Stock to Watch Today - Rupeedesk Reports - 11.03.2024
Stock to Watch Today - Rupeedesk Report
Stock to Watch Today - Rupeedesk Reports
Buzzing Stocks: RVNL, IndiGo, Vodafone Idea, GAIL, Adani Ent, M&M, BSE and others in news.
Rail Vikas Nigam: The state-run railway company has received a Letter of Award (LoA) for a Rs 1,298.2-crore project from the Himachal Pradesh State Electricity Board for the development of distribution infrastructure in the south and north zones of Himachal Pradesh under the revamped reform-based and results-linked distribution sector scheme (loss reduction works). It also bagged a project worth Rs 251.05 crore from the Madhya Pradesh Poorv Kshetra Vidyut Vitaran Company for the supply, installation, testing, and commissioning of 11 KV Line-associated works in Jabalpur. The RVNL and URC joint venture have received a Letter of Acceptance (LoA) worth Rs 543 crore from Madhya Pradesh Metro Rail Corporation (MPMRCL) with respect to the Indore Metro Rail Project.
InterGlobe Aviation: IndiGo co-founder Rakesh Gangwal is reportedly considering selling up to a 5.8 percent stake in InterGlobe Aviation, the airline's parent company, higher than an earlier plan of 3.3 percent, CNBC-TV18 reported, citing sources. The proposed equity sale aims to raise nearly Rs 6,600 crore, with a floor price set at Rs 2,925 per share, according to the report.
GAIL (India): The gas distribution company, Oil and Natural Gas Corporation (ONGC), and Shell Energy India (SEI) signed a tripartite Memorandum of Understanding (MoU) to explore opportunities for the import of ethane and other hydrocarbons. They will also examine the development of evacuation infrastructure at Shell Energy Terminal, Hazira.
Vodafone Idea: The telecom operator has sought approval from its shareholders on April 2 in the Extraordinary General Meeting for the issuance of securities up to Rs 20,000 crore.
SJVN: Subsidiary SJVN Green Energy (SGEL) has signed a power usage agreement (PUA) for 500 MW solar power and a power purchase agreement (PPA) for 100 MW solar power with Rajasthan Urja Vikas and IT Services (RUVITL).
Adani Enterprises: The integrated terminal 3 (T3) of the Chaudhary Charan Singh International Airport (CCSIA) has been inaugurated. The airport has been built at a cost of Rs 2,400 crore.
BSE: The board of directors of subsidiaries BSE Technologies (BTPL) and BSE Tech Infra Services (BTPL) have granted in-principle approval at their meetings to merge BSE Tech Infra with BTPL.
Mahindra & Mahindra: Promoter group entity Prudential Management and Services sold 93 lakh equity shares (equivalent to 0.7 percent) in M&M at an average price of Rs 1,912.04 per share via open market transactions, valued at Rs 1,778.2 crore.
Bharti Airtel: Promoter group entity Pastel sold 4.9 crore equity shares (equivalent to 0.8 percent of paid-up equity) of the telecom operator at an average price of Rs 1,193.7 per share, amounting to Rs 5,849.13 crore.
LIC Housing Finance: The housing finance company said the Board of Directors approved the borrowing budget for FY 2024–25.
Sonata Software: The company has announced the integration of Sonata Harmoni.AI with the Microsoft Azure AI service. This integration complements Sonata’s collaboration with Microsoft Fabric and its position as a Microsoft AI Partner Council member.
LTIMindtree: The IT services company has filed a writ petition against a Rs 726.9 crore GST claim in the High Court of Karnataka.
KPI Green Energy: The company has received an order to develop a 305 MW solar power project in Gujarat, out of which 175 MW is awarded by Aditya Birla Renewables subsidiary and 130 MW is awarded by ABREL (RJ) Projects. The project will be connected to the interstate transmission system (ISTS) network of the Central Transmission Utility (CTU).
Remsons Industries: The company and Aircom Group AG, Switzerland, the JV partner, have incorporated a joint venture company, namely Aircom Remsons Automotive, with a capital ratio of 26:74, respectively.
Lemon Tree Hotels: The hotel chain has signed a license agreement for an upcoming hotel in Coimbatore, Tamil Nadu, under its brand, Keys Lite by Lemon Tree Hotels. The hotel property is expected to be operational in FY26.
Coal India: The country's largest coal mining company has executed a Memorandum of Understanding (MoU) with Rajasthan Rajya Vidyut Utpadan Nigam (RRVUNL) for exploring various opportunities for securing power to meet the growing energy demand in Rajasthan. Under this MoU, their focus will be to explore the possibilities of setting up 4,100 MW of projects through a JV company across the five identified projects, namely pit-head thermal power projects, solar projects at solar parks, pumped storage projects, solar projects at existing TPPs, and wind projects.
SBI Life Insurance Company: The company said the Board of Directors has declared an interim dividend of Rs 2.70 per equity share for the financial year 2023–24.
Macrotech Developers: The leading real estate developer has raised Rs 3,300 crore through qualified institutional placement (QIP). This is the fourth equity raise by Lodha in the last 36 months, and in total, it raised over Rs 13,000 crore.
Vedanta: The SEBI has issued an administrative warning to Vedanta and asked him to take the necessary corrective steps to strengthen internal control for corporate announcements. The company said the administrative warning will not have any impact on financial, operational, or other activities.
Torrent Power: The Gujarat-based power company has received a letter of award from Maharashtra State Electricity Distribution Co. for setting up 306 MW grid-connected solar PV projects in Nasik, Maharashtra, with a tariff rate of Rs 3.10 per kWh. The project cost is Rs 1,540 crore. The company will supply 306 MW of solar power under the Mukhya Mantri Saur Krushi Vahini Yojana 2.0 scheme for feeder-level solarization under the PM KUSUM Scheme.
PNC Infratech: The infrastructure company has announced the execution of a concession agreement for a HAM (Hybrid Annuity Mode) project with M.P. Road Development Corporation (MPRDC) for a bid project cost of Rs 1,174 crore. The project will be constructed in 24 months upon the declaration of the appointed date and operated for 15 years post-construction.
JM Financial: The SEBI has barred JM Financial from taking any new mandate for acting as a lead manager for any public issue of debt securities. In an interim order, SEBI said JM Financial may continue to act as a lead manager for the public issue of debt securities for a period of 60 days from the date of this order, and the observations made in the order are based on the material available on record and that the investigation into this matter will be completed in six months.
NLC India: The Government of India has decided to exercise the oversubscription option to the extent of 2 percent equity on March 11, in addition to 5 percent equity (the base offer size). Accordingly, now the total offer-for-sale (OFS) size will be 9,70,64,562 equity shares (equivalent to 7 percent of total paid-up equity).
HG Infra Engineering: The company has been declared an L1 bidder for a road project worth Rs 610 crore by NHAI. The work includes the construction of a 4-lane elevated corridor of Kalimandir-Dimna Chowk-Balaguma (Jamshedpur) Section of NH-33 in EPC (engineering, procurement, and construction) mode in Jharkhand. Further, the company has also been declared the lowest bidder for a project worth Rs 862.11 crore by NHAI in Andhra Pradesh in hybrid annuity mode.
Dishman Carbogen Amcis: The US Food and Drug Administration (US FDA) has inspected the company's facility in Bavla, Ahmedabad, during March 4–8 and concluded the said inspection with few procedural observations. The company will address observations within the stipulated timelines. No serious issue was raised during the course of the entire inspection, the company said. Thus, its facilities in Bavla and Naroda and multiple facilities in Switzerland and the Netherlands continue to be approved by the US FDA.
Entero Healthcare Solutions: The healthcare products distributor has recorded 105 percent on-year growth in consolidated net profit at Rs 6.8 crore for the quarter ended December FY24, with revenue increasing 19.7 percent to Rs 992.6 crore and EBITDA rising 53.8 percent to Rs 28.6 crore during the same period. EBITDA margin expanded 64 bps YoY to 2.88 percent in Q3 FY24.
Ravindra Energy: The company received a Letter of Award from Maharashtra State Electricity Distribution Company (MSEDCL) to develop and operate 100 MW (AC) of decentralized feeder-level PV solar projects under the Mukhyamantri Saur Krushi Vahini Yojana 2.0 (MSKVY) of the Government of Maharashtra. MSEDCL will enter into a 25-year Power Purchase Agreement (PPA) with the company, and the average PPA tariff has been fixed at Rs 3.08 per unit.
Alembic Pharmaceuticals: The United States Food and Drug Administration (US FDA) has conducted an inspection at the company's Oncology (injectable and oral solid) formulation facility (F-2) at Panelav during February 28 and March 8. The US FDA issued a Form 483 with four procedural observations.
HFCL: Sampathkumaran S. T. has been appointed as Executive President, Defense Business, of the company with effect from March 7 and has been designated as one of the senior management personnel of the company.
HFCL: Sampathkumaran S. T. has been appointed as Executive President, Defense Business, of the company with effect from March 7 and has been designated as one of the senior management personnel of the company.
India Glycols: The company has successfully added a further capacity of 270 KLPD to the existing bio-fuel ethanol plant at Kashipur, Uttarakhand. Accordingly, the increased capacity of the bio-fuel ethanol plant (ethanol to bio-fuel conversion) now stands at 410 KLPD and is fully commissioned.
G R Infraprojects: Agarwal Lalita, Kiran Agarwal, Suman Agarwal, Ritu Agarwal, and Laxmi Devi Agarwal, part of the promoter group, sold 48,34,450 equity shares (equivalent to 5 percent of paid-up equity) in the company via open market transactions, amounting to Rs 566.12 crore. However, SBI Mutual Fund bought 11,50,664 equity shares in the company at an average price of Rs 1,171 per share, valued at Rs 134.7 crore.
SBFC Finance: Promoter SBFC Holdings Pte Ltd sold 2,96,13,444 equity shares (equivalent to 2.77 percent of paid-up equity) in the company at an average price of Rs 86.35 per share, valued at Rs 255.71 crore. However, Aditya Birla Sun Life Mutual Fund A/C Aditya Birla Sun Life Multi-Cap Fund (ABSLMCF) picked up 55,64,648 equity shares (equivalent to 0.52 percent of paid-up equity) in the company at an average price of Rs 85.52 per share.
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