ashok Leyland: Ashok Leyland has incorporated a new wholly owned subsidiary named Vishwa Buses and Coaches for carrying on business of bus body and coach building. The company has a paid up capital of | 60 crore. Separately, Ashok Leyland's holding in UK based EV bus maker Optare PLC stands reduced from 99.24% earlier to 91.63% on account of conversion of loans by Hinduja Automotive Limited into equity shares. Optare PLC had FY20 revenues of | 336.22 crores.
3.Bharti Airtel: Bharti Airtel has picked up a 5.2% stake in Avaada MHBuldhana Pvt. Ltd, a solar power firm, for | 4.55 crore
4.Majesco: Majesco has announced buyback opening date 27 November 2020 and buyback closing date 11 December 2020. The company had proposed a buyback of 74.7 lakh shares at | 845/share.
5.IIFL Securities: IIFL Securities' board has approved buy-back of equity shares with total outlay of upto | 90 crore, comprising ~11.5% stake of consolidated total paid-up capital and free reserves as of March 2020. Maximum price for buy back is fixed at | 54 per share.
6.Relaxo Footwears: As per media reports, in a bid to cater to the strong demand for open footwear category, Relaxo Footwears plans to set up a new manufacturing plant with capex outlay of | 150 crore
7.Mphasis: As per media sources, Blackstone the promoter of Mphasis is weighing an exit and has initiated discussion with at least three global investment banks JP Morgan, Morgan Stanley and Citi for sell side advisory while KPMG has already begun vendor diligence.
1. Motherson Sumi Systems (MSSL): MSSL conducted a virtual investor conference whereby it outlined its next 5-year plan for 2020-25. The company is targeting US$ 36 billion in group revenues by FY25E, including 25% contribution from non-automotive space. It also aims to be highly capital efficient, with a targeted group RoCE of 40%. Other ambitions outlined include 40% consolidated dividend payout ratio and continued business de-risking via 3CX10 i.e. no component, country or customer to form more than 10% of revenues
2.Ashok Leyland: Ashok Leyland has incorporated a new wholly owned subsidiary named Vishwa Buses and Coaches for carrying on business of bus body and coach building. The company has a paid up capital of | 60 crore. Separately, Ashok Leyland's holding in UK based EV bus maker Optare PLC stands reduced from 99.24% earlier to 91.63% on account of conversion of loans by Hinduja Automotive Limited into equity shares. Optare PLC had FY20 revenues of | 336.22 crores.
3.Bharti Airtel: Bharti Airtel has picked up a 5.2% stake in Avaada MHBuldhana Pvt. Ltd, a solar power firm, for | 4.55 crore
4.Majesco: Majesco has announced buyback opening date 27 November 2020 and buyback closing date 11 December 2020. The company had proposed a buyback of 74.7 lakh shares at | 845/share.
5.IIFL Securities: IIFL Securities' board has approved buy-back of equity shares with total outlay of upto | 90 crore, comprising ~11.5% stake of consolidated total paid-up capital and free reserves as of March 2020. Maximum price for buy back is fixed at | 54 per share.
6.Relaxo Footwears: As per media reports, in a bid to cater to the strong demand for open footwear category, Relaxo Footwears plans to set up a new manufacturing plant with capex outlay of | 150 crore
7.Mphasis: As per media sources, Blackstone the promoter of Mphasis is weighing an exit and has initiated discussion with at least three global investment banks JP Morgan, Morgan Stanley and Citi for sell side advisory while KPMG has already begun vendor diligence.