Stocks to watch: Shares of firms like Adani Power, LTIMindtree, Ambuja Cements, Infosys, Coal India, ONGC, and others will be in focus on Monday’s trade.
Stocks To Watch On August 26: Domestic markets edged higher for the second consecutive week, moving closer to record highs, supported by favorable cues. In today’s trade, shares of Trent, BEL, LTIMindtree, Ambuja Cements, Alembic Pharma, and Transport Corp among others will be in focus due to various news developments.
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Adani Power: The company has unpaid dues of $800 million from Bangladesh for electricity supplied by its coal-fired plant in Jharkhand. This comes in the backdrop of recent violent protests in the country.
KEC International: The company has won new orders worth Rs 1,079 crore in the Transmission & Distribution and Cables businesses, including projects in India, Saudi Arabia, Oman, UAE, and the Americas. The company’s year-to-date order intake has surpassed Rs 8,700 crore.
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Ambuja Cement: GQG Partners Emerging Markets Equity Fund purchased a 0.69 per cent stake in Ambuja Cement via a bulk deal, while Holderind Investments Limited sold a 2.75 per cent stake.
Hinduja Global Solutions: Legends Global Opportunities (Singapore) Pte. Ltd. bought a 1.53 per cent stake in Hinduja Global Solutions Ltd., while New Leaina Investments Limited sold a 0.78 per cent stake.
Hero MotoCorp: Hero Motors, the flagship company of the group, has filed IPO papers with SEBI, seeking to raise up to Rs 900 crore through the public issue.
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Transport Corporation of India: The company’s board has approved the buyback of up to 13.33 lakh shares at Rs 1,200 apiece, a 4.5 per cent premium to Friday’s closing price. Record date for buyback has been set for September 4, 2024.
Piramal Enterprises: Piramal Capital and Housing Finance, a subsidiary of Piramal Enterprises, partnered with Central Bank of India to expand its co-lending operations, focusing on middle and low-income borrowers in rural and semi-urban regions.
Jio Financial Services: The company has received approval from the Department of Economic Affairs, Ministry of Finance, to increase its foreign investment limits to 49 per cent of total equity on a fully diluted basis.
FDC: The company announced that its Baddi manufacturing facility passed a US FDA inspection with no observations and zero 483s, indicating full compliance with FDA standards.
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Dr Reddy’s Laboratories: The company reported that the USFDA completed a Pre-Approval Inspection at its Srikakulam facility, resulting in a Form 483 with three observations. The company is committed to addressing these within the stipulated timeline, it said.
Infosys: The IT bellweather denied allegations by Cognizant TriZetto in a Texas federal court, where the company has accused it of stealing trade secrets related to healthcare insurance software.
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Coal India: The company may face a financial impact of up to Rs 35,000 crore if it fails to recover mining taxes from customers, with Mahanadi Coalfields Ltd and Central Coalfields Ltd being the most affected, the company’s Chairman PM Prasad said.
Maruti Suzuki India: The carmaker plans to expand its Nexa sales network to around 650 outlets, focusing on Tier II and Tier III cities, aiming to add 150 stores in the current fiscal.
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Aurobindo Pharma: The USFDA issued a warning letter to Aurobindo Pharma’s subsidiary Eugia for manufacturing lapses at its Telangana-based plant.
ONGC: Oil and Natural Gas Corporation opened its fifth well on its deep-sea project in the Krishna Godavari basin, augmenting production of crude oil and natural gas.
Uno Minda: The company, in collaboration with Japan-based Tokai Rika Co, inaugurated a new manufacturing facility in Neemrana, Rajasthan, under their joint venture, Tokai Rika Minda India Private Ltd., with a production capacity of 384,022 units per month.
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Lemon Tree Hotel: The company signed a new property under its Aurika Hotels & Resorts brand in Surat, Gujarat, scheduled to open in the financial year 2030. The property is to be managed by Carnation Hotels Private, one of its subsidiaries.
NIIT: Ramesh Shrichand Damani acquired a 0.59 per cent stake in NIIT at Rs 127.55 per share.
Eco Hotels and Resorts: The company signed an initial pact to acquire three properties in Sindhudurg, Maharashtra, aiming for 500 rooms across its properties by December.
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Zomato: The company introduced a feature allowing users to schedule food orders up to two days in advance, available for orders above Rs 1,000 at select outlets.
IREDA: The company is considering a fundraise of up to Rs 4,500 crore, with a board meeting scheduled to discuss the proposal.
IDFC First Bank: The company has received income tax refund of Rs 202.55 crore for assessment year 2023-2024.
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Religare Enterprises:Enforcement Directorate officials conducted search operation at te premises of top executives of the company. No incriminating documents or digital devices were found, the company said in an exchange filing.
JSW Energy: JSW Neo Energy, a subsidiary of the company, has received a LoA for 250 MW grid-connected wind power project from Adani Electricity, Mumbai.
Karur Vysya Bank: The RBI has approved SBI Mutual Fund’s proposal to acquire up to 9.99 per cent stake in the lender.
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Ashoka Buildcon: The company has emerged as the lowest bidder for an MMRDA project worth Rs 478 crore.
Nifty 50 index changes: Trent and Bharat Electronics to be included in the Nifty 50 index, while Divi’s Laboratories and LTIMindtree are to be excluded from the index, effective from Septemer 30.
