Stocks in Focus: NBCC, Jio Financial, GAIL, Adani Energy, Lupin, Paytm, Adani Wilmar, and MTNL
Indian benchmark indices closed lower once again, driven by escalating geopolitical tensions in the Middle East, rising crude oil prices, and persistent selling by foreign institutional investors (FIIs). The BSE Sensex fell by 808.65 points, or 0.98%, to settle at 81,688.45, while the NSE's Nifty50 index dropped 235.50 points, or 0.93%, closing at 25,014.60. Here are the stocks that are likely to attract attention before the market opens on Monday, October 7, 2024.
Corporate Actions for Today: Shares of NBCC (India) will go ex-bonus today, and the rights issue for Geojit Financial Services will open for bidding. Additionally, shares of Jupiter Wagons and KP Energy will go ex-dividend today.
GAIL (India): The public sector company has signed a memorandum of understanding (MoU) with AM Green to collaboratively develop renewable energy projects totaling up to 2.5 GW, along with green chemical initiatives. This partnership will focus on the long-term supply of carbon dioxide (CO2) for eMethanol production and the exploration of hybrid renewable energy projects throughout India.
Jio Financial Services: The Securities and Exchange Board of India (SEBI) has granted preliminary approval for Jio Financial Services and BlackRock Financial Management Inc to act as co-sponsors in establishing the proposed mutual fund.
Lupin: The U.S. Food and Drug Administration (FDA) has issued five observations to the pharmaceutical company following an inspection of its biotech facility in Pune, conducted between September 25 and October 4, which was part of a pre-approval inspection.
Adani Energy Solutions: The company, led by Gautam Adani, has established a wholly owned subsidiary named Adani Energy Solutions Glo.
One 97 Communications (Paytm): Manmeet Singh Dhody has resigned as Chief Technology Officer of Payments, effective October 4, and will now serve as an AI Fellow within the company. The board has appointed Deependra Singh Rathore as the new Chief Technology Officer of Payments, also effective October 4.
Adani Wilmar: The FMCG company's edible oil segment has experienced robust growth, with double-digit volume increases. The food and FMCG division recorded a 36% revenue growth, primarily due to greater outlet penetration and repeat purchases of food items. Excluding the G2G business, revenue growth in this segment was at 26%.
Bank of Maharashtra: The public sector bank has completed its qualified institutional placement (QIP) issue as of October 4. The board has approved the issuance of 61.01 crore equity shares to eligible institutional buyers, including LIC, ICICI Prudential Life Insurance Company, and Aditya Birla Sun Life Insurance, at a price of Rs 57.36 per share, totaling Rs 3,500 crore.
Antony Waste Handling Cell: The waste management company’s subsidiary, AG Enviro Infra Projects, has secured a contract valued at Rs 908 crore for door-to-door collection and transportation of municipal solid waste from the Navi Mumbai Municipal Corporation. This contract is set for a duration of nine years.
Gravita India: The company’s board has approved raising up to Rs 1,000 crore through the issuance of equity shares and has made several new appointments to the board.
Mahanagar Telephone Nigam Limited (MTNL): The State Bank of India has classified MTNL’s term loan account as a non-performing asset (NPA) as of September 28 due to missed interest payments and installments. The total outstanding amount exceeds Rs 325.52 crore as of September 30, with an overdue sum of Rs 281.62 crore.
