Stocks to Focus: DHFL, GMR Airports, Adani Green, Dixon Tech, Suzlon Energy
Stocks to Watch, Tuesday, September 10, 2024: Indian markets were expected to open strongly, buoyed by positive sentiment in global markets. This optimism was largely due to anticipation surrounding the Federal Reserve's upcoming policy rate meeting next week. The trend was reflected in GIFT Nifty futures, which were trading at 25,035 at 6:51 AM, approximately 50 points above the last close of Nifty futures. Additionally, markets in the Asia-Pacific region saw gains on Tuesday, following a rebound on Wall Street where both the S&P 500 and Nasdaq Composite recovered from their worst week of the year.
DHFL: The Delhi High Court has granted bail to Dheeraj Wadhwan, the former director of Dewan Housing Finance Limited (DHFL), on medical grounds in a high-value bank fraud case. Justice Sudhir Kumar Jain approved the bail after assessing Wadhwan's health, describing him as a "sick person." This decision follows the denial of his bail application by the trial court.
GMR Airports: GMR Airports Infrastructure Ltd has revealed its intention to boost its ownership in Delhi International Airport Ltd to 74 percent by purchasing an extra 10 percent stake from Fraport AG for $126 million. The transaction, pending approval from the Airports Authority of India and shareholders, is anticipated to be finalized within 180 days.
Adani Green Energy: Adani Green Energy Ltd (AGEL) has fully repaid its USD 750 million Holdco Notes before their scheduled maturity in September 2024. These bonds, issued in 2021 with a 4.375 percent interest rate, played a crucial role in supporting AGEL's growth. Over the past three years, AGEL's energy capacity surged from 3.5 GW to 11.2 GW, reflecting a compound annual growth rate (CAGR) of 48 percent.
Dixon Technologies: HP India is collaborating with Dixon Technologies’ subsidiary, Padget Electronics, to manufacture notebooks, desktops, and all-in-one PCs in Chennai under the PLI 2.0 scheme. This new facility aims to produce up to 2 million units annually and generate 1,500 jobs.
Adani Power: The Adani Group has notified Bangladesh’s interim government about $500 million in overdue payments for a power project, which could heighten tensions given Bangladesh’s current financial difficulties. The nation’s total power liabilities have reached $3.7 billion, with a substantial amount owed to Adani Power.
Suzlon Energy: Suzlon Energy has won a significant contract with NTPC Green Energy Limited for a 1,166 MW wind project in Gujarat, which will include the installation of 370 wind turbines. This agreement supports NTPC’s objective of expanding its renewable energy capacity by 60 GW by 2032. With this deal, Suzlon’s order book now approaches 5 GW.
Bank of Baroda: Bank of Baroda successfully raised Rs 5,000 crore through a 10-year infrastructure bond issue, which was nearly three times oversubscribed. Priced at 7.26 percent, this issuance fully utilizes the bank’s approved limit for infrastructure bonds, although there is still potential for future raises through tier I or tier II bonds.
Infosys: SEBI lifted restrictions on 16 entities, including former Infosys employees, involved in an insider trading case. The prohibition on six entities, imposed by interim and confirmatory orders, was vacated, concluding the matter.
