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Business News/ Markets / Stock Markets/  Stocks to Watch: Zomato, Coal India, Samvardhana Motherson, BHEL, Adani Green Energy
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Stocks to Watch: Zomato, Coal India, Samvardhana Motherson, BHEL, Adani Green Energy

Here are a few stocks likely to be in focus on Wednesday, March 6:

The NSE F&O ban list for March 6 includes Zee Entertainment Enterprises. (Photo: AP)Premium
The NSE F&O ban list for March 6 includes Zee Entertainment Enterprises. (Photo: AP)

Zomato: Antfin Singapore Holdings Pte, a subsidiary of the China-based Ant Group, is reportedly planning to sell up to 2% stake or 17.64 crore shares in the food delivery platform Zomato. The transaction, which is expected to be worth 2,800 crore, will be conducted through a block deal, reported CNBC-Awaaz on Tuesday. The block deal's floor price has been set at 159.4 per share, indicating a 4% discount on Zomato's current market price, as per the report.

Ashoka Buildcon: Canadian pension fund CDPQ is in exclusive negotiations to acquire five operational road projects from Ashoka Concessions Ltd, a subsidiary of the infrastructure firm Ashoka Buildcon. The potential equity and enterprise values for this deal are estimated to be around $325 million and $700 million, respectively, according to individuals familiar with the discussions. Reports had earlier indicated that both CDPQ (Caisse de dépôt et placement du Québec) and the private-equity firm Actis Llp were in the final stages of discussions to acquire the BOT (Build-Operate-Transfer) toll road assets of Ashoka Concessions. However, Actis has now withdrawn from the deal.

Samvardhana Motherson International: Sumitomo Wiring, a key stakeholder in the automotive firm Samvardhana Motherson, is reportedly planning to sell a 4.5 percent stake through a block deal, reported CNBC-Awaaz on March 5, citing sources. The report indicated that Sumitomo intends to sell approximately 30 crore shares via the block deal. Sources also revealed that the base price for the block deal has been established at 121-122 per share, which is 2.5-3.5 percent lower than the current market price.

IIFL Finance: On Tuesday, IIFL Finance sought to alleviate investor worries by asserting that there were no governance shortcomings, following the RBI's order prohibiting the NBFC from granting any gold-backed loans. Nirmal Jain, the company's managing director, had clarified in a call with analysts on Tuesday, “We want to state unequivocally that there are no issues related to governance or ethics. These are operational matters that we will tackle with utmost effort and sincerity. We are taking immediate and comprehensive measures to address all concerns raised by the RBI."

Bharat Heavy Electricals: The state-owned company announced on Tuesday that it has secured an order from NTPC to establish a 1,600 MW thermal power project (Stage-II) in Singrauli. The order's value exceeds 9,500 crore, excluding GST, as per BHEL's regulatory filing. The engineering firm anticipates completing Unit 1 in 50 months and Unit 2 in 54 months. On Monday, BSE had sought clarification regarding news of BHEL securing this order as the sole bidder. In response, the company clarified to the BSE that it had submitted a price bid on December 21, 2023, and is the only bidder for the mentioned NTPC tender, which is a routine business activity.

Adani Green Energy: The company said on Tuesday that an additional 448.95 MW of solar power projects in Khavda, Gujarat, have been put into operation by two of its fully-owned subsidiaries, Adani Green Energy Twenty Four A Ltd and Adani Green Energy Twenty Four B Ltd. Following the company's disclosure to the stock exchanges on February 14, 2024, a total of 1,000 MW of solar power projects have been operationalised at Khavda, as per the company's stock exchange filing. On February 14, the company had reported that the same two subsidiaries had operationalised a combined 551 MW of solar power projects at Khavda.

Coal India: The coal ministry announced on Tuesday that the Gevra mine, managed by Coal India's subsidiary South Eastern Coalfields Ltd (SECL) in Chhattisgarh, has been granted environmental approval to increase its production capacity to 70 million tonnes annually. At present, Gevra has an annual production capacity of 52.5 million tonnes, making it India's largest. This expansion is in line with India's goal of becoming self-sufficient in coal production and eliminating power generation imports by the fiscal year 2025-26 (FY26).

Indian Railway Catering and Tourism Corp: Food delivery platform Swiggy announced a collaboration with the Indian Railway Catering and Tourism Corp on Tuesday to provide pre-ordered meals to passengers at four key railway stations in India, thereby joining its competitor, Zomato, in offering this service. The service will initially be available at Bangalore, Bhubaneswar, Visakhapatnam, and Vijayawada stations, with plans to extend it to 59 additional stations nationwide in the forthcoming weeks.

Coforge: IT services company Coforge Ltd revealed on Tuesday that it has forged a multi-year alliance with Carnival UK, the parent organization of P&O Cruises and Cunard. In a statement to the stock exchanges, Coforge said that this partnership with Carnival UK will concentrate on enhancing the Quality Engineering (QE) and Testing competencies of P&O Cruises and Cunard's two cruise lines across all operational areas. Coforge will undertake the responsibility of analyzing and optimizing every vital system of the cruise lines, thereby enabling a smooth transition through digital transformation.

J Kumar Infraprojects: The company announced in an exchange filing on Tuesday that it has secured several projects in partnership through its joint ventures, amounting to a total of 1,822.7 crore. In a joint venture with SMC Infrastructures Private Ltd, known as J Kumar – SMC, they received a Letter of Acceptance (LoA) valued at 493 crore from the Navi Mumbai Municipal Corporation, involving the construction of a creek bridge that will connect Ghansoli and Airoli along the Palm Beach Road at Ghansoli in Navi Mumbai. Out of the total 493 crore order secured by the joint venture, J Kumar Infraprojects' portion amounts to 345.09 crore, reflecting their 70% stake in the joint venture.

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ABOUT THE AUTHOR
Pranay Prakash
My experience as a Finance Journalist has involved working as a Web Producer and Sub Editor at a wire agency and business magazine, respectively, where I have curated various domain specific news pages, and later edited long-form, in-depth pieces on everything from India's corporates to the state of the economy, and various sectors. At Mint, I am involved in the editing of market copies and the curation of the live markets blog. Apart from the financial markets, my interest encompass topics related to the economy, the political economy of a growing economy, the space of policy design, and how it affects the wider economy and the decisions of corporates and consumers alike.
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Published: 06 Mar 2024, 07:26 AM IST
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