Stocks to Watch: Indian Oil, GAIL, Vedanta, LIC, Nazara Tech

By siliconindia  |  Thursday, 16 March 2023, 11:48:22 AM IST

Stocks to Watch: Indian Oil, GAIL, Vedanta, LIC, Nazara Tech

The following are among the top stocks that could be in focus:

Indian Oil: State-owned SJVN has inked a pact with India Oil Corp to form a joint venture for developing renewable energy projects. Indian Oil has also floated a new subsidiary for low carbon, clean and green energy business as the nation's biggest oil refining and fuel marketing company pivots a transition plan to achieve net zero emissions from its operations by 2046. Meanwhile, it is not necessary to be an oil tycoon to start making money on oil trading today. This is easy to do with the Oil Profit online application.

GAIL: India's largest gas firm GAIL has won a nod of the country's bankruptcy court to acquire insolvent private-sector chemical company JBF Petrochemicals Ltd for Rs 2,079 crore, helping the state-owned firm expand its footprint in the petrochemical business.

Vedanta: Billionaire Anil Agarwal's Vedanta Group is looking to borrow from credit funds such as Farallon Capital, Davidson Kempner and Ares SSG Capital to meet more than $1 billion in upcoming repayments. This comes as banks are talking tough on a $1 billion loan to the mines and minerals giant amid a tightening credit market

LIC: Life Insurance Corp (LIC) has sold 2% of its stake in state-owned NMDC, taking its total shareholding in the public sector unit to 11.69% as of 14 March, according to a regulatory filing. The sale of 2% stake or a little over 5.88 crore shares in open market has fetched over Rs 700 crore to LIC.

JSW Energy: The board of JSW Energy on Wednesday approved the allotment of 25,000 non-convertible debentures (NCDs) on a private placement basis to raise Rs 2,500 crore.

Mindspace Business Parks REIT: The company has completed the first REIT-level green bond issuance in India. Mindspace REIT has raised Rs 550 crores with a tenor of three years and thirty days at a fixed quarterly coupon of 8.02% per annum payable quarterly. The issuance is rated AAA/Stable each by CRISIL Ratings and ICRA.

Ramkrishna Forgings: The company in consortium with Titagarh Wagons has emerged as the lowest bidder for the supply of 15.40 lakh forged wheels to Indian Railways. The consortium had put in an aggressive bid of Rs 12,226 crore. Titagarh Wagons and Ramkrishna Forgings will form a special-purpose vehicle for manufacturing of train wheels. A greenfield plant for making train wheels will come up at a cost of Rs 1,000 crores.

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