Stocks to Watch: Adani Group, Axis Bank, Bajaj Finserv, Airtel, Marico, HAL

Here is a top ten stocks that will be in focus today:

Adani Group: Adani Group says that the Reuters assume that it's obtained $3 billion from a sovereign wealth fund is untrue. India's Adani Group reportedly informed lenders on Wednesday it had obtained a $3 billion loan from a sovereign wealth fund, according a Reuters story. News of Adani obtaining additional financing spread a day after company management advised bondholders that it expected to prepay or refund share-backed debts of $690 million to $790 million by the end of March. According to the article, the sovereign wealth fund's credit line might be expanded to $5 billion.

Axis Bank: Axis Bank on Wednesday said it has completed the acquisition of Citibank India’s consumer banking business for Rs 11,603 crore marginally lower than what was announced in March 2022. This is due to the attrition seen among Citibank customers during the transfer of operations and jobs to Axis Bank. The transaction comprises the sale of credit cards vertical, retail banking, wealth management and consumer loans. With this, Axis Bank’s market share in the credit cards business will jump to 16.2% from 11.4%, with an addition of 1.8 million credit cards.

Bajaj Finserv: Bajaj Finserv, one of India’s leading and diversified financial services groups, has received the final approval from the Securities and Exchange Board of India (Sebi) to start its mutual fund operations as Bajaj Finserv Mutual Fund. In connection with the same, the company said it has formed two wholly owned subsidiaries -- Bajaj Finserv Mutual Fund Trustee Limited (BFMFTL) and Bajaj Finserv Asset Management Limited (BFAML). Further, Bajaj Finserv Asset Management Limited has also been accorded approval to act as an asset management company for Bajaj Finserv Mutual Fund, it said.

Hindustan Aeronautics: The Cabinet Committee on Security (CCS) chaired by Prime Minister Narendra Modi on Wednesday approved the procurement of 70 HTT-40 basic trainer aircraft from Hindustan Aeronautics Limited (HAL) for the Indian Air Force at a cost of ₹6,828.36 crore. The aircraft will be supplied over a period of six years, the ministry of defence said. The procurement decision is expected to open new opportunities for hundreds of MSMEs (micro, small and medium enterprises) and create thousands of jobs.

Bharti Airtel: Bharti Airtel Chairman Sunil Bharti Mittal confirms plans to hike mobile phone call and data rates across all plans in 2023. The telecom company last month increased the price of its minimum recharge or the entry-level for the 28-day mobile phone service plan by about 57 per cent to Rs 155 in eight circles. Responding to a PTI query on the need for a tariff hike when the company's balance sheet is healthy, Mittal said the return on capital in the telecom business is very low and a tariff hike is expected this year.

Marico: Consumer products company Marico on Wednesday moved the National Company Law Tribunal (NCLT) seeking its intervention in admitting its claims as part of Future Retail’s corporate insolvency resolution process. Rishabh Jaisani, the counsel representing the resolution professional (RP), said a reply was filed in response to Marico’s plea. Jaisani said Marico claimed Rs 22.08 crore, of which Rs 18.11 crore have been admitted but for the remaining amount of Rs 3.97 crore, which it claimed as interest, there are no supporting documents.

ONGC: Government has named Pankaj Kumar as the director (production) of state-run energy major Oil and Natural Gas Corporation Ltd (ONGC). Kumar, who was so far the director (offshore) will take over the newly created post with immediate effect, ONGC said in a regulatory filing on Wednesday. The company also said in its filing that Anurag Sharma ceased to be the Director (Onshore) of the Company with effect from 1 March, on attaining the age of superannuation on 28 February 2023.