Stocks to Focus: Adani, Reliance, KEC International, Venus Pipes, Glenmark Pharma

As of 7:10 AM in India, GIFT Nifty futures were trading at 25,162, about 100 points below the last close of Nifty futures at 25,236. Asian-Pacific markets mostly declined on Friday as investors awaited critical US jobs data, which will influence expectations for future rate cuts by the US Federal Reserve, and assessed Japan's household spending figures. Japan's household spending for July increased by 0.1 percent in real terms year-over-year, leading the Nikkei 225 to open slightly below the flatline, while the broader Topix index fell by 0.42 percent. South Korea's Kospi dropped by 0.8 percent, and the small-cap Kosdaq fell by 1.41 percent. In Hong Kong, the Hang Seng index futures were at 17,431, down from the previous close of 17,444.3, and mainland China's CSI 300 futures were at 3,254, slightly below the last close of 3,257.76.

Adani Enterprises: Adani Enterprises has announced the early closure of its Rs 800 crore redeemable non-convertible debentures (NCDs) issue. Initially scheduled to close on September 17, the public issue will now end on September 6 following a resolution passed on September 5. This move is in accordance with Regulation 33A of SEBI’s (Issue and Listing of Non-Convertible Securities) Regulations, 2021.

Reliance Industries: Reliance Industries, under the leadership of Mukesh Ambani, has approved the issuance of bonus shares at a 1:1 ratio, as revealed during its annual general meeting (AGM). The record date for this bonus issue will be announced at a later time. These bonus shares will be issued from the company’s securities premium account, general reserve, or retained earnings as of March 31, 2024.

KEC International: KEC International has obtained new contracts worth Rs 1,423 crore for the design, supply, and installation of 380 kV transmission lines in Saudi Arabia. This achievement strengthens the company's position in the Middle East and supports its expansion in the power transmission sector. The project is anticipated to boost KEC's revenue and broaden its global presence.

Max Financial Services: Max Ventures Investment Holdings, the promoter of Max Financial Services, has divested a 3.18% stake in the company for Rs 1,218 crore through an open market transaction. This sale, which involved 1,10,00,000 shares, was reported in the bulk deal data on the National Stock Exchange (NSE). Max Financial Services serves as the holding company for Max Life Insurance.

Adani Green Energy: Adani Green Energy Limited (AGEL) and TotalEnergies have unveiled a 50:50 joint venture to oversee a portfolio of solar energy projects totaling 1,150 MW. Situated in Khavda, Gujarat—the site of the world's largest renewable energy plant—this collaboration is set to boost renewable energy production in the region. The partnership aims to establish both companies as leading contributors to India's transition to green energy.

Venus Pipes: The Directorate of Revenue Intelligence (DRI) conducted a search at both the registered and corporate offices of Venus Pipes & Tubes, concluding the investigation on September 5, 2024. The search was related to allegations of customs duty evasion concerning imported goods. While the investigation's final outcome is still pending, Venus Pipes has already deposited Rs 5 crore under protest as part of the ongoing process.

Glenmark Pharmaceuticals: Glenmark Pharmaceuticals Inc., the US subsidiary of Glenmark Pharmaceuticals, has agreed to a $25 million settlement with the US Department of Justice over allegations of price manipulation concerning a generic drug. The company will pay this settlement in six installments over the next five years, beginning in May 2024, with an interest rate of 4.25 percent. This settlement resolves the legal issue and enables Glenmark to concentrate on its primary business activities.

Mrs. Bectors Food Specialities: Mrs Bectors Food Specialities plans to raise Rs 400 crore through a Qualified Institutional Placement (QIP) at a price of Rs 1,550 per share, which is a 3.9 percent discount on its most recent closing price. The proceeds will be allocated towards repaying debt and funding expansion projects, including boosting production capacity. This QIP is anticipated to lead to a 4.4 percent dilution of equity for current shareholders.

Brigade Enterprises: Brigade Enterprises has successfully raised Rs 1,500 crore through a Qualified Institutional Placement (QIP), issuing shares at Rs 1,150 each. This capital infusion will support the company's strategic expansion efforts, including land acquisitions and the development of new real estate projects, thereby enhancing its position in the real estate market.

Jindal Stainless: Jindal Stainless has commenced supplying stainless steel for the manufacturing of sleeper coaches for India's Vande Bharat trains. This advancement underscores the company's role in enhancing the nation's rail infrastructure and highlights its robust capabilities in producing high-quality stainless steel products.