Stocks to Watch: Reliance Infra, NTPC, PowerGrid, IIFL Finance, VST Industries and more

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

Pranati Deva
Published20 Sep 2024, 08:18 AM IST
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Stocks to watch today
Stocks to watch today(Unsplash)

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

Reliance Infrastructure: The Anil Ambani-led Reliance Infrastructure Ltd announced plans on Thursday to raise up to 6,014 crore through a combination of share and convertible warrant sales. This announcement follows the company's settlement of an arbitration dispute with Adani Group over power distribution and a loan issue with CFM Asset Reconstruction. In a board meeting, the company approved raising 3,014 crore via a preferential issue of 125.6 million equity shares or convertible warrants at a price of 240 per share.

IIFL Finance: IIFL Finance Ltd announced on Thursday that the Reserve Bank of India (RBI) has lifted the restrictions on its gold loan business. In a statement to the stock exchange, the company said that the RBI's decision, effective immediately, allows them to resume activities including the sanctioning, disbursal, and sale of gold loans in compliance with regulations.

VST Industries: Ace investor Radhakishan Damani sold 1 lakh shares in VST Industries for 4.4 crore via a block deal, at 439.05 per share, slightly above the previous closing price of 437.85. Damani, who is the founder and promoter of DMart, had also sold 1 lakh shares on Tuesday for 4.39 crore. Buyers in the latest deal included Reliance Mutual Fund and Thrift Savings Plan, with the shares sold representing a 0.65% stake in VST Industries.

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NTPC: In an exchange filing, NTPC announced that its board of directors approved investment for the Sipat Super Thermal Power Project, Stage-III (1x800 MW) with an estimated cost of 9,790.87 crore. Additionally, the board approved investment for the Darlipali Super Thermal Power Project, Stage-II (1x800 MW), with an estimated cost of 11,130.98 crore.

Power Grid: The company has been declared the successful bidder for the inter-state transmission system project, "Transmission System for Evacuation of Power from Potential Renewable Energy Zone in Khavda Area of Gujarat under Phase-IV (7GW): Part B." The project will be executed on a build, own, operate, and transfer (BOOT) basis.

Macrotech Developers: The company has acquired shares in three warehousing companies for 239.56 crore, boosting its stake and enhancing its rental income potential. This move aligns with the company's strategic growth in the real estate sector.

Also Read | Indian stock market: 8 key things that changed for market overnight

Hero MotoCorp: The company plans to launch e-scooters under its Vida brand in the UK, France, and Spain by mid-2025, marking its entry into developed markets as demand for electric vehicles rises. The launch coincides with ongoing discussions on the India-UK trade agreement.

SJVN: The company reported generating 8,489 million units of green energy in FY24 from hydro, solar, and wind power, achieving record daily and monthly generation rates. SJVN also posted a standalone revenue of 2,533.59 crore and a profit after tax of 908.40 crore.

IDFC First Bank: The Reserve Bank of India has approved the re-appointment of V. Vaidyanathan as Managing Director and CEO of IDFC First Bank, effective December 19, 2024. Vaidyanathan has played a key role since the bank's merger with Capital First in 2018.

Also Read | Buy or sell: Vaishali Parekh recommends three stocks to buy today — September 20

MSTC: The government has approved the sale of Ferro Scrap Nigam Ltd, a wholly-owned subsidiary of MSTC, to Japan’s Konoike Transport Co. for 320 crore, surpassing the reserve price. Konoike specializes in steel services and recycling, marking a strategic move in India's steel sector.

SpiceJet: The company’s $358 million share sale attracted significant interest from major investors including Tata Mutual Fund, Authum Investment, and Think Investments, among other institutional investors. The placement was reportedly oversubscribed.

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First Published:20 Sep 2024, 08:18 AM IST
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