Stocks to Watch: HDFC Bank, Reliance Power, BSE, Bajaj Finance, and More
Here’s a look at key stocks likely to be in focus in today’s trading session.
Bajaj Finance has reported significant growth in its customer base, which expanded to 92.09 million by the end of the September 2024 quarter, up from 76.56 million during the same period last year. The company’s Assets Under Management (AUM) saw a remarkable 29% increase, reaching Rs 3,73,900 crore in Q2 FY25. Additionally, new loans booked rose by 14% to 9.69 million, and the deposits book increased by 21% to Rs 66,100 crore. As of September 2024, Bajaj Finance’s net liquidity surplus stood at Rs 20,100 crore, underscoring its robust financial health.
HDFC Bank witnessed BNP Paribas Financial Markets divest 43.75 lakh equity shares at an average price of Rs 1,726.2 per share, totaling Rs 755.3 crore. Key buyers in this transaction included Morgan Stanley Asia (Singapore) Pte and Citigroup Global Markets Mauritius, with Morgan Stanley acquiring 17.5 lakh shares and Citigroup purchasing 26.25 lakh shares, both at the same price.
Reliance Power has taken a significant step by approving the raising of up to $500 million (Rs 4,200 crore) through unsecured, 10-year Foreign Currency Convertible Bonds (FCCBs), which will carry an annual interest rate of 5%. The FCCBs will be issued to affiliates of Värde Investment Partners, LP. Moreover, the board has also approved an Employee Stock Option Scheme (ESOS) for eligible employees, aiming to enhance employee engagement and retention.
Bank of Baroda reported a global business of Rs 25.06 lakh crore for the quarter ending September 2024, reflecting a 10.23% year-on-year (YoY) growth. The bank’s global deposits surged by 9.11% YoY to Rs 13.63 lakh crore, while advances increased by 11.60% to Rs 11.43 lakh crore. On the domestic front, deposits rose by 7.14% YoY to Rs 11.50 lakh crore, with advances growing by 12.51% to 9.39 lakh crore, indicating strong operational performance.
M&M Financial Services announced total disbursements of Rs 13,160 crore for Q2 FY25, marking a slight 1% decline YoY. Despite this, the company reported steady collection efficiency at 96%. The firm noted a reduction in Stage-3 assets, dropping to 3.8% as of September 2024 from 4.3% a year ago, while Stage-2 assets rose to 6.4% from 5.7%. M&M Financial Services maintained a solid liquidity position, exceeding ?8,500 crore, ensuring its capacity to meet upcoming obligations.
BSE has revealed plans to discontinue weekly index derivatives contracts on Sensex 50 and Bankex starting November 14 and November 18, respectively. While existing unexpired contracts will remain active until their expiry, no new weekly contracts will be issued after these dates, signaling a strategic shift in the exchange's offerings.
JTL Industries, a manufacturer of steel pipes, has approved the subdivision of its 19.65 crore equity shares of Rs 2 each into 39.30 crore equity shares of Rs 1 each. The record date for this split will be announced to the stock exchanges at a later date, which is expected to enhance liquidity and attract more retail investors.
Refex Industries announced plans to raise up to Rs 927.81 crore through a preferential issue of equity shares and convertible warrants. The funds raised will be allocated towards investments in subsidiary companies, capital expenditures, working capital needs, loan repayments, and general corporate purposes, indicating a proactive approach to growth and expansion.
Premier Polyfilm, a manufacturer of artificial leather, is scheduled to hold a meeting on October 14, 2024, to finalize the record date for the subdivision of its equity shares. The company will also review its standalone unaudited financial results for the quarter and half-year ending September 30, 2024, providing insights into its financial performance and future strategies.
Biocon’s subsidiary, Biocon Biologics, has successfully refinanced $1.1 billion in long-term debt through US dollar bonds and a new syndicated facility. This refinancing includes $800 million in senior secured notes due in 2029 at a 6.67% coupon rate. CFO Kedar Upadhye highlighted that this refinancing strengthens the company’s liquidity position and defers a $250 million repayment to five years, thereby providing increased flexibility in financial operations and supporting future growth initiatives.
As the trading day unfolds, these stocks are expected to attract investor attention, reflecting significant developments that could impact their market performance.
