 "Stocks to Watch: Tata stocks, AEL, Vedanta, JSW Infra, ICICI Sec, Jio Fin")
Stocks to Watch, Thursday, October 10, 2024: GIFT Nifty futures, trading around 100 points ahead at 25,201, from Nifty futures' last close at 25,083, signalled a higher open for markets in India on Thursday.
Meanwhile, here are a few stocks likely to be in focus today:
Adani Enterprises: The company has launched a qualified institutional placement (QIP) offer at a floor price of Rs 3,117 per share. The company aims to raise up to Rs 16,600 crore to fund various projects, including airport expansions. Book-running lead managers for the issue include SBI Capital Markets, Jefferies India, and ICICI Securities.
Vedanta: The company has repaid $869 million to bondholders, redeeming bonds due in 2027 and 2028 ahead of maturity as part of a liquidity management strategy. This move is expected to save the company on interest costs.
JSW Infrastructure: The company has received a Letter of Intent from the Maharashtra Maritime Board to develop a multipurpose port in Palghar district. The project, costing approximately Rs 4,259 crore, is expected to create 1,500 jobs and aligns with JSW's growth plan to increase capacity significantly by FY30.
ICICI Securities: The National Company Law Tribunal has approved the delisting of ICICI Securities, following a scheme 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 have been dismissed.
Jio Financial Services: Jio Payments Bank, a part of Jio Financial Services, has secured a mutual fund distribution license from AMFI, enabling it to distribute direct mutual fund plans. This aligns with Jio Financial Services' broader strategy to expand in the financial services sector, including a joint venture with BlackRock.
Tata stocks: Stocks of Tata group companies will be in focus, following the demise of its Chairman Emeritus, Ratan Naval Tata on the intervening night of Thursday, October 10.
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HDFC Life Insurance: The insurer plans to raise Rs 1,000 crore through non-convertible debentures to support business growth. The issuance will be unsecured and listed on the National Stock Exchange.
Star Health and Allied Insurance: The company is undergoing a forensic investigation after a significant data breach affecting 31 million customers. Star Health is cooperating with authorities and has filed legal action against platforms facilitating the data leak.
Ola Electric: Following a surge in consumer grievances, the Ministry of Heavy Industries has requested insights from the Automotive Research Association of India regarding Ola Electric's compliance with regulatory standards.
IRB Infrastructure Developers: THe company plans to raise up to $200 million through the issuance of foreign currency-denominated notes to meet financial requirements. The board has authorised the management committee to oversee this fundraising effort.
Zee Entertainment Enterprises: The Independent Investigation Committee (ICC) set up by ZEEL found 'no material irregularities' in the company after a probe by SEBI concerning alleged fund diversion. This follows the scrutiny of its chairman emeritus Subhash Chandra, and managing director and CEO Punit Goenka, for alleged fund diversion of over Rs 2,000 crore.
IDFC: Swiss financial services firm UBS Group acquired a 0.51 per cent stake in IDFC for approximately Rs 88 crore. This transaction comes after IDFC First Bank announced its merger 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.