Stocks to Watch Today: Veritas, IDBI Bank, Punjab National Bank, PB Fintech, and Others

Stocks to Watch on Thursday: The market lost the previous two trading sessions’ momentum and closed with around half a per cent loss in the last session, due to selling across sectors barring FMCG. The correction in Asian peers also weighed on the market. The BSE Sensex fell 263 points to 59,457, while the Nifty50 declined 98 points to 17,718.

Stocks in News

Veritas (India)

Investor Swan Energy picked an additional 3.36 per cent stake or 9.01 lakh shares in the company via open market transactions on September 20. It already held just 1,441 shares in the company earlier.

IDBI Bank

The bank sold the entire stake in Ageas Federal Life Insurance Company to partner Ageas Insurance International NV. In May 2022, the bank had entered into a Share Purchase Agreement to sell its entire stake of 20 crore equity shares in Ageas Federal Life Insurance Company to Ageas Insurance International NV. With this sale, IDBI Bank’s shareholding in Ageas Federal Life Insurance Company now stands at NIL.

Punjab National Bank

The public sector lender has raised Rs 658 crore by issuing Basel III compliant additional Tier-1 bonds at a coupon rate of 8.3 per cent per annum, on a private placement basis.

Ashoka Buildcon

The company has received a contract for the construction of a new BG line, from South Western Railway as it has the letter of acceptance (LOA) from South Western Railway for the said project. The project includes electrical and telecommunication works in engineering, procurement and construction (EPC) mode. The accepted bid project cost for the project is Rs 258.12 crore. The completion period is 24 months from the date of the appointed date.

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Heritage Foods

The company said the Board of Directors will meet on September 30, to consider raising funds by way of issue of equity shares on a rights issue basis.

Kirloskar Oil Engines

The company said the board members have appointed Anurag Bhagania as Chief Financial Officer of the company with effect from September 22. In addition, the company acquired a 24 percent stake in La-Gajjar Machineries (LGM). It had acquired a 76 per cent stake in LGM in 2017 with an agreement that the balance holding will be acquired by KOEL over a 5-year period.

PB Fintech

The company will invest Rs 650 crore in the subsidiary Policybazaar Insurance Brokers, and also invest Rs 250 crore in another subsidiary Paisabazaar Marketing And Consulting.

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