Stocks to watch: Shares of firms like TCS, Vedanta, SpiceJet, Zee Ent, Paytm, Jio Financial, and others will be in focus on Wednesday’s trade.
Stocks to Watch on September 06: GIFT Nifty on the NSE IX traded 0.5 points, or 0.00 per cent, higher at 19,671, signaling that Dalal Street was headed for muted start on Wednesday. Here’s a slew of stocks that will be in focus today for various reasons.
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Jio Financial Services: Jio Financial Services Ltd, the demerged non-banking financial services unit of Mukesh Ambani-led Reliance group, will be dropped from Nifty50, other indices, on September 7, the stock exchange NSE said on Tuesday. Shares of JFSL got listed on the stock exchanges on August 21 due to its spin-off from parent Reliance Industries. During the AGM, RIL announced that JFNSL will enter the insurance segment to offer life, general and health insurance products.
Tata Consultancy Services: Indian technology major Tata Consultancy Services on Tuesday said it has entered a multi-year partnership with agriculture and bio-energy company Lantmännen Ekonomisk Förening (Lantmännen) to transform its IT infrastructure. TCS on Tuesday said they will harmonise Lantmännen’s digital workplace to support hybrid working for all users, and transform Lantmännen’s global service desk to deliver 24×7 multi-lingual support.
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Vedanta: Vedanta Resources Ltd (Vedanta) on Tuesday said it will restart copper operations in Zambia after a government decision in favour of the company. In a statement, the metal and mining giant said: “The ownership and management of Konkola Copper Mines (KCM) has been returned to the company following a historic decision by the Government of the Republic of Zambia”. KCM is a world-class asset having reserves of 16 million tonnes of contained copper. It has a copper grade of 2.3 per cent, the company said.
SpiceJet: A day after SpiceJet Ltd announced allotment of 48.1 million shares on a preferential basis to nine lessors, the National Company Law Tribunal asked the crisis-hit airline to pursue its plan of issuing equity shares to settle its dues to aircraft lessors. On Tuesday, the NCLT also deferred the hearing of a plea filed by Celestial Aviation, one of the airline’s lessors, for initiating insolvency proceedings against SpiceJet, to 15 September.
Zee Entertainment: Private lender IDBI Bank has filed an appeal against the NCLT order approving the merger of Zee Entertainment Enterprise Ltd (ZEEL) with Culver Max Entertainment, formerly Sony Pictures Networks India. The lender has moved the National Company Law Appellate Tribunal (NCLAT) against the order. Earlier, the Mumbai bench of the National Company Law Tribunal (NCLT) on August 10, 2023, approved the proposed merger, which would create the largest media entity in the country.
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One97 Communications: One97 Communications Ltd, which runs the brand Paytm, reported a 20% year-on-year (YoY) growth in average monthly transacting users at 94 million in the July-August period from 79 million in the same period last year. In August 2023, Paytm disbursed loans worth Rs 5,517 crore ($667 million) through its lending platform, the company said in a press release. The company’s merchant payment volumes increased by 43% year-on-year to Rs 3 trillion in July-August 2023.
Tata Power: Tata Power Renewable Energy Ltd (TPREL) will set up a 12-megawatt (MW) on-site solar project at Tata Motors’ commercial vehicle manufacturing facility in Maharashtra. In a statement, TPREL said it has already signed a power purchase agreement (PPA) with Tata Motors in this regard. The project will generate 17.5 million units of electricity per annum mitigating over 12,400 tonnes of Co2 per annum.
Bikaji Foods International: Mumbai-based Lighthouse Advisors India on Tuesday divested a 1.3 per cent stake in Bikaji Foods International for nearly Rs 156 crore through an open market transaction. Lighthouse Advisors through its investment vehicle Lighthouse India Fund III sold the shares of Bikaner-based Bikaji Foods. According to the bulk deal data available with the BSE, Lighthouse India Fund III offloaded 32,42,070 shares, or a 1.3 per cent stake, in Bikaji.
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