Stocks to Focus: Reliance Power, Vodafone Idea, SpiceJet, NHPC, PNB
Stocks to Watch: Tuesday, September 24, 2024 Markets in India are poised for a robust opening on Tuesday, bolstered by significant gains on Wall Street, where the S&P 500 and the Dow achieved record closing highs. As of 6:55 AM, GIFT Nifty futures were trading at 25,999, approximately 70 points above the last close of Nifty futures. Asian markets are also set to open higher, following the positive trend on Wall Street. The broad market index rose by 0.28% to finish at 5,718.57, while the Dow Jones Industrial Average increased by 61.29 points, or 0.15%, closing at 42,124.65. Additionally, futures for Hong Kong's Hang Seng index reached 18,462, exceeding the HSI's last close of 18,247.11.
Reliance Power: Reliance Power plans to raise ₹1,525 crore via a preferential equity issue aimed at bolstering its renewable energy portfolio and enhancing its financial position. Additionally, its parent company, Reliance Infrastructure, intends to substantially raise its stake through this initiative.
Vodafone Idea: Vodafone Idea is currently in talks with the government concerning its Adjusted Gross Revenue (AGR) dues, which the Department of Telecommunications has estimated to be significantly higher than what Vodafone Idea has calculated. During a recent analysts' call, the company's CEO expressed confidence that their long-term recovery plan is still on track, despite the challenges posed by the AGR liabilities. Although Vodafone Idea continues to face a substantial debt burden, the company remains optimistic about finalizing its ongoing debt funding process within the next two months.
SpiceJet: The National Company Law Tribunal (NCLT) has served SpiceJet with a notice regarding an operational debt claim amounting to ₹1.18 crore, and the airline must respond by November 14. Meanwhile, SpiceJet has successfully raised ₹3,000 crore through a Qualified Institutional Placement (QIP) involving global investors and mutual funds. Additionally, the airline is anticipated to secure another ₹736 crore from a previous funding round.
NHPC: NHPC, the state-owned hydroelectric power company, announced a total dividend of ₹1,286.33 crore for the fiscal year 2023-24. This amount comprises a final dividend of ₹338.51 crore, which has recently been paid to the central government, and an interim dividend of ₹947.82 crore that was distributed earlier in the fiscal year.
Punjab National Bank (PNB): Punjab National Bank (PNB) has initiated a Qualified Institutional Placement (QIP) aimed at raising up to ₹7,500 crore. The bank's capital raising committee has established a floor price of ₹109.16 per share. The QIP will provide 24.09 crore equity shares, with the possibility of expanding the offer to 48.19 crore shares, which could potentially increase the total funds raised to ₹5,000 crore.
Linde India: The Supreme Court rejected Linde India's appeal against a Securities and Exchange Board of India (SEBI) valuation related to its transactions with related parties. Linde India had expressed concerns regarding the public disclosure of sensitive price-related information.
Samvardhana Motherson International: Samvardhana Motherson International, an auto components manufacturer, successfully raised ₹6,438 crore through a securities issue, drawing considerable interest from institutional investors. The funds will mainly be used for debt repayment and general corporate needs.
AstraZeneca Pharma: AstraZeneca Pharma has obtained regulatory approval from the Central Drugs Standard Control Organisation to import and distribute Durvalumab (Imfinzi), a prescription medication used for treating specific cancers in adults. This development is a significant advancement in increasing the availability of cancer treatment options in India.
Power Grid Corporation of India: Power Grid Corporation of India has been announced as the successful bidder for a new transmission project through the tariff-based competitive bidding process. This announcement was made in an exchange filing and further reinforces the company's leadership in the power transmission sector.
