Stocks to Watch: Adani Ent, Tata Consumer, BoB, Adani Power, Varun Beverages
4 min read 07 Jun 2023, 07:19 AM ISTFIIs ended their three-day losing streak with an inflow of nearly ₹386 crore ($52 million) in Indian equities on Tuesday, while DIIs turned net sellers after three consecutive days of buying
PremiumHere are the top 10 stocks that could be in focus in today's trade:
Adani Enterprises: Adani Group has revived its investment plan for Mundra Petrochem Ltd, India’s largest polyvinyl chloride (PVC) plant, with initial funding of ₹14,000-16,000 crore, after a four-month suspension of operations, two people directly aware of the development said. Mundra Petrochem has secured an in-principle approval for a credit line of up to ₹14,000 crore from a clutch of large domestic banks, the people said, adding that the total project cost will be around ₹35,000 crore. Group flagship Adani Enterprises Ltd incorporated Mundra Petrochem in 2021.
Tata Consumer Products: Tata Consumer Products is undergoing a transformation to establish itself as a comprehensive fast-moving consumer goods (FMCG) company, chairman N. Chandrasekaran said at the company’s 60th annual general meeting held on Tuesday. The firm is not only exploring expanding to new categories but actively seeking acquisition opportunities, he added. In FY23, the company that sells Tata Tea and Salt, posted a 11% jump in consolidated revenue to ₹13,783 crore. Overall, India's business was up 10% led by its food portfolio.
Bank of Baroda: The debenture holders of Reliance Home Finance Ltd (RHFL) have issued a legal notice to the state-owned Bank of Baroda (BoB), accusing it of engaging in foul play, and disregarding the directives issued in a recent Supreme Court ruling. “BoB, the lead bank of the inter-creditor agreement consortium, not only participated but also ensured the Supreme Court order is breached with impunity and retail debenture holders are duped of rightful entitlement of redemption at full face value," they said.
Adani Power/Adani Transmission: Leading bourse National Stock Exchange (NSE) on Tuesday raised the price band of four Adani Group firms, including Adani Power and Adani Transmission. NSE has enhanced the circuit limit of Adani Power to a maximum of 20% from the current limit of 5%. In addition, the exchange has increased the circuit limit of Adani Wilmar, Adani Green Energy and Adani Transmission to 10% from the present 5% level. The changes, which will be effective from Wednesday.
Varun Beverages: Varun Beverages, the second largest bottling company of PepsiCo's beverages, has fixed the record date for the stock split in the ratio of 1:2. However, on Tuesday, the large-cap stock witnessed selling pressure and ended lower by a little over a per cent on BSE. As per the regulatory filing, Varun Beverages' board of directors fixed June 15 as the record date to determine eligible shareholders entitled to the stock split. The company received approval for the stock split in a postal ballot on June 2, 2023.
GMR Airports Infrastructure: GMR Hyderabad International Airport Limited has divested approximately 0.8 million square feet of warehouse facility at the airport to ILP Core Ventures for ₹188 crore, the company said today. GMR Hyderabad International Airport is a step-down subsidiary of GMR Airports Infrastructure Limited and ILP Core Ventures I PTE Limited is a step-down subsidiary of Indospace Core PTE Limited. GMR Hyderabad airport signed the definitive agreements and closed the transaction with ILP Core Ventures I PTE Limited at an enterprise value of ₹188.1 Cr, the company said.
IIFL Finance: IIFL Finance Ltd on 6 June announced that it will open a public issue of secured bonds on 9 June to raise ₹1,500 crore. The firm further said it will raise funds via secured non-convertible debentures (NCDs). Elaborating more details, the Fairfax-backed firm said the bonds offer up to 9% yield and a high degree of safety, adding it is being done for business growth and capital augmentation, reported CNBC-TV18. The secured redeemable NCDs will aggregate to ₹300 crore, including a green-shoe option to retain over-subscription of up to ₹1,200 crore.
Mazagon Dock Shipbuilders: Thyssenkrupp AG’s marine arm and India’s Mazagon Dock Shipbuilders Limited are likely to jointly bid for an estimated $5.2 billion project to build six submarines for the Indian navy, said a report. The preliminary agreement or the memorandum of understanding will be signed in the presence of Defense Minister Boris Pistorius who arrived in New Delhi on June 5 for a two-day visit, according to German and Indian officials.
NHPC/Torrent Power: NHPC and Torrent Power Ltd have signed an MoU with the government of Maharashtra for the development of pumped hydro storage projects. In a statement, state-run NHPC said that under its MoU with the state government, the hydropower major envisages the development of four pumped storage projects aggregating to 7350 MW namely Kalu (1150 MW), Savitri (2250 MW), Jalond (2400 MW) and Kengadi (1550 MW) and other renewable energy source projects in the state. Torrent Power also has tied up to develop three pumped hydro storage projects in the state.
Piramal Pharma: Piramal Critical Care, a part of Piramal Pharma, on Tuesday, said it has appointed Jeffrey Hampton as President and Chief Operating Officer (COO). For his new role, Hampton will be based in the United States. He joins the company from Accord Healthcare, where he was President and responsible for accelerating the firm’s growth strategy. Before that, he was the Senior Vice President and General Manager at Apotex for the US and Latin America regions.
