Stocks to watch on August 23: Zomato, Ambuja Cements, Nykaa, Adani Power, and Jain Irrigation Systems

Here is a list of stocks that may remain in focus today.

Zomato: Food delivery giant Zomato has decided to immediately shut down its intercity 'Legends' services, CEO Deepinder Goyal announced on Thursday. In a post on microblogging platform X, he said, "Update on Zomato Legends: after two years of trying and not finding product market fit, we have decided to shut down the service with immediate effect," Goyal announced.

Poly Medicure: The company has raised ₹1,000 crore by selling shares to at least seven major funds, CNBC-TV18 reported. Poly Medicure fixed the QIP issue price at ₹1,880 per share, which is a discount of 12.8% to Thursday's closing price of the stock. The company launched the QIP on August 19.

Adani Power: Adani Power on Thursday said the NCLT Hyderabad bench has approved its plan to acquire Lanco Amarkantak Power Ltd. (LAPL) for an upfront payment of ₹4,101 crore. LAPL is undergoing the Corporate Insolvency Resolution Process (CIRP) under the Insolvency and Bankruptcy Code, a BSE filing said.

Ambuja Cements: The Adani family is planning to sell around 3% of their stake in Ambuja Cements to raise up to $500 million (₹ 4,197 crore) via block deals on Friday. The family currently owns a 70.33% stake in Ambuja Cements, which they acquired from Swiss materials firm Holcim in May 2022, according to a report by Business Standard.

Nykaa: As per news reports, Harindarpal Singh & Associates is likely to sell up to a 1.4% stake in Nykaa. The floor price has been set at ₹198/share. Harindarpal Singh held a 6.4% stake in the company at the end of the June quarter.

Jain Irrigation Systems: The company said on Thursday that it is the first company in the world to have successfully developed a tissue culture protocol for coffee varieties. JISL has signed a MoU with the Coffee Board of India for the commercial release of the advanced, high-quality, disease-resistant coffee plants to growers. This collaboration is set to transform the coffee industry, it added.

Wipro: The IT company announced on Thursday that it has been selected by the John Lewis Partnership (JLP) to transform and modernise the firm’s IT infrastructure. The transformation project will help the UK retailer advance its industry leadership and future-proof its business to drive ongoing, sustainable growth.

Shriram Finance: The company said that CCI, at its meeting held on August 20, 2024, approved the sale of the entire stake in Shriram Housing Finance Limited (SHFL) to Mango Crest Investment Ltd., an affiliate of Warburg Pincus.