Stocks to Watch: IndiGo, Paytm, RIL, Tata Motors DVR, Adani Ports, and more

Here’s a quick look at stocks likely to be in focus in today's trade.

InterGlobe Aviation (IndiGo): Rakesh Gangwal, co-founder of IndiGo, is set to sell up to 14.7 million shares, equivalent to a 3.8% stake, in InterGlobe Aviation Ltd through a block deal. The sale is valued at approximately $804 million, with a floor price of ₹4,593 per share, reflecting a 5.5% discount to the previous day's closing price. This move will reduce the Gangwal-backed promoter group's stake in the airline from 19.38% to 15.58%.

One97 Communications (Paytm): Paytm Payments Services Ltd (PPSL) received approval from the finance ministry for a downstream investment by its parent company, allowing it to reapply for a payments aggregator license. This development comes as a relief amidst ongoing regulatory scrutiny. PPSL will continue providing online payment aggregation services to existing partners while resubmitting its application.

Finolex Cables: The National Company Law Appellate Tribunal (NCLAT) upheld the decision of Finolex Cables Ltd.’s shareholders, who voted against the reappointment of former executive chairman Deepak Chhabria at last year's annual general meeting (AGM). The NCLAT's judgment confirms the validity of the shareholders' decision from the September 2023 AGM.

Adani Ports and Special Economic Zones (APSEZ): APSEZ announced plans to establish a two-million-tonne cement grinding unit in Guna and a propellant production facility in Shivpuri, Madhya Pradesh. The total investment for these projects is pegged at ₹3,500 crore, marking a significant expansion for the Adani Group's infrastructure and manufacturing capabilities.

Reliance Industries (RIL): The Competition Commission of India (CCI) has approved the merger between Disney Star, a unit of The Walt Disney Company, and Reliance Industries-controlled Viacom18, with some voluntary modifications. This merger, one of the largest in India's media and entertainment sector, will create an $8.5 billion entertainment network. Also the company has its Annual Genneral Meeting today.

Tata Motors DVR: Trading in Tata Motors' Differential Voting Rights (DVR) shares will cease after market hours on Friday, August 29, due to the conversion of DVR shares into ordinary shares. The conversion plan will result in the cancellation of DVR shares, with shareholders receiving 7 ordinary shares for every 10 DVR shares held.

PB Fintech (PolicyBazaar): Tencent is reportedly selling a 2.1% stake in PB Fintech through a block deal valued at ₹1,610 crore. The floor price is set at ₹1,660.2 per share, representing a 4.4% discount to the last closing price. Tencent held a 4.6% stake in Policybazaar's parent company as of June 30, 2024.

Tata Steel: Moody's has maintained a stable outlook on Tata Steel, expecting the company to improve its earnings over the next two financial years. Moody’s projects Tata Steel’s consolidated EBITDA to increase from ₹241 billion in FY24 to ₹290 billion in FY25 and ₹380 billion in FY26. Additionally, the company acquired 178.34 crore ordinary equity shares in T Steel Holdings Pte (TSHP) for $280 million ( ₹2,347.81 crore).

Vodafone Idea: Vodafone Idea's CEO, Akshaya Moondra, stated during the company's 29th annual general meeting (AGM) that it will take some time before the company begins reducing its debt. He explained that debt reduction would only be possible when the company's cash EBITDA surpasses both financing costs and capital expenditures. Moondra highlighted that improving the company's performance is a key focus as they work towards this goal.

Vedanta: Vedanta's Board of Directors is set to consider the third interim dividend for FY25 during a meeting scheduled for September 2, 2024. The company announced this in an exchange filing, indicating that the board will discuss and potentially approve the interim dividend on equity shares for the financial year 2024-25.

Procter & Gamble Hygiene and Health Care: Procter & Gamble Hygiene and Health Care (PGHH) reported a significant 46.40% drop in its net profit for the June quarter of 2024, with earnings standing at ₹81.06 crore. The decline is attributed to increased spending during the period. The company, which operates on a July-June financial year, had posted a profit after tax of ₹151.24 crore in the same quarter of the previous fiscal year.

KEC International: Infrastructure company KEC International has secured new orders worth ₹1,171 crore in its Transmission and Distribution business, which includes projects for constructing transmission lines in the UAE and Saudi Arabia.