Stocks in news: Adani Enterprises, Adani Wilmar, EaseMyTrip, ITC, Mazagon Dock Shipbuilders and Zomato
Key stock updates: Adani Enterprises exits Adani Wilmar, ITC Hotels demerger set, EaseMyTrip stake sale, Mazagon Dock signs $233M submarine deal, and Zomato-backed Magicpin plans IPO.
Stocks in news: Adani Enterprises, Adani Wilmar, EaseMyTrip, ITC, Mazagon Dock Shipbuilders and Zomato
Stocks in news witnessed important updates on firms, including Adani Enterprises, Adani Wilmar, EaseMyTrip, ITC, Mazagon Dock Shipbuilders, and Zomato. These trends may affect the market as investors watch for strategic moves and business updates. Adani Enterprises said it will sell its 44% stake in Adani Wilmar, paring a complete exit. The company intends to double down on its infrastructure platforms. The exit will take place in two phases. The initial sale of shares is to be made to LencePte Ltd, a wholly owned subsidiary of Wilmar International. The rest will be offloaded to comply with public shareholding norms.
ITC has sent ₹1,500 crore to its soon-to-be demerger, ITC Hotels, to assist its growth and contingency measures. According to reports, based on a shareholder presentation, the hotel company will spend 8-10% of revenue on renovations and active projects. The record date for the demerger will be January 6, with an effective date of January 1, 2025, for shareholders entitled to get equity shares of ITC Hotels.
EaseMyTrip is focused on the travel space, as co-founder NishantPitti may sell his balance of 14.21 percent holding on December 31. The transaction will occur through block deals, projected at ₹780 crore. Some institutional investors like CRAFT Emerging Market Fund support the deal. In September, Pitti sold a 14% stake for ₹920 crore.
India has signed a $233 million contract with Mazagon Dock Shipbuilders to procure advanced submarine technology. The agreement will improve the country’s naval capabilities since submarines can remain underwater for long spells, fortifying national security.
On IPO news, Zomato-backed Magicpin plans its IPO in 2025. According to reports, the company discusses the process with investment banks and legal advisers. The move aligns with Zomato's strategy of expanding its portfolio through strategic partnerships and investments in hyper-local businesses.
Investors will closely watch these updates as they choose to move in or out of the stocks in news list from Adani Enterprises, Adani Wilmar, EaseMyTrip, ITC, Mazagon Dock Shipbuilders, and Zomato over the next few days.
