Stocks To Watch: Religare Enterprises, SBI, REC, IREDA, NTPC, and More
Here’s a glance at some key stocks expected to draw attention in today's trading session:
IREDA: The Indian Renewable Energy Development Agency (IREDA), a state-owned organization, has received government approval to raise up to Rs 4,500 crore by issuing equity shares through a qualified institutional placement (QIP). The government plans to reduce its stake in IREDA by 7% post-issue, potentially in multiple tranches. The approval came from the Department of Investment and Public Asset Management (DIPAM) following recommendations from a high-level committee.
REC: State-run REC Ltd has signed agreements worth Rs 1.12 trillion to finance various renewable energy projects over the next five years. These agreements, finalized during a recent industry conclave, encompass a wide range of initiatives, including solar and wind hybrid systems, round-the-clock (RTC) solar and wind power, floating solar plants, ultra-mega renewable energy parks, and green hydrogen production. Other key focus areas include hydroelectric projects, battery energy storage systems (BESS), and solar cell manufacturing.
Religare Enterprises: The Delhi High Court has issued notices to the Registrar of Companies (RoC) and Religare Enterprises Ltd after MB Finmart, a member of the Burman Family, challenged the RoC's decision to extend Religare's annual general meeting (AGM) by three months. Initially scheduled for September 30, the AGM was postponed to December without a specified reason. MB Finmart argues this extension violates Section 96(1) of the Companies Act, which only permits extensions under 'exceptional circumstances'. The court has scheduled the next hearing for October 21.
Aurobindo Pharma: Aurobindo Pharma has announced plans to acquire the remaining 49% stake in GLS Pharma Ltd for Rs 22.5 crore, thereby making GLS a wholly-owned subsidiary. Aurobindo entered into a binding agreement with GLS Pharma and its promoters on September 18, 2024, to purchase 5,90,361 equity shares at Rs 381.12 per share. The acquisition is expected to be finalized by December 31, 2024.
SBI: The State Bank of India (SBI) has raised Rs 7,500 crore by issuing Basel III-compliant Tier 2 bonds to qualified institutional bidders. The offering garnered significant interest, with bids exceeding 3 times the base issue size of Rs 4,000 crore. Investors included provident funds, pension funds, mutual funds, and banks. SBI Chairman C S Setty emphasized that the strong participation reflects the trust and confidence investors have in the country’s largest bank.
NTPC: NTPC is set to be a key focus as it prepares to list its renewable energy subsidiary. The company aims to raise around Rs 10,000 crore through a green energy IPO, with draft papers for the listing already submitted.
BHEL, PFC: BHEL has paid a final dividend of Rs 55 crore to the government, while Power Finance Corporation (PFC) reported a record dividend payout of Rs 4,455 crore for 2023-24, with Rs 462 crore allocated to the government.
Zee Entertainment Enterprises: Star India is seeking $940 million in damages from Zee Entertainment after terminating an ICC TV rights deal. The arbitration process is underway, with Zee contesting the claims.
