Stocks to Focus: KEC, PC Jeweller, NBCC, MCX India, NHPC, HDFC Life

Stocks to Watch, Wednesday, September 25, 2024: Indian equity markets are expected to open on a subdued note, as indicated by GIFT Nifty futures trading at 25,928 on Wednesday morning, slightly lower than the previous close of Nifty futures. However, an overnight rally on Wall Street may offer some positive momentum for the markets. The Asia-Pacific region saw mostly stable trading on Wednesday morning, with futures for Hong Kong's Hang Seng Index suggesting a potential 4 percent rise at the start of trading, with HSI futures at 19,763 compared to the last close of 19,000. In Japan, the Nikkei 225 experienced a slight decline, while the broader Topix increased by 0.3 percent. South Korea's Kospi rose by 0.4 percent, and the small-cap Kosdaq saw a gain of 0.43 percent.

KEC International: KEC International, a major player in engineering and construction, has launched a Qualified Institutional Placement (QIP) to raise Rs 4,500 crore by issuing equity shares. The floor price for the QIP is set at Rs 976.64 per share, with the possibility of a discount of up to 5% on this price. This move comes after board approval on July 26, 2024, and a special resolution passed during the company's Annual General Meeting on August 22, 2024.

PC Jewellers: PC Jewellers, a multibagger stock, is preparing for its first-ever stock split. The Board of Directors will meet on September 30, 2024, to discuss the subdivision of shares. Currently, each equity share has a face value of Rs 10, and the company is anticipated to provide further details about the split during this meeting.

NBCC: In a significant development, the Supreme Court is set to review NBCC's proposal to finish 17 stalled projects by Supertech Limited, a decision that could benefit 27,000 homebuyers. This situation is similar to a previous intervention with the Amrapali Group, which sought to provide relief to homebuyers facing delays in project completions.

MCX: Multi Commodity Exchange (MCX) has revised its transaction fees for Futures and Options contracts, effective October 1, 2024. Fees for Futures contracts will be Rs 2.1 per lakh of turnover value, while fees for Options contracts will be Rs 41.8 per lakh of premium turnover value.

NHPC: NHPC Ltd, the state-run hydropower company, is poised to raise around Rs 2,300 crore in the current financial year, surpassing its initial target of Rs 2,000 crore. This initiative aligns with the Union government's monetization objectives and bolsters NHPC's growth plans. The company intends to achieve this by securitizing the return on equity from its Dulhasti Power Station in Jammu and Kashmir over the next eight years. Importantly, NHPC will maintain complete ownership of the project despite this financial strategy.

 

HDFC Life Insurance: HDFC Life Insurance has announced a board meeting set for September 27, 2024, to finalize the commercial terms for the issuance of non-convertible debentures (NCDs). In July 2024, the company had previously approved raising up to Rs 2,000 crore through NCDs, which will be issued in several tranches on a private placement basis.

Delta Corp: Delta Corp has received approval for the demerger of its hospitality and real estate divisions through a Composite Scheme of Arrangement. The newly formed subsidiary will operate under the name Delta Penland. As per the share entitlement ratio, eligible Delta Corp shareholders will receive one new equity share in Delta Penland for each equity share they hold in Delta Corp.

Easy Trip Planners: Nishant Pitti, the promoter of Easy Trip Planners, is anticipated to divest up to 8.5% of his ownership in the company through block deals. The total block size is estimated to be Rs 622 crore, with a projected price of Rs 41.5 per share. According to the June quarter data, Pitti owned a 28.13% stake in the travel tech platform.

CarTrade Tech: In a recent development, Warburg Pincus-owned Highdell Investment has sold its 8.64% stake in CarTrade Tech for over Rs 375 crore. Mirae Asset Mutual Fund has acquired a 6.4% stake in the company, marking a significant reshuffling of ownership.

JSW Group: JSW Group, led by Sajjan Jindal, has officially announced that it will not be moving its Rs 40,000 crore electric vehicle (EV) and battery manufacturing project from Odisha to Maharashtra. In a statement released on Tuesday, the company refuted earlier claims about a potential relocation to Aurangabad or Nagpur. JSW had originally signed a Memorandum of Understanding (MoU) with the Odisha government in February to set up the project in Cuttack and Paradip. Despite the speculation, the company reiterated its commitment to the Odisha locations for this project.