Stocks to Monitor: JSW Steel, Whirlpool, SpiceJet, Coal India, Titagarh Rail Systems

Today, on Tuesday, February 20, 2024, the Nifty 50 is expected to begin trading on a quiet note, after ending at a record high yesterday. At 07:30 AM, Gift Nifty futures are quoting around 22,168, compared to the spot Nifty close of 22,122.

JSW Steel: According to two individuals familiar with the matter, a steel manufacturer is currently in talks with Whitehaven Coal to acquire a 20 percent stake in the Blackwater coal mine in Australia for roughly $1 billion. The final value of the acquisition has not been determined yet. If both parties agree, the transaction is expected to be completed before the end of the financial year.

Whirlpool of India: Whirlpool Mauritius Ltd, which promotes a white goods manufacturer, intends to sell a 24 percent stake in the company through a block deal on Tuesday. The value of this stake is $451 million (equivalent to Rs 3,745 crore). This move will help the American multinational company reduce its debt and improve its balance sheet. The block deal will be offered at a floor price of Rs 1,230 per share, which is 7.6 percent lower than Monday's closing price of Rs 1,331.20 on the NSE.

SpiceJet: On Monday, the Supreme Court criticized SpiceJet for not paying its dues to Credit Suisse. The court ordered the low-cost airline to pay the outstanding amount by March 15th and also asked its chairman, Ajay Singh, to appear before the court one week after making the payment. The Supreme Court also took note of reports that suggested SpiceJet, in collaboration with Busy Bee Aviation, had submitted a bid to acquire Go First, which is currently bankrupt. In response, the court directed SpiceJet to pay $1.25 million to Credit Suisse. This came after the investment bank informed the court that it was supposed to receive $15 million from SpiceJet by February 15th but had only received $13.75 million.

Coal India: During a post-earnings conference call on Monday, the Chairman and Managing Director, P M Prasad, announced that the state-run coal miner will participate in the critical minerals auction conducted by India's mines ministry in February. The auction is part of India's clean energy push, and it is expected to raise around 450 billion rupees ($5.42 billion). The first part of the auction was launched in November last year.

Titagarh Rail Systems: According to a senior official of Titagarh Rail Systems, the company is set to supply driverless train sets for Bengaluru Metro’s Yellow Line (RV Road to Bommasandra) starting from April. The official added that the company will supply two train sets of six coaches each every month to Bengaluru Metro Rail Corp (BMRCL) from April. BMRCL has already imported the first two sets of six-car trains (12 coaches) from China, and the remaining 204 coaches will be manufactured by Titagarh Rail in India.

Hindalco Industries: Hindalco Industries is making a significant effort towards sustainability projects to reduce its greenhouse gas (GHG) emissions. According to the managing director, Satish Pai, the company expects to achieve the first phase of its interim GHG reduction target before 2030. By completing phase one of its pumped hydro project, Hindalco Industries aims to derive 30 percent of its energy from renewable sources by 2030. The company further plans to become carbon neutral by 2050.

IREDA & PNB: In an attempt to boost India's clean energy ambitions, the Indian Renewable Energy Development Agency (IREDA) and Punjab National Bank (PNB) have signed a Memorandum of Understanding (MoU) to collaborate on financing renewable energy projects across the country, on February 19, 2024. This partnership is aimed at streamlining and accelerating access to finance for developers in this critical sector, according to an exchange filing.

HDFC Bank: According to MD and CEO Sashidhar Jagdishan, the recent merger of HDFC Bank and HDFC Ltd has resulted in a surge in loan growth for the combined entity, which has made it necessary for the private bank to raise funds. Speaking at an investor conference held by Goldman Sachs on February 19, Jagdishan explained that the bank needs to gather sustainable deposits to replace the maturing bonds. He also mentioned that the bank's deposit growth will not match the loan growth right away but will instead follow a glide path.

Oil and Natural Gas Corporation (ONGC): An overseas arm of state-run ONGC, Imperial Energy Ltd (IEL) is set to merge five of its step-down subsidiaries into itself, a regulatory filing stated on February 19. Shareholders of IEL have accorded "approval for a merger of five companies", Imperial Energy Cyprus Limited (IECL), Imperial Energy Nord Limited (IENL), Redcliffe Holdings Limited (RHL), Biancus Holding Limited (BHL) and San Agio Investment Limited (SAIL), with IEL, which is the absorbing company, the exchange filing noted.

NBCC (India): On February 19th, the state-owned construction firm announced that it had secured three work orders amounting to a total of Rs 369.05 crore. One of the projects is related to the Rani Lakshmi Bai Central Agricultural University in Jhansi, Datia, and the upcoming campus in Morena and Khajurao, Newari. This particular project is valued at Rs 331.9 crore. The other project that NBCC has won is to construct a single-court complex and residential quarter in Boath, Adilabad district, Telangana, which is valued at Rs 12.17 crore.