Stocks to watch: Adani Group, Vedanta, NHPC, PNB Housing, RHI Magnesita

Stocks to Watch Today: The markets are likely to start Wednesday’s trade on a quiet note following subdued cues from the overseas market. Last night, the US markets ended marginally in red after treasury yields rose.

That apart, markets are likely to be volatile today on account of the monthly futures & options (F&O) expiry. The F&O expiry is happening a day earlier owing to a trading holiday tomorrow.

At 07:10 AM, the SGX Nifty April futures quoted more or less unchanged at 17,080.

Adani Group: Following yesterday’s dismal performance on the bourses amid buzz of unreleased pledged shares, Adani Group CFO Jugeshinder Robbie Singh termed reports suggesting that the company’s March 7 and 12 announcements did not match with the information available on stock exchanges as “deliberate misrepresentation”.

He said stock exchanges update data on promoter share pledges at the end of the quarter. READ MORE

Vedanta: The board of Anil Agarwal-led Vedanta on Tuesday approved the company’s fifth interim dividend for FY23, Rs 20.50 per equity share. With this, the company’s total dividend outgo for the ongoing financial year would be its highest ever, at Rs 37,730 crore.

Reliance, Bharti Airtel: Mukesh Ambani promoted Reliance Jio has taken a disruptive call in the fixed broadband space by offering an entry-level unlimited 10 mbps home broadband service for just Rs 198 a month. READ MORE

Jindal Stainless: The stainless steel major and New Yaking Pte, which is part of Eternal Tsingshan Singapore, have signed an agreement to set up a nickel pig iron (NPI) smelter in Indonesia. Jindal Stainless will invest Rs 1,200 – 1,300 crore, giving it a 49 per cent stake in the joint venture (JV) company while the balance would be with New Yaking.

JSW Energy: Reliance, Tata Power Solar, and JSW Energy have been allotted sums in different categories in the second tranche of the solar PLI (production-linked incentive) scheme totalling Rs 13,937 crore. Reliance alone has received Rs 3,098 crore. READ MORE

NHPC: The company’s board has approved the proposal for raising of Debt up to Rs 5,600 crore in the financial year 2023-24, through issuance of secured/ unsecured, redeemable, taxable, non-cumulative non-convertible Corporate Bonds in one or more series/ tranches.

PNB Housing Finance: The company’s board has approved Rights Issue worth Rs 2,494 crore. The company plans to issue 90.68 million fully paid-up equity shares each for Rs 275. 

The company has set Wednesday, April 05, 2023 as the record date for determining the eligibility of shareholders for participation in the rights issue. Subscription for the Rights Issue will be open from April 13 – April 27, 2023.

Insurers: The government has cleared the insurance regulator’s new regulations on payments of commissions for intermediaries, thus paving the way for providing more autonomy to insurance companies to decide on the amount of commissions they want to shell out. READ MORE

RHI Magnesita India: The company’s board is scheduled to meet on Saturday, April 1 to consider and approve the proposal for raising of funds by way of a preferential issue of equity shares to the tune of Rs 200 crore.

Kintech Renewables: The company has fixed its board meet on April 03, 2023, to consider the proposal for raising of funds.

IFCI: The company plans preferential issue of equity share capital for FY23 aggregating up to Rs 400 to the promoters i.e., Government. of India.

Tube lnvestments of lndia: The company’s subsidiary TI Clean Mobility has received an investment of Rs 266.67 crore from Multiples Private Equity Fund lll and Rs 133.33 crore from State Bank of lndia.

Mastek: The IT firm announced opening of its new office at Green Park in the Thames Valley region.