Stocks to Watch: Jio Financial Services, ICICI Prudential, LTIMindtree, UPL, Zydus Life and more

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

Jio Financial Services: Jio Leasing Services Limited (JLSL), a subsidiary of Jio Financial Services, announced a significant investment of ₹67.50 crore in Reliance International Leasing IFSC Limited (RILIL). The investment involves the purchase of 6.75 crore cumulative optionally convertible preference shares, priced at ₹10 each, representing an 8.1 percent stake in RILIL. This joint venture is a 50:50 partnership between JLSL and Reliance Strategic Business Ventures Ltd, a wholly-owned subsidiary of Reliance Industries Limited.

ICICI Prudential: ICICI Prudential Life Insurance Company Ltd (ICICI Pru Life) disclosed that it has received a tax demand of ₹429.05 crore from the Deputy Commissioner of State Tax in Maharashtra as of August 27. The company intends to contest this GST demand by appealing to the Commissioner (Appeals) within the stipulated timeframe. The tax demand also includes associated interest and penalties, as highlighted in their post-market exchange filing.

Maruti Suzuki: Maruti Suzuki India Ltd is encountering a minor delay in finalizing the location for its new manufacturing plant, which will have an annual production capacity of 10 lakh units. The Kharkhoda plant in Haryana, expected to commence operations by 2025-26, was discussed by Chairman RC Bhargava during the company's AGM on August 27. Bhargava reaffirmed the company's commitment to the low-cost, small-car segment, emphasizing that current fluctuations in demand will not alter Maruti Suzuki's strategic direction.

Reliance Capital: The Hinduja Group's IndusInd International Holdings Ltd announced before the National Company Law Tribunal (NCLT) in Mumbai that Reliance Capital will be rebranded under the ‘IndusInd’ name following the acquisition of the insolvent firm. Venkatesh Dhond, senior counsel for the Hindujas, stressed the group's intent to expedite the rebranding process to distance itself from the Reliance brand, signaling a clear departure from the legacy name.

Adani Power: Adani Power Limited has established a new wholly-owned subsidiary, Adani Power Middle East Ltd, in Abu Dhabi, UAE. The subsidiary's focus will be on investments in power, infrastructure, and related sectors, as stated in the company's exchange filing. The subsidiary has an authorized capital of 27,000 shares, each valued at USD 1. Adani Power Middle East Ltd is entirely owned by Adani Power Limited, which boasts a power generation capacity of 15,250 MW, making it India’s largest private thermal power producer.

Zydus Lifesciences: Zydus Lifesciences has received final approval from the USFDA for Amantadine extended-release capsules, 68.5 mg, along with tentative approval for the 137 mg dosage. Notably, this approval grants the company 180 days of market exclusivity for the 68.5 mg capsules.

Vodafone Idea (Vi): Vodafone Idea has approved a new Employee Stock Option and Performance Stock Unit Scheme 2024. The scheme will allow up to 34.85 crore stock options and performance units, representing 0.50 percent of the company’s issued share capital as of July 31, pending shareholder approval.

PNC Infratech: PNC Infratech has emerged as the lowest bidder for a significant highway and bridge project from the National Highways Authority of India (NHAI), valued at ₹380 crore. The project involves constructing a new 3-lane bridge over the Ganga River, connecting Buxar and Bharauli on NH-922, spanning across Uttar Pradesh and Bihar.

Awfis Space Solutions: Co-working space operator Awfis Space Solutions has partnered with Nyati Group to add an additional 3 lakh square feet of Grade-A workspace. This collaboration, the largest under the Managed Aggregation (MA) Model, will significantly expand Awfis's presence in Pune.

UPL: Agrochemical giant UPL announced that its step-down subsidiary, UPL Global Ltd (UGL), has completed the acquisition of the remaining 20 percent stake in PT Excel Meg Indo, an Indonesian agrochemical company. The acquisition, valued at approximately $6.85 million, was finalized on August 27, 2024.

LTIMindtree: IT services firm LTIMindtree has secured an interim stay from the Karnataka High Court on a ₹378-crore GST demand order. The stay was granted after the company filed a writ petition on August 20, 2024, challenging the legality and validity of the order issued by the Department of Goods and Services Tax, Bengaluru.