Stocks to Focus: ICICI Bank, Vedanta, Yatra Online, Adani Power, IREDA, NMDC

Stocks to Watch, September 3, 2024: Indian benchmark indices are expected to open with a modest gain on Tuesday, as indicated by the GIFT Nifty futures, which were trading at 25,357.50 around 6:45 AM. This represents a gain of approximately 15 points from the previous close of Nifty futures. In the Asia-Pacific region, markets were mostly higher on Tuesday, with investors reflecting on South Korea’s August inflation data, which fell to its lowest year-on-year level since March 2021. Japan’s Nikkei 225 index was up by 0.18% in early trading, while the broader Topix index rose by 0.38%. South Korea’s Kospi gained 0.17%. Mainland China’s CSI 300 index futures remained flat at 3,265.4, matching their previous close, and Hong Kong's Hang Seng index futures were at 17,671, slightly below the previous close of 17,691.97.

ICICI Bank: ICICI Bank has denied accusations that it paid a salary or granted stock options to Madhabi Puri Buch, the former SEBI Chairperson and ex-employee. These claims were made by Indian National Congress spokesperson Pawan Khera, who alleged that Buch received Rs 16.8 crore from the bank group between FY18 and FY24. In response, ICICI Bank issued a regulatory filing stating that neither ICICI Bank nor its group companies paid Buch any salary or stock options after her retirement, except for her retirement benefits. The bank also highlighted that Buch retired on October 31, 2013.

Vedanta: Vedanta Ltd's Board of Directors has authorized an interim dividend for the third time in the 2024-25 financial year, as announced in their filing with the Bombay Stock Exchange (BSE) on Tuesday, September 2. The mining company has declared an interim dividend of Rs 20 per equity share, each with a face value of Rs 1, for FY25. The total dividend payout is set at Rs 7,821 crore, according to the company’s statement.

Yatra Online: Yatra Online Ltd has announced its acquisition of Globe All India Services Ltd (Globe Travels) from Ramkrishna Forgings Ltd for Rs 128 crore. This strategic move, anticipated to finalize within the current quarter, is designed to bolster Yatra’s corporate sector and advance its growth strategy through acquisitions. The deal will expand Yatra’s reservation and booking services, covering both corporate and leisure travel, as well as tour planning and car rentals. Additionally, the acquisition will increase Yatra’s corporate client base by 40 percent, bringing an additional 360 companies to its existing roster of 850 clients.

Signature Global: Signature Global, a property developer, is set to invest Rs 1,500 crore this year to acquire land, aiming to broaden its footprint in Gurugram and venture into the Noida market within the National Capital Region (NCR). The company plans to secure land through direct purchases and auctions organized by the Noida Development Authority, as stated by founder and chairman Pradeep Aggarwal.

Adani Power: Adani Power Ltd's plea for a Rs 280 crore refund from the Himachal Pradesh government regarding the 960-megawatt Jangi Thopan Power Project in Kinnaur district has been accepted for hearing by the Supreme Court. Justices M.M. Sundresh and Aravind Kumar issued a notice to the state government, opting not to halt a recent Himachal Pradesh High Court decision that overturned a previous ruling to refund the Rs 280 crore premium linked to the hydropower project. Adani Power has contested this High Court verdict.

Indian Renewable Energy Development Agency (IREDA): The Indian Renewable Energy Development Agency (IREDA) plans to secure around Rs 25,000 crore via debt and Rs 4,500 crore through equity in the ongoing fiscal year. Additionally, the company is requesting government approval to dilute up to 10 percent of its stake and aims to be added to the roster of companies qualified to raise funds through bonds under Section 54EC of the Income Tax Act.

TVS Motor Company: TVS Motor Company achieved a 13 percent increase in total sales for August 2024, with 391,588 units sold compared to 345,848 units in August 2023. The two-wheeler segment experienced a 14 percent rise, with sales climbing from 332,110 units in August 2023 to 378,841 units in August 2024. Domestic two-wheeler sales also grew by 13 percent, reaching 289,073 units, up from 256,619 units the previous year.

Mahindra & Mahindra: Mahindra & Mahindra reported a 9% year-on-year growth in total wholesales for August, totaling 76,755 units. Dealer dispatches for the month were at 70,350 units. Domestic passenger vehicle sales surged by 16%, with 43,277 units sold, up from 37,270 units in August of the previous year. Exports also saw a 26% increase, with 3,060 units shipped compared to 2,423 units in August 2023. Additionally, the company's total tractor sales for August amounted to 21,917 units.

Adani Green Energy: With TotalEnergies planning to invest an additional $444 million in Adani Green Energy to establish a joint venture, the Adani Group company's board has approved definitive agreements to operationalize this investment.

Sterlite Technologies: The company has reached a $467,400 settlement with the Data Management Centre to resolve a dispute related to delays and unmet obligations. This settlement, which does not involve an admission of liability, settles claims that originally amounted to $2.7 million.

NMDC: NMDC reported a 9.9% decrease in iron ore production for August, with output falling to 3.07 million tonnes from 3.41 million tonnes in the same month last year. For the period of April to August 2024, NMDC's cumulative production declined to 14.43 million tonnes, down from 16.56 million tonnes during the same period the previous year.

Vodafone Idea: Vodafone Idea has been issued tax demand orders amounting to over Rs 73 crore by various GST offices, citing alleged underpayment of taxes and excessive input tax credit claims. The highest penalty, Rs 33.44 crore, was levied by the GST office in Kolkata.

Hindustan Aeronautics Limited (HAL): The Cabinet Committee on Security (CCS) has given the green light for Hindustan Aeronautics Limited (HAL) to acquire 240 AL-31FP aero-engines for the Indian Air Force’s Su-30 MKI aircraft. This contract, exceeding Rs 26,000 crore, will be fulfilled by HAL under the Buy (Indian) category.