 "Stocks to watch, Nov 22, 2024: Adani Group stocks, Tata Power, NTPC, LIC")
Stocks to watch on November 22, 2024: The GIFT Nifty futures, around 7:02 AM, were trading 101.3 points higher at 23,450. In the previous session, the benchmark Sensex ended the session at 77,156, a decline of 423 points or 0.5 per cent. Likewise, the Nifty 50 finished at 23,350, a drop of 169 points or 0.7 per cent.
That apart, the US markets on Friday edged higher, while, the Asian markets are trading mixed.
Here is a list of stocks that will be eyed by investors and traders for today's (November 22) session:
Adani Group stocks: In a development to bribery allegation case on industrialist Gautam Adani, the United States authorities have charged him, his nephew Sagar, and some of his associates with defrauding American investors and promising and paying bribes worth $265 million to government officials in India in return for solar energy contracts. Additionally, Kenyan President William Ruto ordered the cancellation of a process to hand control of the country’s main airport to the Adani group and also junked a $736-million public-private partnership deal with an Adani group firm to construct power transmission lines.
On Thursday, a selloff in Adani Group stocks led to a sharp decline in the net worth of the Gautam Adani family. The Adani family's net worth was down 20.1 per cent on Thursday to around Rs 7.8 trillion from Rs 9.8 trillion on Tuesday. The fall came after Gautam Adani was indicted in New York over his role in an alleged multibillion-dollar bribery and fraud scheme.
Telecom companies: Reliance Industries (RIL), Vodafone Idea, Bharti Airtel, MTNL, and other telcos will be in focus as the Telecom Regulatory Authority of India (Trai) released subscribers' data.
Hyundai Motor India: The company is planning to set up two renewable energy (RE) plants in Tamil Nadu as a step towards meeting the company's target of 100 per cent renewable electricity dependency across its manufacturing operations by 2025.
Tata Power: The Tata Group's power utility company signed an initial pact with the Asian Development Bank (ADB) to evaluate financing worth $4.25 billion for its several strategic projects.
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Ashok Leyland: The company has set up a light commercial vehicle dealership in West Bengal, as part of plans to expand its footprint in the eastern region.
Ola Electric: The company is conducting a restructuring exercise and is said to lay off 500 employees across various roles within the organisation, as per reports. This would be over 12 per cent of staff at the firm which has about 4,000 people.
NTPC: The company arm, NPTC Green Energy Ltd (NGEL) which will soon be listed on bourses, inked a joint venture with the New and Renewable Energy Development Corporation of Andhra Pradesh (NREDCAP). The company will invest Rs 1.87 trillion for setting up renewable energy projects in the state.
Coal India: The company will supply coal beyond the normative requirement to the non-regulated sector, including steel. The decision, taken on November 13, will be applicable in tranche VIII linkage auction onwards, which is scheduled to begin soon.
Afcons Infrastructure: The company has received a letter of acceptance from Uttarakhand Project Development and Construction Corporation for civil works. The project is worth Rs 1,274 crore.
SJVN: The company has signed a Memorandum of Understanding (MoU) with the Energy Department of the Rajasthan government for the development of renewable energy in the state.
Infosys: The Georgia Department of Labor has imposed a tax penalty of $3.28 million on the company for the period from Q3CY19 to Q1CY24.
Raymond: The company has received a 'No Observation Letter' from the NSE and BSE for the scheme of arrangement between the company and Raymond Realty. The move comes after Raymond's board on July 4, 2024, approved demerger of the company and Raymond Realty. LIC/LTIMindtree: Life Insurance Corporation of India (LIC) has increased its shareholding in LTIMindtree from 1,49,06,665 to 2,08,34,009 i.e., 5.033 per cent to 7.034 per cent of the paid-up capital.
Nippon Life India Asset Management: The company has executed a definitive agreement with One Place Commercials for the purchase of commercial office space in Lower Parel, Mumbai, for Rs 486 crore.
Innovators Facade Systems: The company has received the work order from Prestige Mulund Realty worth Rs 110 crore. It will design, develop, supply, fabricate, and install facade work, including stone cladding.