Stocks to Focus: Reliance Infra, IIFL Finance, VST Industries, NTPC, PowerGrid
Stocks to Watch: Friday, September 20, 2024, Indian markets are poised for a strong opening on Friday, buoyed by overnight gains on Wall Street that are propelling Asian markets higher. As of 7:05 AM, GIFT Nifty futures stood at 25,525, reflecting a rise of about 30 points from the last close of Nifty futures. In the Asia-Pacific region, markets opened higher, with Japan's Nikkei 225 leading the way with a 1.76 percent increase. Australia’s S&P/ASX 200 rose by 0.2 percent, while Japan's broader Topix index climbed 1.63 percent. South Korea’s Kospi advanced 1.45 percent, and the small-cap Kosdaq was up 1.51 percent.
Reliance Infrastructure: Reliance Infrastructure, led by Anil Ambani, announced on Thursday that it plans to raise up to Rs 6,014 crore through a mix of share and convertible warrant sales. This announcement comes after the company resolved an arbitration dispute with the Adani Group regarding power distribution, as well as a loan issue with CFM Asset Reconstruction. In a recent board meeting, the company approved a preferential issue to raise Rs 3,014 crore by issuing 125.6 million equity shares or convertible warrants at a price of Rs 240 per share.
IIFL Finance: IIFL Finance Ltd announced on Thursday that the Reserve Bank of India (RBI) has removed the restrictions on its gold loan operations. In a statement to the stock exchange, the company mentioned that this decision, effective immediately, permits them to resume activities such as approving, disbursing, and selling gold loans in accordance with regulations.
VST Industries: Radhakishan Damani, the founder and promoter of DMart, sold 100,000 shares of VST Industries for Rs 4.4 crore through a block deal, at a price of Rs 439.05 per share, just above the previous closing price of Rs 437.85. This follows his earlier sale of 100,000 shares on Tuesday for Rs 4.39 crore. Notable buyers in this latest transaction included Reliance Mutual Fund and Thrift Savings Plan, with the shares sold representing a 0.65% stake in VST Industries.
NTPC: In an exchange filing, NTPC reported that its board of directors has approved investments for the Sipat Super Thermal Power Project, Stage-III (1x800 MW), at an estimated cost of Rs 9,790.87 crore. The board also sanctioned funding for the Darlipali Super Thermal Power Project, Stage-II (1x800 MW), estimated to cost Rs 11,130.98 crore.
Power Grid: Power Grid has been announced as the successful bidder for the inter-state transmission system project titled "Transmission System for Evacuation of Power from Potential Renewable Energy Zone in Khavda Area of Gujarat under Phase-IV (7GW): Part B." This project will be implemented on a build, own, operate, and transfer (BOOT) basis.
Macrotech Developers: The company has acquired shares in three warehousing companies for Rs 239.56 crore, boosting its stake and enhancing its rental income potential. This move aligns with the company's strategic growth in the real estate sector.
Hero MotoCorp: Hero MotoCorp intends to introduce e-scooters under its Vida brand in the UK, France, and Spain by mid-2025, signaling its entry into developed markets amid a growing demand for electric vehicles. This launch comes alongside ongoing discussions regarding the India-UK trade agreement.
SJVN: SJVN generated 8,489 million units of green energy in FY24 through hydro, solar, and wind power, setting new records for daily and monthly generation. The company reported standalone revenues of Rs 2,533.59 crore and a profit after tax of Rs 908.40 crore.
IDFC First Bank: The Reserve Bank of India has granted approval for V. Vaidyanathan's re-appointment as Managing Director and CEO of IDFC First Bank, effective December 19, 2024. Vaidyanathan has been instrumental in the bank's operations since its merger with Capital First in 2018.
MSTC: The government has sanctioned the sale of Ferro Scrap Nigam Ltd, a fully-owned subsidiary of MSTC, to Japan's Konoike Transport Co. for Rs 320 crore, exceeding the reserve price. Konoike, known for its expertise in steel services and recycling, is making a strategic entry into India's steel industry.
SpiceJet: SpiceJet's $358 million share sale drew considerable interest from prominent investors such as Tata Mutual Fund, Authum Investment, and Think Investments, along with other institutional backers. The offering was said to be oversubscribed.
