Stocks to Watch: Bajaj Housing Finance, Zee, Mazagon Dock, SpiceJet, and More
Bajaj Housing Finance: Shares of Bajaj Housing Finance are set to debut on the BSE and NSE on Monday, September 16. The IPO’s Gray Market Premium (GMP) has soared to approximately Rs 79, reflecting robust demand with a premium exceeding 100%.
Zee: The Mumbai bench of the National Company Law Tribunal (NCLT) has overturned its previous approval of the $10 billion merger between Zee Entertainment and Sony Pictures Networks India. On September 14, it was reported that the bench reversed its August 10, 2023 decision after both companies mutually agreed to settle and withdraw the amalgamation scheme. The NCLT confirmed that both Zee and Sony's boards have resolved to terminate the merger.
Oil India: Oil India Ltd, a state-run entity, plans to increase its refinery capacity in Assam to 180,000 barrels per day (bpd) by the end of March 2027, as announced by Chairman Ranjit Rath. The company’s subsidiary, Numaligarh Refinery Ltd (NRL), is expanding its capacity from 60,000 bpd and constructing a crude oil pipeline linking the refinery to Paradip Port in Odisha.
Reliance Capital: The National Company Law Appellate Tribunal (NCLAT) has issued a notice to IndusInd International Holdings Ltd (IIHL) following a request from lenders of the insolvent Reliance Capital. Lenders are seeking the forfeiture of Rs 2,750 crore in equity if IIHL fails to implement the resolution plan. NCLAT has asked IIHL to respond within two weeks, with a hearing scheduled for September 30. Lenders are seeking modifications to the July 23 NCLT order that allowed IIHL to acquire Reliance Capital for Rs 9,861 crore, amid disputes over the plan's execution.
Mazagon Dock: Mazagon Dock Shipbuilders has declared a final dividend of Rs 12.11 per share for FY 2024, with September 19, 2024, set as the record date for its AGM. This announcement has attracted significant attention from shareholders and analysts.
SpiceJet: SpiceJet's shareholders approved a special resolution to raise funds to bolster its financial position. However, the airline's market share fell to 2.3% in August from 3.1% in July.
Phoenix Mills: Phoenix Mills has announced September 21, 2024, as the record date for its bonus share issue, offering one bonus share for every existing share, pending approval at its AGM on September 13, 2024.
The government has authorized sugar mills and distilleries to produce rectified spirit and extra-neutral alcohol from sugarcane juice and B-heavy molasses. This move aims to enhance production flexibility for ethanol and alcohol-based products, supporting the sugar industry's diversification efforts.
Adani Green Energy & Adani Power: Maharashtra State Electricity Distribution Company (MSEDCL) has issued a Letter of Intent for a 6,600 MW hybrid solar and thermal power supply. Adani Green Energy will contribute 5,000 MW from its Khavda solar project, while Adani Power will provide 1,496 MW from its ultra-supercritical thermal plant.
Thermax: Thermax Ltd, a leading Indian provider of clean air and energy solutions, announced that its subsidiary, Thermax Babcock & Wilcox Energy Solutions, has secured a repeat order for a 600 MW greenfield energy plant in Botswana. The order is valued at Rs 516 crore.
