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Business News/ Markets / Stock Markets/  Stocks to Watch: Coal India, Hero MotoCorp, Adani Ent, L&T, TVS Motors, Dish TV

Stocks to Watch: Coal India, Hero MotoCorp, Adani Ent, L&T, TVS Motors, Dish TV

FIIs started June month as net sellers. However, the selloff from FIIs was at a slower pace as the market's tone was broadly volatile. DIIs outperformed foreign investors with an inflow of nearly ₹489 crore on Thursday in Indian equities

Stocks to Watch for FridayPremium
Stocks to Watch for Friday

Here are the top 10 stocks that could be in focus in today's trade:

Coal India: Centre’s offer for sale (OFS) of shares in Coal India received a robust response from non-retail or institutional investors and the issue was subscribed 3.46 times on Thursday. With the oversubscription of the shares, the government has decided to offer another 1.5% share for sale on Thursday. On Wednesday, the Union Ministry of Coal informed the exchanges that the floor price for OFS would be 225 per share. At the floor price, the overall offer size adds up to over 4,100 crore.

Hero MotoCorp: Hero MotoCorp registered 7% year-on-year growth in sales to 519,474 units during May 2023. The automobile player expects the upside trend in sales to continue in the coming months owing to customer sentiments uptick, normal monsoon, and new launches. A year ago, in May, the total sales were at 486,704 units. As per the regulatory filing, of the total sales in May 2023, Hero MotoCorp sold 489,336 motorcycles and 30,138 scooters as against 452,246 motorcycles and 34,458 scooters sold in May 2022.

Adani Enterprises: Adani Road Transport, a wholly-owned subsidiary of Adani Enterprises, has decided to terminate the agreement to acquire Macquarie Asia Infrastructure Fund's (MAIF) toll road in Andhra Pradesh, Gujarat for 3,110 crore. The company said that it had opted to terminate the agreement because the seller had not met the conditions for closing within the time frame specified. Adani Road Transport Ltd was to acquire a 100% stake in Swarna Tollway Private Ltd and a 56.8% stake in Gujarat toll roads portfolio from MAIF last year in August.

L&T: The power transmission and distribution business of Larsen & Toubro (L&T) has said it will set up infrastructure for the world’s largest green hydrogen plant being built by NEOM Green Hydrogen Company, the company said in a statement. Situated in Oxagon, within Saudi Arabia’s NEOM region, NGHC is a balanced joint venture between ACWA Power, Air Products, and NEOM. The venture is set to bring into existence a colossal plant designed to generate green hydrogen at an unprecedented scale, intended for worldwide export in the form of green ammonia.

TVS Motors: TVS Motor has announced its sales results for the month of May. The auto company registered 9% year-on-year growth in May 2023 selling 3,30,609 units against the 3,02,982 units in May 2022. The company registered a growth of 11% in the two-wheeler segment with sales increasing from 287,058 units in May last year to 3,19,295 units in May 2023. Domestic two-wheeler registered growth of 32% with sales increasing from 1,91,482 units in May 2022 to 2,52,690 units in May this year.

Aditya Birla Capital: Aditya Birla Capital Ltd (ABCL) on Thursday said it plans to raise 1,250 crore through a preferential issue of shares to its promoter and promoter group companies. The shares will be sold to promoter Grasim Industries Ltd and promoter group entity Surya Kiran Investments Pte Ltd, according to an exchange filing. The fundraising is part of the company’s plan to raise as much as 3,000 crore and will be used for augmenting capital, improving the solvency margin and leverage ratio, and meeting growth and funding requirements.

Dish TV: Dish TV India Ltd, the satellite television provider owned by media baron Subhash Chandra’s Essel Group, said on Thursday that its board has dismissed requests from a specific shareholder group to convene an extraordinary general meeting (EGM) to reconstitute its board and remove two independent directors amid concerns over their independence. Dish TV said in an exchange filing that the board turned down the demand for EGM as the requisition notices submitted by the 77 shareholders were invalid.

SpiceJet: The Delhi High Court has ordered low-fare airline SpiceJet to pay 380 crore to its former promoter, Kalanithi Maran of the Sun Group, and asked it to submit an affidavit of assets within four weeks. The ruling is a setback to the airline, which surprised with a four-fold increase in earnings to 106.8 crore in the December quarter, and comes amid a battle with aircraft lessors over payments. Mint has reviewed a copy of the order.

Arvind Fashions: Arvind Fashions Ltd registered a 32 per cent rise in consolidated net profits of 29.5 crore in the January-March quarter. In the same quarter the previous year, it was 22.38 crore. The textile player which houses brands like US Polo and Calvin Klein in India saw its revenue from operations jumped 24 per cent to 1,140 crore during the quarter as against 916.70 crore. For the entire year 2022-23, the revenue increased from 3,056 crore to 4,421 crore.

NHPC: Hydropower giant NHPC on Thursday inked an initial pact with Nepalese utility Vidhyut Utpadan Company for the development of the Phukot Karnali Hydro Electric Project (480MW) in Nepal. The Phukot Karnali Hydro Electric Project will harness the flow of the Karnali River for power generation, with the electricity being integrated into Nepal’s power system. The project’s installed capacity will be 480 MW, with an average annual generation of approximately 2448 GWh.

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Updated: 02 Jun 2023, 07:24 AM IST
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