Stocks to watch: Infosys, Shadowfax, Akums, Swiggy, Eternal

Stocks to watch on July 24 include Infosys, Shadowfax, Akums, Swiggy, and Eternal as several major corporate announcements break the market news cycle. The day’s trading focus centers on leadership changes at Infosys, a massive secondary share sale for Shadowfax, and regulatory decisions affecting Eternal and Swiggy.

Infosys on Thursday appointed company veteran Ashiss Kumar Dash as the CEO designate. The leadership transition is set to take effect in 2027 after incumbent Salil Parekh completes his second term, capping a nine-year tenure. Dash’s appointment is for five years, ending on March 31, 2032, and is subject to shareholders’ nod.

The appointment is based on the recommendation of the Nomination and Remuneration Committee of the Infosys Board, the company said. This move ensures a structured handover of leadership responsibilities within the organization.

Major block deal for Shadowfax

Shadowfax Technologies is set to witness a block deal worth up to ₹1,047.5 crore (about $108 million) on Friday. Existing investors Eight Roads Investments Mauritius II, Flipkart Internet, and IMM India Fund are looking to sell shares through a secondary market transaction. The deal involves up to 9.08 per cent of the company’s total outstanding shares.

The transaction has a floor price of ₹197 per share, representing a 9.9 per cent discount to the July 23 closing price of ₹218.58. Kotak Securities and Morgan Stanley India are managing the sale, which is entirely secondary in nature. Proceeds will accrue to the selling shareholders rather than the company itself.

Swiggy targets Indian ownership status

The board of Swiggy has approved a proposal to cap the company’s aggregate foreign ownership at 49.5 per cent on a fully diluted basis. This measure is part of its endeavour to qualify as an Indian-owned-and-controlled firm. The proposal will now be placed before shareholders for approval through a special resolution at the company’s 13th Annual General Meeting (AGM) on August 18.

Related: Indian Pharma Poised for Steady FY27 Growth

Regulatory filings state that the Indian owned and controlled company (IOCC) status would allow Swiggy to directly own and sell inventory through its quick commerce brand Instamart. This move is expected to improve margins and strengthen supply chain control for the delivery giant.

CCI clears Eternal, Akums expands into cosmetics

Fair trade regulator CCI on Thursday dismissed a complaint against Eternal, holding that no prima facie case of abuse of dominance was made out in relation to platform fees and pricing on its food delivery app, Zomato. The case stemmed from a complaint by an individual consumer who alleged a food item purchased through Zomato cost Rs 198, against Rs 105 when bought directly from the same restaurant. The complainant had alleged that the difference arose due to inflated menu prices, delivery charges, platform fee and taxes.

Separately, Akums Drugs and Pharmaceuticals will acquire the manufacturing business of Oriflame India Ltd for Rs 56 crore, marking its entry into colour cosmetics. The company’s wholly-owned subsidiary, Pure and Cure Healthcare Pvt Ltd, has received board approval to acquire the manufacturing business. The transaction covers two manufacturing facilities in Roorkee and Noida, along with a leased warehouse at Noida. The acquisition is being made purely on a cash consideration basis and is expected to be completed by August 31, 2026.

Global oil markets have responded to the lifting of the Bab el-Mandeb blockade with a surge in freight rates and prices. The reopening of this critical shipping route has eased logistical constraints for maritime trade. [1] The blockade’s removal is already influencing commodity pricing. Shipping lanes have reopened, facilitating smoother global trade.

Simultaneously, the Indian pharmaceutical sector is projected to experience steady growth in the fiscal year 2027. Industry analysts attribute this momentum to robust domestic demand and expanding export capabilities. [2] The sector’s expansion is supported by these factors.