BackStocks to Watch: Adani Enterprises, NDTV, P&G, Hindalco, NTCP
Indian benchmark indices snapped a two-day downward spiral on Tuesday to end with a gain of around 0.5%. Tata Chemicals is out of the list of stocks under the NSE F&O ban.
PremiumHere is the list of top 10 stocks that will be in focus today
NDTV: Adani group on Tuesday launched a hostile takeover bid of NDTV, with an open offer to acquire an additional 26% or 1.67 crore equity shares for up to ₹493 crore. Three Adani group firms - Vishvapradhan Commercial Pvt Ltd (VCPL) along with AMG Media Networks and Adani Enterprises Ltd - have come out with a public announcement for the offer under the Sebi norms. At a price of ₹294 per share, the open offer will amount to ₹492.81 crore.
Adani Enterprises: Gautam Adani, Asia’s richest man, signalled serious intent for a play in India’s media and entertainment industry as his companies acquired a 29% stake in broadcaster NDTV Ltd and launched an open offer to acquire an additional 26% from shareholders, as mandated by law. The acquisition capped months of speculation about a potential acquisition that saw the NDTV stock rally fivefold in nine months (from ₹75.55 on 1 December to ₹376.55 on Tuesday on BSE).
NTPC: State-owned power giant NTPC will raise ₹2,000 crore through the issuance of non-convertible debentures on a private placement basis on Thursday. The proceeds will be utilised for, inter alia, funding of capital expenditure, refinancing of existing loans and other general corporate purposes, according to a regulatory filing. The company has decided to issue unsecured non-convertible debentures of ₹2,000 crore on August 25, 2022, through private placement at a coupon of 7.44% per annum with a door-to-door maturity of 10 years.
P&G Hygiene and Health: FMCG products maker Procter & Gamble Hygiene and Health Care Ltd on Tuesday reported a 13.12% decline in Profit After Tax (PAT) at ₹42.55 crore during the fourth quarter ended June 30, on account of rising commodity costs. The company, which follows July-June financial year, had reported a PAT of ₹48.98 crore in the corresponding quarter of the previous fiscal. Its revenue from the sale of products was down 3.8% to ₹755.65 crore during the quarter under review, as against ₹785.58 crore of the corresponding quarter.
Hindalco: Hindalco Industries Chairman Kumar Mangalam Birla on Tuesday said the company has earmarked a total capital expenditure of about USD 8 billion over the next five years in its arm Novelis and India. Novelis has found potential investment opportunities of USD 4.5 billion. Birla was speaking at Hindalco's AGM. He said the company has identified potential investment opportunities of nearly USD 3 billion in India.
HPCL: As part of its move towards increasing the green energy mix, state-run Hindustan Petroleum has announced a cow dung-to-compressed biogas project at Sanchore in Rajasthan. This is the oil major's first project under the waste-to-energy portfolio and the plant is proposed to utilize 100 tonnes per day of cow dung to produce biogas, which can be used as automotive fuel.
Devyani International: Dunearn Investments (Mauritius) Pte Ltd, a subsidiary of Temasek Holdings, on Tuesday divested over a 2% stake in restaurant operator Devyani International for ₹482 crore through an open market transaction. Devyani International is an omnichannel restaurant and the largest franchisee of Yum Brands in India. According to bulk deal data available with BSE, Dunearn Investments (Mauritius) Pte Ltd offloaded 2,63,29,516 shares, amounting to a 2.18% stake in the company.
Unichem Laboratories: Unichem Laboratories Ltd on Tuesday said it has received approval from the US health regulator to market its generic carbamazepine tablets, indicated as an anticonvulsant drug. The approval granted by the US Food and Drug Administration (USFDA) is for the abbreviated new drug application (ANDA) of Carbamazepine Tablets of strength 200 mg, Unichem said in a regulatory filing. It is the generic version of Tegretol (Carbamazepine) tablet, 200 mg of Novartis Pharmaceuticals Corp.
Tata Motors: Tata Motors has signed a Power Purchase Agreement (PPA) with Tata Power to develop a 7.25 Mwp onsite solar project at its commercial vehicle manufacturing facility here. The project will be a significant move to increase the renewable energy portfolio at its manufacturing facility, the company said in a statement on Tuesday. With this project, the onsite solar plant capacity of Tata Motors’ Jamshedpur facility will reach 14 MWp.
Kalpataru Power Transmission: State-owned SJVN Ltd on Tuesday said Kalpataru Power Transmission Ltd will construct a 220 KV direct current single zebra transmission line for 210 MW Luhri Hydro Electric Project Stage-1. SJVN Chairman and Managing Director Nand Lal Sharma said in a statement that the firm has entered into an agreement for the construction of a 220 KV D/C (direct current) single zebra transmission line for 210 MW Luhri Hydro Electric Project Stage-1 with Kalpataru.
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