Stocks to Focus: HDFC Bank, Vodafone Idea, Tata Steel, BHEL, IIFL Finance

By siliconindia  |  Monday, 23 September 2024, 09:38:56 AM IST

Stocks to Focus: HDFC Bank, Vodafone Idea, Tata Steel, BHEL, IIFL Finance
Stocks to Watch for Monday, September 23, 2024: Indian markets are expected to open on a positive note, with GIFT Nifty futures indicating a level of 25,900, about 150 points higher than the last close of Nifty futures. Meanwhile, Asia-Pacific markets started the day quietly as investors absorbed interest rate decisions from China and Japan made on Friday, following the US Federal Reserve's significant rate cut that boosted markets last week. Japan's markets are closed for a public holiday today, while Australia's S&P/ASX 200 opened down by 0.43%. In South Korea, the Kospi fell by 0.15%, and Hong Kong’s Hang Seng index futures are at 18,199, lower than the previous close of 18,258.57.
HDFC Bank: HDB Financial Services (HDBFS), a subsidiary of HDFC Bank, is preparing to list its equity shares, which will include a fresh issue of up to Rs 2,500 crore along with an offer for sale from existing shareholders. In the June quarter, HDBFS reported a 2.6 percent year-on-year increase in net profit, reaching Rs 580 crore, while its loan book grew by 30 percent to Rs 95,600 crore.
Vodafone Idea: Vodafone Idea is currently under financial strain due to the Supreme Court's decision regarding AGR dues. An unscheduled investor meeting has been arranged to address the latest updates. Additionally, the company has secured a three-year, $3.6 billion agreement with Nokia, Ericsson, and Samsung to enhance its 4G infrastructure and prepare for the rollout of 5G technology.
IIFL Finance: IIFL Finance has had its long-term instruments downgraded by CARE Ratings from “AA” to “AA-” because of a decrease in its gold loan portfolio. Even with the recent lifting of RBI restrictions, the company's capacity to regain its market share is essential.
Tata Steel: Tata Steel has launched a new blast furnace at its Kalinganagar plant in Odisha, boosting its capacity from 3 million tonnes to 8 million tonnes with an investment of Rs 27,000 crore. The total capacity of the plant in Odisha now reaches 14.6 million tonnes, supported by additional facilities such as a pellet plant and a coke plant.
Mankind Pharma: The pharmaceutical giant is set to raise up to Rs 10,000 crore via non-convertible debentures and commercial papers to finance its recent acquisition of Bharat Serums and Vaccines.
Reliance Infrastructure: Reliance Infrastructure has unveiled a fundraising initiative, which includes Rs 1,100 crore from its promoters and Rs 1,910 crore from investors based in Mumbai. Overall, the company aims to raise more than Rs 6,000 crore through preferential allotments and qualified institutional placements (QIPs).
Bharat Heavy Electricals Ltd (BHEL): BHEL secured an order worth Rs 6,100 crore from NTPC for an EPC package for the 1x800 MW Sipat Supercritical Thermal Power Project.
Adani Total Gas: Adani Total Gas, a joint venture between Adani Group and France's TotalEnergies, has successfully obtained a $375 million financing package from international lenders. This represents the largest global funding initiative in the city gas distribution sector.
SpiceJet: The airline’s board approved the issuance of 48.7 crore equity shares to qualified institutional buyers at Rs 61.60 per share, raising Rs 2,999.99 crore.
Aarti Drugs: Aarti Drugs' API manufacturing facility in Tarapur, Maharashtra, underwent a USFDA inspection from September 12 to 20. The company received seven inspectional observations documented in Form 483, none of which pertained to data integrity.
Adani Ports & SEZ: Adani Ports & SEZ, in collaboration with Rorix Holdings, has signed a Memorandum of Understanding (MoU) aimed at integrating advanced technologies into their logistics and trading platforms. This partnership seeks to revolutionize commodity trading and enhance operational efficiencies. Karan Adani, CEO of APSEZ, highlighted the significance of this collaboration in their pursuit to establish themselves as a premier global provider of transport and logistics infrastructure.
ONGC: ONGC Videsh, a subsidiary of ONGC, has entered into a non-associated gas agreement for the Azeri-Chirag-Deepwater Gunashili (ACG) field in Azerbaijan. The field is estimated to contain significant non-associated natural gas (NAG) resources, with approximately 4 trillion cubic feet (tcf) of gas available.

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