Stocks to watch, Sept 17: IT stocks, Eicher Motors, RailTel, BSE, CDSL, Highway Infra, Mazagon Dock

The domestic stock market is expected to open in the red on Thursday, September 17, with GIFT NIFTY futures pointing to a 63-point decline in the NIFTY50 index.

The anchor round also saw participation from sovereign wealth funds such as GIC Singapore, Abu Dhabi Investment Authority (ADIA) and Norges Bank, along with Eastspring and HSBC Global Asset Management.

According to a circular uploaded on the BSE website, NSE allotted over 3.77 crore shares to 150 anchor investors at ₹1,785 apiece, the upper end of its IPO price band. The transaction size stood at ₹6,746.2 crore.

The ₹22,561.57 crore issue, entirely an offer for sale, will run through September 21, with the exchange valued at up to around ₹4.42 lakh crore at the upper end of the price band.

The IPO is also expected to keep investor attention on listed capital-market plays, as investors assess the potential impact of NSE’s public listing on the broader market ecosystem.

The proposed facility will have an annual shipbuilding capacity of at least 1.2 million gross tonnes, enabling the construction of large commercial vessels and supporting an ecosystem of ancillary industries, MSMEs and technology partners. The project marks Mazagon Dock’s expansion beyond its core defence shipbuilding business into large-scale commercial shipbuilding.

The offering comprises up to 14.31 million existing shares at SEK 46 apiece, implying a valuation of around SEK 2,357 million for Linjemontage. Kalpataru Sweden, a wholly owned subsidiary of KPIL, is among the selling shareholders.

The IPO is scheduled to open on September 17, with trading expected to begin on September 25.

The Healthcare Services Agreement (HSA), executed by Fortis Hospotel Ltd (FHTL), has a committed term of 29 years, extendable on mutually agreed terms. The hospital is expected to commence operations in 3-4 years, subject to requisite approvals.

Under the agreement, FHTL holds long-term exclusive rights to provide specified inpatient healthcare services, necessary clinical manpower, and specialised equipment such as Cath Labs, LINAC, PET-CT, and surgical robots in exchange for an agreed service fee.

The shares will be allotted to 18 identified investors, including WhiteOak Capital entities, Ashish Kacholia, Tata Mutual Fund, Tata Business Cycle Fund and Kotak Mahindra Life Insurance.

The proposed issue is subject to shareholder and other regulatory approvals, with an extraordinary general meeting scheduled for October 8 to seek shareholders’ approval.

Following the issue, promoter and promoter-group holding is expected to decline to 43.71% from 48.41%, while public shareholding will increase to 56.29% from 51.59%.

The levy on petrol exports was reduced to ₹0.50/litre from ₹1.50, while the total levy on diesel was cut to ₹20/litre from ₹25 and that on ATF to ₹15/litre from ₹19.

The move is likely to improve export economics and support refining margins for companies with higher exposure to overseas fuel sales, while there is no change in duties on petrol and diesel sold domestically.

NSE filings showed that Infosys announced the expansion of its Development Centre (DC) with the inauguration of a new Software Development Block (SDB-2) at its campus in the Super Corridor, Indore.

Additionally, the company will be required to deploy “04 number of Patrolcum- safety vehicles with required personnel manning these vehicles for Gorakhpur Link Expressway”.

The two-year contract, worth ₹220.66 crore, includes ₹105.08 crore for the first year and an escalation of 10% per annum for the second year, the company said.

According to a regulatory filing dated September 16, the proposed transaction comprises the acquisition of Novotel Imagicaa, an operating hotel undertaking located in Khopoli, District Raigad, Maharashtra.

The hotel undertaking will be acquired for an aggregate lump-sum purchase consideration of ₹248 crore at approximately ₹86 lakh per key, subject to the terms and conditions of the definitive agreements.

The company stated that cenobamate is being launched for the first time in India, where an estimated 94 lakh people live with epilepsy.

NeuCeno is a once-daily oral therapy available in strengths ranging from 12.5 mg to 200 mg tablets.

In clinical studies of adults with uncontrolled focal seizures on existing medications, adjunctive cenobamate showed up to a 78% reduction in seizure frequency, with up to 30% of patients achieving seizure freedom during the maintenance phase, the company said in an exchange filing.

"People living with epilepsy and their caregivers face significant challenges in achieving effective seizure control. Cenobamate has the potential to transform treatment outcomes towards delivering better epilepsy management," said Sandeep Singh, Managing Director of Alkem Laboratories.

During a meeting with BPCL chairman and managing director (CMD) Sanjay Khanna and other officials, the Chief Minister proposed setting up a downstream petrochemical park in the vicinity of the refinery, said an official release.

“Naidu directed Bharat Petroleum Corporation Limited (BPCL) to expedite the commencement of works on its greenfield refinery-cum-petrochemical project near Ramayapatnam Port,” it said.

Khanna informed the CM that the project, coming up between Prakasam and Nellore districts, is estimated to cost around ₹1.45 lakh crore.

The issue raised around ₹600 crore, with the issue price above the floor price of ₹2,189.73 per share. Following the allotment, the company’s paid-up equity share capital has increased to ₹30.04 crore from ₹27.38 crore. The shares will be listed on BSE and NSE.