Stocks to Watch: Vodafone Idea, Canara Bank, Nykaa, Mishtann Foods, Garden Reach Shipbuilders, and more | Stock Market News

Here’s a quick look at stocks likely to be in focus in today’s trade.

Vodafone Idea: Vodafone Idea announced plans to raise ₹2,000 crore through a preferential equity issuance to its promoter, Vodafone Group. In a regulatory filing, the debt-laden telecom giant confirmed that its board will meet on December 9, 2024, to review and approve the fundraising proposal.

Canara Bank: Canara Bank has received approval from the Reserve Bank of India (RBI) to divest stakes in two of its subsidiaries—13 percent in Canara Robeco Asset Management Company Ltd and 14.5 percent in Canara HSBC Life Insurance Company Ltd—via Initial Public Offerings (IPOs). The RBI has directed the state-owned lender to meet the government’s October 31, 2029, deadline to reduce its shareholding in both entities to 30 percent.

FSN E-Commerce: Nykaa Fashion, the fashion arm of FSN E-Commerce Ventures Ltd, announced on Thursday the resignation of its Chief Executive Officer, Nihir Parikh. According to the company, Parikh has been relieved of his duties with immediate effect. The resignation marks a significant change in leadership for Nykaa Fashion as it navigates a competitive landscape in the e-commerce sector.

Raymond Lifestyle: Raymond Lifestyle announced the appointment of Gautam Hari Singhania as its Executive Chairman, despite opposition from proxy advisory firms. The company disclosed in a regulatory filing that 86.85 percent of the total 4,17,57,480 votes cast were in favor of the resolution, while 13.15 percent were against it. The decision solidifies Singhania’s leadership role in steering the lifestyle division of the iconic Raymond brand.

Garden Reach Shipbuilders & Engineers (GRSE): Garden Reach Shipbuilders announced a contract for constructing the second 7,500 Deadweight Tonnage (DWT) Multi-Purpose Vessel (MPV) in a series of four additional vessels. The deal was signed on December 4, 2024, in Hamburg, Germany, following the company’s September 2024 announcement of securing an order for these vessels.

Spandana Sphoorty: ICRA revised its outlook on Spandana Sphoorty Financial Ltd (SSFL) to negative from stable, while reaffirming its ICRA A+ (negative) rating for long-term fund-based term loans worth ₹2,105 crore and non-convertible debentures of ₹423 crore. The rating agency cited deteriorating asset quality and profitability in H1FY25, driven by increased delinquencies in the microfinance sector due to borrower overleveraging and political influences.

RITES: RITES Ltd has been appointed as the Project Management Consultant (PMC) for the Phase II campus development of the Indian Institute of Management (IIM) Raipur. The project, valued at ₹148.25 crore (excluding GST), involves end-to-end management of construction, supervision, and monitoring. The campus is expected to be completed within 23 months.

Mishtann Foods: The Securities and Exchange Board of India (SEBI) has barred Mishtann Foods Ltd and five of its directors from accessing the capital markets, citing financial misrepresentation and fraud. SEBI’s interim order, covering the period from April 1, 2017, to March 31, 2024, uncovered significant financial irregularities in the company’s operations related to agricultural product processing and manufacturing.

Ramco Systems: Ramco Systems has partnered with Hanjin Information Systems & Telecommunication Co. Ltd (HIST), a subsidiary of Korea’s Hanjin Group. The collaboration aims to enhance digital transformation in aviation maintenance and engineering (M&E) and MRO (maintenance, repair, and overhaul) operations for Korean aviation organizations.