Stocks to Watch: Adani Group, Vedanta, Ramco, Natco Pharma,
4 min read 03 Mar 2023, 07:19 AM ISTFIIs made a big bang buying on Thursday in Indian equities to a whopping nearly ₹12,771 crore. This would be the largest single-day buying from FIIs in the current year. However, the latest FIIs inflow also has likely included large bulk deals in four Adani stocks.
PremiumHere is the list of the top 10 stocks that will be in focus today:
Adani Group: The Adani Family, through its trust, sold ₹15,446 crore worth of its stake in four group companies to US-based investment firm GQG Partners, founded by investment manager Rajiv Jain. The transaction will provide much-needed respite to the conglomerate’s promoters and its stocks, which have plummeted since the release of a US short-sellers report alleging stick manipulation and accounting fraud, said fund managers. The share sales, involving Adani Ports, Adani Green Energy, Adani Transmission and Adani Enterprises, were done through a series of secondary block transactions, the group said in a statement to the stock exchanges.
Vedanta/Hindustan Zinc: Hindustan Zinc's plan to buy two of Vedanta Group subsidiaries may get a setback as it is known that the Indian government has written to the market regulator underlining its opposition to the proposed deal. Officials told Reuters that in a letter that was sent in February, the Ministry of Mines said, that the government was "kept in the dark" about the deal. According to the official, the proposed deal between Hindustan Zinc and Vedanta has jeopardized the government's plans for divesting its stake in the former as investors have turned jittery leading to a drop in the HZL's share price.
Natco Pharma: Hyderabad-based drug firm Natco Pharma on Thursday said the board of directors will consider a proposal for the buyback of fully paid-up equity shares of the company of face value of ₹2 each on Wednesday, 8 March 2023. "A meeting of the Board of Directors of the Company is scheduled to be held on Wednesday, the 8th day of March 2023, inter alia, to consider a proposal for buyback of fully paid up equity shares of the Company of the face value of Rs. 2 each as well as matters related/ incidental thereto," the drug firm said in an exchange filing.
Mahindra & Mahindra Financial Services: Mahindra & Mahindra Financial Services, the Indian rural non-banking financial company popularly known as Mahindra Finance, on Thursday released its monthly business performance for February month. The company's total disbursements climbed by a whopping 53% year-on-year to ₹4,185 crore in February 2023. On a month-on-month basis, Mahindra Finance's disbursement surged by over 4.6%. In January month, the disbursement stood at ₹4,000 crore. As per the regulatory filing, the company's loan book consequently rose further by 1.5% in the month under review over January 2023 performance.
Ramco Systems: Indian enterprise software major, Ramco Systems signed a contract on Thursday with Etihad Airways Engineers, the world’s leading provider of commercial aircraft, to implement its Aviation Suite V5.9 software, according to an exchange filing. The project was officially announced at the 2023 edition of MRO Middle East, held at Dubai World Trade Centre, Dubai. Ramco's integrated Aviation Suite will streamline multiple operations across Etihad Airways Engineering, providing the organisation with a single source of information with real-time visibility.
India Grid Trust: India Grid Trust (IndiGrid) on Thursday announced completing the acquisition of 100 per cent "shareholding and economic interest" in Khargone Transmission Ltd from Sterlite Power Transmission Ltd (SPTL). IndiGrid is India's first listed power sector infrastructure investment trust (InvIT) and STL is one of the sponsors of IndiGrid. "IndiGrid announces the completion of the acquisition of 100 per cent shareholding and economic interest in Khargone Transmission Ltd (KTL) from SPTL," it said in a statement.
NHPC: State-owned hydro power giant NHPC on Thursday said it has paid an interim dividend of ₹997.75 crore to the government for the financial year 2022-23. On Thursday, NHPC Chairman and Managing Director R.K. Vishnoi handed over dividend payout advice of ₹997.75 crore to Minister of State for Power and New & Renewable Energy RK Singh in the presence of Power Secretary Alok Kumar, NHPC Director (Finance) R.P. Goyal and NHPC Executive Director (Finance) S.N. Upadhyay, the company said in a statement.
MOIL: With a production of 1.31 lakh tonnes of Manganese (Mn) Ore in February 2023, MOIL registered 10% growth over the same period last year. “Sales at 1.32 lakh tonnes of manganese ore during February 2023 was higher by 19% vis-à-vis February 2022," the Ministry of Steel said. CMD MOIL Ajit Kumar Saxena congratulated MOIL collective on maintaining an upward trend in production and mentioned that it is fully geared up for a much higher production level in the coming months. The company has an ambitious vision of doubling its production to 3.00 million tonnes by 2030.
Indiabulls Housing Finance: Indiabulls Housing Finance on Thursday announced a ₹900-crore debt sale through a public issue of secured, redeemable, non-convertible debentures. The base size of the issue is only ₹100 crore with a greenshoe option for an additional ₹800 crore. The public issue opens on Friday and closes on March 17, the company said in a statement. The company is offering coupon rates ranging from 8.88 per cent to 10.15 per cent per annum and post-close, the issue will be listed on BSE and NSE.
CG Power and Industrial Solutions: CG Power and Industrial Solutions board on Thursday approved an interim dividend of ₹1.5 per share of the face value of ₹2 each for the fiscal year 2022-23. The board of directors of the company at its meeting held today i.e. 2nd March 2023 has considered and approved the payment of interim dividend at ₹1.50 per equity share i.e. 75 per cent on the face value of ₹2 per share for the financial year 2022-23, a BSE filing said. The record date for determining the members eligible to receive the interim dividend is Wednesday, 15th March 2023.
