Stocks to Monitor: Adani Enterprises, Indigo, HDFC Bank, RIL, Sun Pharma, ZEE

The Indian stock market indices, Sensex and Nifty, are expected to begin trading on a slow note due to weak global cues. In the previous session, both indices closed with marginal gains, with Sensex climbing only 33 points and Nifty rising by 19.5 points. At 8 a.m., the Gift Nifty futures suggested a 50-point gap down on the Nifty, quoting around 22,405 levels.

Adani Enterprises: On Sunday, Karan Adani, who is the Managing Director of Adani Ports and Special Economic Zone, announced that the Adani Group is planning to invest around Rs 60,000 crore in expanding its seven existing airports over the next 5-10 years. Out of this amount, approximately half of the investment will be used to increase the capacity of the terminals and runways within the next five years, while the remaining amount will be put towards developing the airports' city-side infrastructure over the next decade. Additionally, the group has plans to invest another Rs 18,000 crore in the Navi Mumbai airport. Adani Enterprises, the parent company, will fund these investments through its internal accruals.

Interglobe Aviation: According to recent reports, Rakesh Gangwal, who is one of the founders of IndiGo, is considering selling a stake of up to 5.8 percent in Interglobe Aviation, the parent company of the airline. This is a significant increase from his initial plan of selling a 3.3 percent stake, which was reported by CNBC-TV18 on March 8. The intended equity sale is expected to generate approximately Rs 6,600 crore, with shares priced at a minimum of Rs 2,925 each.

HDFC Bank: HDFC Bank is in the process of initiating the Initial Public Offering (IPO) of its subsidiary, HDB Financial Services. The bank has planned to schedule the share sale of its financial services division in either the last quarter of 2024 or the first quarter of 2025, according to sources. HDFC Bank has called upon premier investment banks to provide bids and valuation estimates for the upcoming IPO, as per insiders. HDB Financial, a non-deposit-accepting lender, is projected to be valued between $9 billion and $12 billion (Rs 75,000 crore-Rs 1 lakh crore) for the IPO, contingent on market conditions, as stated by an investment banker involved in the discussions.

Reliance Industries: Viacom18, which is owned by Reliance Industries, has restructured its entertainment businesses in preparation for its upcoming $8.5-billion merger with Disney's India unit. The company has appointed two key executives to lead the new arrangement. Kiran Mani, who became the Chief Executive of Digital Business (JioCinema) in November 2020, will now head the digital and sports businesses. Kevin Vaz, who joined the company as CEO - Broadcast in July 2020, will oversee the entire content business. Anil Jairaj, the CEO of Viacom18 Sports, who previously reported to the board, will now report to Mani, while Kiran and Kevin will function as co-CEOs.

Sun Pharmaceuticals: Sun Pharmaceutical Industries Inc., a Mumbai-based company, is recalling approximately 55,000 bottles of Febuxostat Tablets from the US market. The US health regulator reported that the medication has deviations from Current Good Manufacturing Practice regulations (CGMP). The New Jersey branch of the company is recalling Febuxostat Tablets in strengths of 40 mg and 80 mg. The recall includes 47,520 bottles (40mg) and 7,488 bottles (80 mg) of the medication respectively.

Zee Entertainment Enterprises: Zee Entertainment Enterprises has recently made changes to the revenue section of its broadcast business under the leadership of Managing Director and Chief Executive, Punit Goenka. These changes have resulted in the resignation of Rahul Johri, who previously served as President, Business at Zee Entertainment Enterprises for three and a half years. There are also reports of further departures at the senior level. Ashish Sehgal, Chief Growth Officer of Ad Revenue, who used to report to Punit Goenka before Johri's arrival, will now report to him again.

SJVN: SJVN Green Energy, which is a subsidiary of the state-owned SJVN, has recently signed a long-term agreement with Rajasthan to deliver 600 MW of solar power. The Power Usage Agreement (PUA) involves the supply of 500 MW of solar power from the Bikaner Solar Power Project, and the Power Purchase Agreement (PPA) includes the provision of 100 MW of solar power from the Rajasthan Solar Power Project. Both agreements are set to last for a duration of 25 years, as stated by the power ministry. According to the agreement, SGEL will supply 500 MW of power at a rate of 2.57 per unit, sourced from the 1,000 MW Bikaner Solar Power Project.

Rail Vikas Nigam Limited: The railway construction company announced on March 9 that it had been commissioned by the Madhya Pradesh Metro Rail Corporation to design and build an elevated viaduct, five elevated metro stations, and a ramp between chainages. According to the company's stock exchange filing, the project is slated for completion in approximately three years, with the total cost of the order amounting to Rs 543. This marks the second consecutive order for the company.

Nazara Technologies: It has been reported that a gaming company is planning to acquire Smaaash Entertainment Pvt. Ltd through the insolvency and bankruptcy process. Two individuals familiar with the situation have confirmed this. Nazara has submitted its resolution plan by 9th March with the aim of reviving the bankrupt firm. In the previous year, several entities, including Adlabs Entertainment (Malpani Group), Manikchand Group, FZE, Tech Connect Services, Capri Global, Jindal Enterprises, and iLabs India Special Situation Fund, had shown interest in the insolvent firm.

Gensol Engineering: According to an announcement by the company, they have secured the top position for a standalone Battery Energy Storage Systems (BESS) project with a capacity of 70 MW / 140 MWh out of a total of 250 MW / 500 MWh. The project will be executed by Gensol under a Tariff-based Global Competitive Bidding model and will provide on-demand energy storage capacity to Gujarat Urja Vikas Nigam Ltd. The state discom of Gujarat will receive 70 MW / 140 MWh of energy for two charge/discharge cycles each day. The project is expected to add Rs 450 crore to Gensol's revenue over the contract period. However, the company has not specified the exact duration of the contract.