Stocks To Watch: TCS, Tata Elxsi, IREDA, Adani Ent, Vedanta, Ola Electric, And Others
Domestic markets traded in a volatile manner and ended nearly flat, continuing the current corrective phase. Shares of TCS, Tata Elxsi, IREDA, IDFC, Star Health among others are likely to be in focus today due to various news developments.
TCS, Tata Elxsi, and IREDA share prices will be in focus as these companies will announce their second quarter result today.
Adani Enterprises: The company issued a qualified institutional placement at a floor price of Rs 3,117 per share. The company plans to raise up to Rs 16,600 crore to be used for various projects, including airports expansion. Book-running lead managers for the issue include SBI Capital Markets, Jefferies India, and ICICI Securities.
Vedanta: the company repaid $869m to the bondholders, redeeming the bonds due 2027 and 2028 before maturity in a liquidity management strategy. This is probably saving interest costs for the company.
It received a letter of intent from the Maharashtra Maritime Board to develop a multipurpose port in Palghar district. Worth about Rs 4,259 crore, the project is expected to generate about 1,500 jobs and aligns with the growth plan of JSW to significantly increase capacity by FY30.
ICICI Securities: The National Company Law Tribunal has cleared the delisting of ICICI Securities, under an order that will make it a wholly-owned subsidiary of ICICI Bank. Shareholders will receive 67 shares of ICICI Bank for every 100 shares of ICICI Securities they hold. Minority shareholder objections were dismissed.
Jio Financial Services: Jio Payments Bank, a subsidiary of Jio Financial Services, has been granted a mutual fund distribution license by the Association of Mutual Funds in India ; that license to directly sell its direct-to-customer mutual fund plans. That would be part of Jio Financial Services' overall strategy of going deeper into financial services-a company which has recently ventured into a tie-up with BlackRock.
Tata stocks: The stocks of Tata group companies will come under focus in the week gone by following the sad news of passing away of its Chairman Emeritus, Ratan Naval Tata on the intervening night of Thursday, October 10.
HDFC Life Insurance: The insurer proposed to raise Rs 1,000 crore through non-convertible debentures for supporting business growth. The issuance is likely to be unsecured and is slated to be listed on the National Stock Exchange.
Star Health and Allied Insurance: The company is under forensic investigation since there was a major data breach compromising details of 31 million customers. Star Health is cooperating with the authorities and has filed legal action against the platforms that were facilitating the data leak.
Ola Electric: After numerous complaints by consumers, the Ministry of Heavy Industries has sought information from Automotive Research Association of India regarding Ola Electric's adherence to regulatory standards.
IRB Infrastructure Developers: The company will raise up to $200 m in foreign currency-denominated notes to meet its fund requirements. The board has authorized the management committee to supervise the fundraising effort.
Zee Entertainment Enterprises: The Independent Investigation Committee formed by ZEEL has discovered 'no material irregularities' of the company after a probe conducted by SEBI regarding the alleged diversion of funds. This news comes at the heels of scrutiny by SEBI of its chairman emeritus Subhash Chandra and managing director and CEO Punit Goenka, relating to alleged fund diversion of more than Rs 2,000 crore.
IDFC: Swiss financial services company UBS Group acquired a 0.51 per cent stake in IDFC for about Rs 88 crore. This after IDFC First Bank announced its merge with IDFC Ltd.
TAC InfoSec: The cybersecurity firm added 200 new clients, including Microsoft and Lenovo, and aims to secure 10,000 global customers by March 2026.
