Stocks to Watch: Adani Group, Orient Cement, Delhivery, Biocon, Zee, HG Infra
4 min read . Updated: 23 Feb 2023, 07:21 AM IST
Premium- Sanofi India, KSB, and Mideast Integrated Steels will be among the stocks in focus as they will declare their December quarter earnings today.
Here is the list of the top 10 stocks that will be in focus today:
Adani Group: After Hindenburg's controversial report, billionaire Gautam Adani-backed group's companies' debt and securities ratings have come under Sebi's radar. As per a report on Wednesday, the market regulator has likely sought details of all the ratings from credit rating agencies on local loans and securities of Adani companies. As Adani firms embattle allegations of the Hindenburg report in court, last week, it looks like the rating companies were asked by Sebi to share the information including all outstanding ratings, outlook, and possible updates from any discussions with Adani Group officials.
Orient Cement: Orient Cement, part of CK Birla group, on Wednesday said that a non-binding memorandum of understanding (MoU) with Adani Power Maharashtra Limited (APML) for exploring the possibility of establishing a cement grinding unit (CGU) at Tiroda, in Maharashtra, stands cancelled. Orient Cement said, “APML has requested the Company not to pursue this venture further as they are not able to obtain the required MIDC clearances for sub-leasing the parcel of land required for the CGU, due to some legal issues." Also, the timelines as agreed upon as per MoU have crossed, said Orient cement in its filing to the exchanges.
Delhivery: Internet Fund III Pte, a fund managed by Tiger Global Management, on Wednesday divested a 1.7 per cent stake in supply chain company Delhivery for ₹414 crore through an open market transaction. Internet Fund III Pte sold 1,23,63,060 shares, amounting to a 1.70 per cent stake in the company, according to the bulk deal data available with the National Stock Exchange (NSE). The shares were offloaded at an average price of ₹335.06 per scrip, taking the aggregate deal value to ₹414.23 crore.
Biocon: Kotak Special Situations Fund (KSSF) on Wednesday announced an investment of a whopping RS 1,070 crore in Indian biopharmaceutical major, Biocon. The Bangalore-based pharma company plans to utilise the proceeds for financing its subsidiary Biocon Biologics' acquisition of the biosimilars business of its partner Viatris to create a global vertically integrated biosimilars player. In a statement, Kotak Investment Advisors Limited said, “This investment in Biocon comes at a pivotal point when Biocon is forward integrating its biosimilars business."
Zee Entertainment: The Mumbai bench of the National Company Law Tribunal (NCLT) on Wednesday admitted an insolvency petition against homegrown media company Zee Entertainment Enterprises Ltd (ZEE) filed by its financial creditor IndusInd Bank, under Section 7 of the Insolvency and Bankruptcy Code (IBC). The dedicated bankruptcy court also admitted a similar insolvency application against Essel Group’s Siti Networks Ltd, filed by the same financial lender.
HG Infra Engineering: HG Infra Engineering Limited on 22 February announced that it has been declared the L1 bidder by Chandigarh's Rail Vikas Nigam Limited for infra projects worth ₹535.15 crore. "We are pleased to inform you that HG Infra Engineering Limited (the “Company" or “HGINFRA™) has been declared as L-1 bidder by Rail Vikas Nigam Limited, Chandigarh (the “RVNL")," it said in a stock regulatory filing. As per details, an L-1 bidder is a bidder who is selected only on the basis of the lowest cost committed to completing the work.
Abans Holdings: Abans Holdings on Wednesday announced that it has appointed PK Nagpal as a non-executive and independent director in the company. PK Nagpal retired from the market regulator Securities and Exchange Board of India (Sebi) as executive director. He was involved in policy formulation and implementation of regulations registration, supervision and inspection of market intermediaries and stock exchanges. He was also involved in the investigation of market manipulation and insider trading, takeovers, IPOs, compliance with listing requirements, corporate governance and quasi-judicial functions.
Titagarh Wagons: Titagarh Wagons Ltd (TWL) on Wednesday said the consortium it set up with Bharat Heavy Electricals Limited (BHEL) is the sole fully Indian entity among the five bidders for the ₹72,000 crore Vande Bharat trains contract. TWL, the engineering and wagon major, also said it has lined up ₹700 crore capex over the next 4-5 years to ramp up its production capacity and related infrastructure. The upcoming steel body facility at Uttarpara in West Bengal will strengthen TWL’s coach-building capabilities in both aluminium and steel bodies, a senior company official said.
Welspun Corp: Welspun Group, a global conglomerate, on Wednesday announced that it would set up an IT/ITeS centre in Chandanvelly, Ranagareddy district near here. A press release from the State government said Balkrishan Goenka, chairman of the company announced the firm's decision in the presence of Telangana Minister for Industries K T Rama Rao during the inauguration of Welspun India Limited's advanced textiles facility today. Welspun is already operating in Ahmedabad and Mumbai in the information technology (IT) and information technology-enabled services (ITeS) sector.
Patel Engineering: Patel Engineering on Wednesday said it has bagged a water tunnel and an irrigation project totalling ₹1,026 crore in Maharashtra and Karnataka. With the latest contract, the company's total order book has increased to ₹18,600 crore, Patel Engineering said in a statement. "Patel Engineering declared L1 (lowest bidder) for a water tunnel project and a micro-irrigation project worth ₹1,026 crore," it said. The water tunnel project worth ₹555.83 crore has been ordered by the City and Industrial Development Corporation (CIDCO) in Maharashtra.
