Stocks to Watch: Adani Group stocks, Raymond, Vedanta, Hyundai Motor, SJVN and more
Here’s a quick look at stocks likely to be in focus in today's trade.
Here’s a quick look at stocks likely to be in focus in today's trade.
Adani Stocks: Gautam Adani, his nephew Sagar Adani, and associates have been charged by U.S. authorities with defrauding investors and paying $265 million in bribes to Indian officials for solar energy contracts. Amid these allegations, Kenyan President William Ruto canceled deals with the Adani Group, including a $736-million power transmission project and plans to take over the country’s main airport. The developments triggered a sharp selloff in Adani Group stocks, reducing the Adani family's net worth by 20.1 percent to ₹7.8 trillion on Thursday.
Vedanta: Vedanta has delayed its planned dollar bond issuance, citing concerns that the indictment of Gautam Adani could elevate borrowing costs for Indian firms. This follows Adani Green Energy's decision earlier in the day to withdraw its own dollar bond offering.
Hyundai Motor: Hyundai Motor India is set to establish two renewable energy plants in Tamil Nadu as part of its strategy to achieve 100 percent renewable electricity dependency across its manufacturing operations by 2025.
Tata Power: Tata Power has signed a preliminary agreement with the Asian Development Bank (ADB) to evaluate financing worth $4.25 billion. The funds will support several of Tata Power’s strategic initiatives, marking a significant boost for its clean energy ambitions.
Raymond: Raymond has received a 'No Observation Letter' from NSE and BSE for its proposed scheme of arrangement with Raymond Realty. This follows the board's approval in July 2024 to demerge the two entities, streamlining their operational focus.
LTIMindtree: The Life Insurance Corporation of India (LIC) has increased its shareholding in LTIMindtree from 5.033 percent to 7.034 percent between March and November 2024. This stake hike underscores LIC’s growing confidence in LTIMindtree’s growth potential.
Protean eGov Technologies: NSE Investments plans to sell up to 20.31 percent of its stake in Protean eGov Technologies through an offer for sale (OFS). The sale includes a base issue of 10.16 percent equity and a green shoe option for an additional 10.16 percent if demand permits. The floor price is set at ₹1,550 per share, offering a strategic entry point for investors.
Afcons Infrastructure: Afcons Infrastructure has emerged as the lowest bidder for a ₹1,274 crore project awarded by the Uttarakhand Project Development and Construction Corporation (UPDCC). The project aims to enhance transport and energy infrastructure in the state.
SJVN: State-owned SJVN has signed a memorandum of understanding with Rajasthan's Energy Department to develop 5 GW of pumped storage capacity and 2 GW of floating solar projects. This agreement aligns with Rajasthan’s renewable energy expansion goals.
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