Stocks in Focus: Reliance Industries, Canara Bank, HDFC Bank, Mahindra Holidays, Skipper

Equity markets will be closely watching the GDP data release, due this week in both India and the US. Personal consumption expenditure inflation data will also be closely watched in the US. Sensex and Nifty indices may start the week on a slow note on Monday. At 7:40 am, the Gift Nifty futures on the IFSC exchange were flat at 22,227.

Reliance Industries: According to Bloomberg, Walt Disney and Reliance Industries have signed a binding agreement to merge their media operations in India. Reliance Industries, led by billionaire Mukesh Ambani, is expected to own a 61 percent stake in the merged entity, while Disney reassesses its strategy in India to remain competitive. The distribution of shares among the partners may change based on the inclusion of Disney's additional local assets at the time of finalizing the deal. Additionally, Reliance Industries is also considering acquiring Tata Play Ltd., a broadcast service provider, in which Disney holds a minority stake.

Canara Bank: The board of directors of a public sector bank is set to discuss a potential stock split during their meeting on Monday, February 26, 2024. This marks the second significant corporate event for the bank in nearly seven years, with the previous one being a Rights Issue declared by Canara Bank on February 20, 2017, valued at Rs 1,124 crore. The bank has already notified the exchanges of the upcoming board meeting to consider the stock split proposal on February 7.

HDFC Bank: HDFC Bank has announced that it has obtained approval from the Reserve Bank of India (RBI) to sell 90 percent of HDFC Credila's total issued and paid-up share capital. In a filing made to the exchange, the bank stated that it had entered into definitive agreements on June 20, last year, to sell a 90 percent share in HDFC Credila to a consortium of private equity firms for around Rs 9,060 crore. It should be noted that HDFC Ltd has now merged with HDFC Bank.

Mahindra Holidays & Resorts India: The company plans to invest up to Rs 4,500 crore in the next three to four years to double its room capacity to 10,000, according to company Managing Director and CEO, Kavinder Singh. Mahindra Holidays & Resorts India is actively pursuing partnerships with state governments besides setting up new resorts, brownfield expansion and acquisitions to achieve the target of increasing room count from 5,000 to 10,000 by FY30, reported Economic Times. "We have all the strategies on the table to get from 5,000 to 10,000 rooms. We are well on our way there," Singh told PTI.

Skipper: On Sunday, February 25th, the manufacturer of power transmission and distribution structures announced that it had received an order worth Rs 737 crore from Power Grid Corporation of India Limited (PGCIL). The order is for the design, supply and construction of a cutting-edge 765 kV transmission line for the central PSU. Sharan Bansal, the company's director, has stated that this order has significantly boosted Skipper's order book in the transmission and distribution landscape. The company's year-to-date order intake has now exceeded Rs 3,900 crore. "The orders from PGCIL have notably bolstered our order book in the transmission and distribution (T&D) landscape," said Bansal.

Paytm: According to a report by Press Trust of India, Paytm owner One97 Communications has formed an advisory committee following the Reserve Bank of India's action on its payments bank. However, the head of the panel, M. Damodaran, has said that the committee is yet to begin deeper conversations to identify any issues. While speaking at the release of his biography 'The Turmeric Latte' compiled by one of his former colleagues in Sebi (Securities and Exchange Board of India), Damodaran mentioned that the committee is an external advisor and at this point, Paytm is dealing with RBI directly.

IndianOil, ONGC and GAIL (India): State-owned oil and gas companies such as IndianOil, ONGC and GAIL (India) have been fined for the third consecutive quarter for not fulfilling the listing norm requirements. These norms include having an adequate number of independent directors and at least one woman director as mandated by the third quarter ended on December 31, 2023. Reports suggest that stock exchanges have imposed fines on oil refining and fuel marketing giants like Indian Oil Corporation (IOC), explorers Oil and Natural Gas Corporation (ONGC), and Oil India (OIL), gas utility GAIL, and refiners Hindustan Petroleum Corporation (HPCL) and Mangalore Refinery and Petrochemicals Ltd (MRPL) amounting to a total of Rs 32.5 lakh.

Sun Pharma, Lupin Laboratories and Alkem Laboratories: Pharmaceutical products manufactured by Sun Pharma, Lupin Laboratories and Alkem Laboratories are being recalled from the US market, as per a list issued in the weekly enforcement report of the US Food and Drug Administration (USFDA), reports said on Monday, February 25.

Reliance Industries: Industry executives revealed that the conglomerate is planning to establish over 50 compressed biogas (CBG) plants in the next two years, at a cost of more than Rs 5,000 crore. Last August, during RIL's annual general meeting, Chairman Mukesh Ambani announced plans to set up 100 CBG plants within five years. CBG is a green fuel produced from waste or biomass sources. "RIL has tendered out over 50 compressed biogas plants to be set up in the next two years. It will shortly be floating a tender for the remaining plants", said one of the executives.

Mankind Pharma: The All India Organisation of Chemists and Druggists (AIOCD) had raised objections to an advertisement for HealthOK, a vitamin supplement by a pharmaceutical company, accusing it of implying that non-vegetarians are healthier due to its portrayal of actor Ranveer Singh. In response to the AIOCD's concerns, Mankind Pharma addressed the issue in a letter dated February 13th, stating that their intent was not to hurt anyone or undervalue the benefits of vegetarian food.