BHEL, PFC are in news on the back of the dividend payout to Govt. BHEL has paid final dividend of Rs 55 crore while PFC pays Rs 462 cr dividend in FY24. Watch out for IREDA, Reliance Power and Nazara Tech too.
The US Fed cut rates by 50 bps on Wednesday. The US markets rallied on the news initially and the Dow and S&P 500 hit new highs in intra-day trade. However, the US markets closed the session lower as many investors questioned the size of the initial rate cut by the US Federal Reserve. Asian markets too kickstarted trade on a positive note buoyed by the sentiment and also Hong Kong also cutting rates early this morning in a synchronised format.
Here is a quick look at all the stocks that need to be on your radar during trade today. Most of these stocks are in focus on the back of developments in the counters.
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NTPC
This is one of the most important counters in trade today. The stock will be in focus as the company has decided to list its renewable or green energy subsidiary. NTPC plans to raise nearly Rs 10,000 crore from the green energy IPO and the draft papers for the same have already been filed.
IREDA
Indian Renewable Energy Development Agency (IREDA) has got the fund raising nod from Government. The company has received the go-ahead to dilute 7% stake and raise upto Rs 4,500 crore via a QIP or Qualified Institutional Placement. The stake dilution may be undertaken in one of more tranches. The decision was taken by the Department of Investment and Public Asset Management (DIPAM). “The Department of Investment and Public Asset Management (DIPAM) conveyed the approval of the Alternative Mechanism upon the recommendation of High Level Committee on the proposal of the raising of funds by IREDA, pursuant to which Alternative Mechanism has allowed for the dilution of GOI shareholding in IREDA, owing to issue fresh equity through Qualified Institutions Placement (QIP) route upto an extent of 7% of the paid-up equity of IREDA on post issue basis in one or more tranches,” stated the company filing on the exchanges.
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BHEL, PFC
More power stocks in focus. BHEL and PFC are in news on the back of the dividend payout to the Govt for FY24. BHEL has paid a total dividend of Rs 55 crore while PFC paid about Rs 462 crore in total dividend in the last fiscal.
Tata Power
Another key power stock that’s in focus is Tata Power. This is on the back of the company securing a Letter of Award (LoA) from the Maharashtra State Electricity Distribution Company (MSEDCL) for the development of a 400 MW Wind-Solar Hybrid project in Maharashtra. This includes original contracted capacity of 200 MW, along with a greenshoe option for an additional contracted capacity of 200 MW. With this, TPREL’s total renewable energy capacity now stands at 10.5 GW with 5.7 GW of projects in various stages of implementation. Its operational capacity has reached 4.8 GW, comprising 3.8 GW of solar and 1 GW of wind energy projects.
Reliance Power
The Board of Directors will meet on September 23 to consider fund raising. According to the regulatory filing, the board on September 23 will consider and approve raising of long term resources from domestic and/or global markets via issue of equity shares/ equity linked securities/ warrants convertible into equity shares, by way of preferential issue and/or qualified institutional placement and/or rights issue and/or foreign currency convertible bonds or any other method including determination of issue price, if any.
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Nazara Tech
The stock is in focus as the company has received its board approval to raise Rs 900 crore. The preferential equity issue saw participation from investors such as SBI Mutual Fund, CaratLane co-founder Mithun Sacheti with brother Siddharth Sacheti, and Plutus Wealth associate Junomoneta Finsol. Other investors include Think Investments, Discovery Investments, Cohesion Investments, Chartered Finance and Leasing, Ratnabali Investments and Aamara Capital. The preferential issue is however subject to shareholder and regulatory approval.
Aditya Birla Capital
The company is focus after it received a ‘no objection’ letter from the Reserve Bank of India for the proposed scheme of amalgamation of Aditya Birla Finance Limited (a wholly owned subsidiary of the Company) with the Company and their respective shareholders and creditors.
