BackStocks to Watch: Titan, PTC India, SJVN, JSPL, JK Cement, Gland Pharma
Tata Consultancy Services, Gyscoal Alloys, JBF Industries, Shrenik, and Tijaria Polypipes will be among the stocks in focus as they declare their December quarter earnings today.
PremiumHere is the list of the top 10 stocks that will be in focus today:
Titan: Titan on Friday said that the firm saw healthy consumer demand due to the festive season which resulted in 12% growth in combined sales on year basis in the December quarter. The firm clocked double-digit growths in all segments despite a high base, said Titan. The firm added 111 new stores in the December quarter. "The healthy consumer demand spurred by a vibrant festive season resulted in 12% growth in combined sales YoY across Company’s standalone businesses. The positive consumer sentiment helped all categories clock healthy double-digit growths despite a high base in the same period of last year," said Titan in its regulatory filing.
PTC India: A stake for sale in state-backed electricity trader PTC India Ltd. is attracting initial interest from potential suitors including Asia’s richest man Gautam Adani, according to people familiar with the development. Adani is among possible bidders reviewing preliminary information on the business, the people said, asking not to be identified as the information is private. Other Indian conglomerates are also evaluating whether to bid, one of the people said. State-owned entities NTPC Ltd., NHPC Ltd., Power Grid Corp. of India and Power Finance Corp. are working with an adviser to weigh selling their stakes of around 4% each, the people said. Bids are due as soon as the end of this month, they said.
SJVN: State-run SJVNL has securitised the cash flow of India’s largest hydropower project—Nathpa Jhakri—with Bank of Baroda for a 15-year period under the government’s National Monetisation Pipeline (NMP) for an upfront payment of ₹2,000 crore, said two people aware of the development. SBI Capital Markets Ltd was the transaction advisor for SJVNL for its 1.5 GW project in Shimla that supplies electricity to Delhi, Haryana, Himachal Pradesh, Punjab, Jammu & Kashmir, Rajasthan, Uttar Pradesh, Uttarakhand, and Chandigarh. The process saw participation from both state-run and private banks, with the monetization to help fund the equity portion of upcoming projects.
Aditya Birla Fashion and Retail: The Board of Directors of the company said today in a stock exchange filing that “We wish to inform you that, the Company proposes to raise funds by issuing 5,000 listed, unsecured, rated, redeemable non-convertible debentures of the face value of ₹10,00,000 (Rupees Ten Lakh only) each issued at par aggregating to ₹5,00,00,00,000 (Rupees Five Hundred Crores Only), on private placement basis, on or after January 13, 2023. The above is within the limits approved by the Board of Directors and Shareholders of the Company, from time to time."
JSPL: Jindal Steel and Power Limited (JSPL) will invest up to ₹1,500 crore to make recently-acquired Monnet Power operational, its Managing Director Bimlendra Jha said. The investment will be made over the period of the next 12 to 18 months, he said. In December 2022, the steelmaker acquired debt-laden Monnet Power for ₹410 crore through the insolvency route. The 1,050 megawatts (MW) under-construction coal-based power project is located near JSPL's steel plant in Angul, Odisha.
JK Cement: JK Cement on Friday said that its subsidiary has acquired paint manufacturer and construction chemicals company Acro Paints Limited. JK Cement's wholly owned subsidiary JK Paints & Coatings Limited has acquired a 60% stake in Acro Paints for a cash consideration of ₹153 crore. Through this acquisition, it would give a commercial presence to the company in the paint business segment.
Gland Pharma: Drug firm Gland Pharma on Friday said it has inked a pact with FPCI Sino French Midcap Fund to acquire a 100% stake in Europe-based Cenexi Group. Gland Pharma International PTE, a Singapore-based wholly owned subsidiary of the company, has entered into a share purchase agreement with FPCI Sino French Midcap Fund to fully acquire a stake in Cenexi pursuant to the terms of the put option agreement inked in November last year.
Suzlon Energy: Suzlon Energy has received shareholders' approval to appoint Vinod R Tanti as Managing Director, Girish R Tanti as the Executive Director and Pranav T Tanti as Director. A BSE filing showed that the three resolutions to appoint Vinod Tanti as Managing Director, Girish Tanti as Executive Director and Pranav Tanti as Director are passed with the requisite majority through postal ballot. The company has sought approval from the shareholders through postal ballot notice for these appointments.
Paytm: Paytm Payments Bank has secured the Reserve Bank of India’s approval for the appointment of Surinder Chawla as its new chief executive, two people aware of the development said. Chawla is currently serving as head of branch banking at RBL Bank. “It was on the cards, and the role transition at RBL Bank has been going on for quite some time," a third person aware of the development said, seeking anonymity. Chawla spent nearly a decade at RBL Bank after working for over 11 years at HDFC Bank, where he held positions such as head of retail liabilities product group and senior executive vice-president.
Dish TV: Minority investors of Dish TV have written to the ministry of information and broadcasting seeking its approval for seven independent directors proposed by the company’s largest shareholder Yes Bank. In a letter to I&B secretary Apurva Chandra, the association of Dish TV minority investors asked the government to clear the names of these directors, including Girish Paranjpe, Arvind Nachaya Mapangada and Haripriya Padmanabhan urgently, failing which it could explore legal action.
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