Stocks to Watch: Adani Ent, HDFC, Adani Green, L&T, Nestle India
4 min read 28 Mar 2023, 07:16 AM ISTSensex and Nifty 50 halted two days losing streak on Monday as the benchmark indices ended in green, although the gains were capped due to heavy losses in small-cap stocks. The First Citizens Bank and SVB deal came as a comfort for investors who have been in a frenzy selling over fears of contagion in the banking system
PremiumHere is the list of the top 10 stocks that will be in focus today:
Adani Enterprises: Billionaire Gautam Adani's AMG Media Networks has acquired about a 49% stake in Raghav Bahl-curated digital business news platform Quintillion Business Media Pvt Ltd for about ₹48 crore. In a stock exchange filing, Adani Enterprises Ltd said its subsidiary AMG Media Networks Ltd has completed the acquisition which was originally announced in May last year. The transaction was completed on March 27 for " ₹47.84 crore", it said. Quintillion Business Media runs the news platform Bloomberg Qunit, now called BQ Prime.
HDFC: The board of directors of NBFC giant HDFC on Monday approved the issuance of non-convertible debentures worth ₹57,000 crore on a private placement basis. Also, the board gave a go-ahead on increasing the company's overall borrowing powers to ₹6.50 lakh crore. On the back of its strong fundamentals, HDFC has emerged as one of the most consistently performing companies in the NBFC space. This capital fundraising is seen as a positive move. In its regulatory filing, HDFC said, the board of directors granted approval for the "issuance of unsecured redeemable non-convertible debentures under a Shelf Placement Memorandum, aggregating ₹57,000 crore."
Adani Green Energy: Leading bourses NSE and BSE have said that Adani Green Energy will be put under the second stage of the long-term additional surveillance measure (ASM) framework from Tuesday. In two separate circulars, the bourses said Adani Green Energy shall continue in the ASM framework but will be moved to the respective higher stage from March 28. The move also comes close on the heels of the two exchanges moving two group firms Adani Total Gas and Adani Transmission from the second stage of the long-term ASM framework to Stage-I on Friday.
L&T: Larsen and Toubro (L&T) on Monday said its power transmission and distribution business has secured new orders in the domestic and overseas markets. "L&T Construction wins large orders for its power transmission & distribution business," L&T said in a statement. As per the company's classification, orders ranging between ₹2,500 crore and ₹5,000 crore fall in the category of large orders. In India, the company has bagged orders in Rajasthan, Gujarat and Chhattisgarh, while it has bagged the international orders in Saudi Arabia and Malaysia, the statement said.
Nestle India: Nestle India has announced an equity dividend of 1000.00% at a face value of ₹10 or ₹100 per share for the quarter ending December 2022 or Q3FY23. This generates a dividend yield at the current share price of ₹18,863.90 of 0.53%. The company has a solid track record of dividend declarations during the past five years. Nestle India Ltd. has issued 66 dividends since May 31, 2001, according to data from Trendlyne.
Trident: Leading textile fabric manufacturer, Trident witnessed a sharp selloff on Monday due to large deals on NSE. Trident Limited Employees Welfare Trust has offloaded a whopping more than 1.23 crore equity shares in Trident through a block deal, aggregating to around ₹31.89 crore. Promoter Madhuraj Foundation bought these shares in the open market. As per NSE data, in a block deal on March 27, Trident Limited Employees Welfare Trust sold 123,85,000 equity shares in Trident at a price of ₹25.75 per equity share --- amounting to ₹31.89 crore.
NDTV: Adani group-owned NDTV Ltd on Monday said it has appointed former Sebi Chairman Upendra Kumar Sinha and Welspun India Ltd CEO and MD Dipali Goenka as Independent Directors. The Board has approved the appointment of Sinha and Goenka with immediate effect, said a regulatory filing by the news broadcaster. Both of them have been appointed as Additional Directors in the capacity of Non-Executive Independent Directors with effect from March 27, 2023, for two years, up to March 26, 2025, NDTV said.
Aditya Birla Capital: Aditya Birla Capital Limited (ABCL), a company under the Aditya Birla Group, announced on Monday the sale of its entire stake in Aditya Birla Insurance Brokers Limited (ABIBL), which is a non-material subsidiary of the company. In an exchange filing, the company said, the sale involves the transfer of all 25.65 lakh shares of Rs. 10/- each, representing 50.002% of the issued and paid-up share capital of ABIBL, to Edme Services Private Ltd, which is part of the Samara Capital Group and an affiliate of Samara Alternate Investment Fund.
Emami: On March 24, Emami Ltd's board of directors authorised a proposal to buy back shares for up to ₹186 crore. The company informed the stock exchanges on March 24 that the board had approved the buyback proposal of 41.3 lakh equity shares with a face value of ₹1 each at a maximum price of ₹450 per share. Almost 29.17% more than the today's closing price is the buyback price of ₹450. In a meeting held on March 27, 2023, the company has fixed the record date as April 12, 2023, for the buyback.
Schaeffler India: The company plans to invest ₹1,500 crore in capacity growth over the next three years, including the construction of a new facility at Hosur at a cost of ₹300 crore. Commenting on the Capex strategy of Schaeffler, Abhishek Gaoshinde, Deputy Vice President - Research, Sharekhan by BNP Paribas said “While Schaeffler has been a leading player in the domestic bearing segment, it has been receiving healthy orders from the overseas market also. Exports have contributed 16.9% to its topline in CY22 compared to 12.9% in CY21. The rise in export revenue is supported by its engineering expertise and cost-effective production capabilities.
