Stocks to Monitor: Angel One, Vodafone Idea, Grasim, Paytm, Spicejet, IRCTC

By siliconindia  |  Friday, 23 February 2024, 09:32:01 AM IST

Stocks to Monitor: Angel One, Vodafone Idea, Grasim, Paytm, Spicejet, IRCTC
Stocks to Watch on Friday, February 23, 2024: The benchmark indices are expected to continue their gains Thursday morning following positive signals from the US market. After yesterday's sharp recovery, the Gift Nifty futures were quoted at around 22,313 at 07:30 AM, indicating a likely gap-up of over 50 points on the Nifty 50 index.
Angel One: On February 22, the brokerage firm announced that it will raise nearly Rs 2,000 crores through a preferential issue, QIP or other modes. The company stated in an exchange filing that it plans to use the funds to grow its broking business, as well as expand through inorganic avenues within the fintech space. The company said that the equity fundraising plan of up to Rs 2,000 crore will help it invest beyond its current resources, while maintaining fiscal prudence, to make Angel One a leading fintech platform.
Vodafone Idea: The telecom company said in an exchange filing on February 22 that its board will convene on February 27 to consider all avenues of fundraising. The company said that the board will "consider and evaluate any and all proposals for the raising of funds in one or more tranches by way of a rights issue, further public offer, private placement including preferential allotment, qualified institutions placement or through any other permissible mode and/or combination thereof as may be considered appropriate".
Grasim Industries: During a post-launch conference with media on February 22, Himanshu Kapania, the Director of Aditya Birla Group, announced that their new paints business, Birla Opus, expects to secure the second position in the decorative paints market and exit FY25 with a high-single-digit market share. The decorative cement business is expected to grow to Rs 1 lakh crore in the next five years, and industry players are betting high on it. Aditya Birla Group is set to add 40 percent addition to the current industry capacity after all six plants start production.
Paytm: According to a report by Moneycontrol, daily downloads of the Paytm app have decreased sharply since February 1, which is the day after the Reserve Bank of India imposed curbs on Paytm Payments Bank (PPBL). Data shared by Appfigures, a mobile analytics and intelligence platform in New York, revealed that Paytm app downloads declined by 55 percent to 60,627 on February 19 from 135,139 on February 1. In the same period, downloads of the BHIM UPI app increased by 49 percent, while daily downloads of the Google Pay app dropped by 10.6 percent.
SpiceJet: On Thursday, the low-cost airline announced that it has secured an additional Rs 316 crore in funding, making the total amount raised through its preferential issue to Rs 1,060 crore. In a separate matter, the Delhi High Court has ordered SpiceJet to return a leased engine to Engine Lease Finance BV in Brussels, Belgium, at its own expense by March 10. The order came after unsuccessful settlement talks between the two parties. The Delhi High Court also directed SpiceJet to pay $2 million by February 29 against its dues to two engine lessors named Team France and Sunbird France.
IRCTC: The Indian Railway Catering and Tourism Corporation (IRCTC) has collaborated with Swiggy to offer pre-ordered meal delivery services to passengers who book meals through the corporation's e-catering portal. Initially, Swiggy's services will be available at four railway stations - Bengaluru, Bhubaneswar, Vijayawada, and Visakhapatnam. Following the first phase, the services will be extended to other stations. A few months ago, IRCTC partnered with Zomato to supply and deliver pre-ordered food at various railway stations.
Jana Small Finance Bank: The commercial bank that was scheduled to release its financial report has recorded a 12.82 percent year-on-year increase in net profit, amounting to Rs 134.64 crore for the quarter that ended in December 2023. Moreover, the net interest income for Q2FY24 surged by 24.4 percent to Rs 548.5 crore as compared to the same period in the previous year. The asset quality of the bank improved sequentially, with gross non-performing assets (NPA) dropping by 25 basis points (bps) quarter-on-quarter (QoQ) to 2.19 percent, and net NPA declining by 16 bps QoQ to 0.71 percent during the quarter.
Ramkrishna Forgings: The board of the company has granted approval to commence manufacturing and supply operations from its facility located in Mexico. Additionally, they have sanctioned an investment of almost Rs 90 crore to establish a facility to manufacture components in the PV/LV segment from the same location.
Dilip Buildcon: The infrastructure firm has signed the concession agreement with the Public Works Department of the Government of Goa. The company will be responsible for building observatory towers and viewing galleries, which will include approaches, decorative lighting and parking, for the New Zuari Bridge on the Panjim-Mangalore section of DBFOT Mode in Goa. The total cost of the project is estimated to be Rs 270.07 crore.
Salasar Techno Engineering: The RVNL-Salasar JV has won the bid to construct 132 KV and 220 KV transmission lines and associated feeder bays in Eastern Madhya Pradesh. The project was offered by the Madhya Pradesh Power Transmission Company and is valued at 174 crore.

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