Stocks To Watch: M&M, LIC, Adani Wilmar, Trent, Vedanta

Stocks To Watch: Adani Enterprises and Wilmar International plan to sell a 13 per cent stake in their listed consumer joint venture, Adani Wilmar, to meet Indian shareholding norms.

Stocks To Watch, Tuesday, September 17, 2024: Markets in India were likely to operate in cosolidation mode with a positive bias on Tuesday, ahead of crucial policy announcements by the US Federal Reserve scheduled for Wednesday.

The same was indicated by GIFT Nifty futures that were trading at 25,493, around 7:05 AM, ahead about around 50 points from Nifty futures' last close.

That apart, markets in the Asia-Pacific region were mixed on Tuesday, following a mixed trading session on the Wall Street as investors await the Federal Reserve to kick off its monetary policy easing cycle.

Some Asian markets, namely South Korea, mainland China and Taiwan, will be closed for Mid-Autumn Festival today.

 

That apart, Australia’s S&P/ASX 200 opened 0.24 per cent higher, while Japan’s Nikkei 225 slipped 0.4 per cent, and the Topix was down 0.3 per cent.

Futures for Hong Kong’s Hang Seng index were at 17,425, slightly higher than the HSI’s last close of 17,422.12.

Overnight in the US, the Dow Jones Industrial Average rose to a new record high, tracking the rise in the S&P 500, while the Nasdaq Composite closed down, dragged by tech stocks.

Meanwhile, here are a few stocks likely to be in focus today:

Mahindra & Mahindra: M&M has launched the Veero small commercial vehicle (SCV), aiming to capture the under-3.5-tonne SCV market. The Veero, priced at Rs 7.99 lakh for the entry-level model, is built on the new Urban Prosper Platform (UPP), and it offers diesel and CNG variants, with an electric version planned for the future. The company is also set to expand its light commercial vehicle (LCV) portfolio with seven new models by 2030.

Life Insurance Corporation: LIC has partnered with Infosys to develop a next-generation digital platform as a part of its Digital Innovation and Value Enhancement (DIVE) strategy. This platform will support new high-value business applications and enhance the insurer’s digital infrastructure. 

Adani Wilmar, Adani Enterprises: Adani Enterprises and Wilmar International plan to sell a 13 per cent stake in their listed consumer joint venture, Adani Wilmar, to meet Indian shareholding regulations. This sale, valued at approximately $736 million, aims to reduce their combined stake from nearly 88 per cent to 75 per cent by February. 

Trent, Bajaj Finserv, Bajaj Housing Finance: With Bajaj Housing Finance's successful stock market debut, there is speculation that Bajaj Finserv might be removed from the Sensex index in the upcoming rebalancing. Analysts suggest that Trent, a Tata group fashion retailer, could replace Bajaj Finserv. The Sensex rebalancing review period ends on October 31, with changes expected to be announced in November.

Adani Energy Solutions: Kenya Electricity Transmission Co (Ketraco) is in ongoing negotiations with Adani Energy Solutions regarding the construction of three high-voltage transmission lines, contrary to a recent announcement by a presidential adviser who claimed that Adani and another company had already secured deals worth up to $1.3 billion. The initial project cost was pegged at $1.01 billion but was recently revised to $736.5 million. CEO John Mativo emphasized that the deal is still under discussion and that Ketraco aims to secure the best possible terms for Kenya. 

Vedanta: Vedanta reported a water storage facility overflow at its Lanjigarh alumina refinery in Odisha due to heavy rains. While the breach impacted agricultural areas, there were no injuries or loss of livestock. The company stated there is no disruption to refinery operations or damage to red mud storage facilities.

Bharat Forge, Kalyani Forge: Baba Kalyani, the 75-year-old billionaire and patriarch of the Kalyani Group which operated Bharat Forge, has recently dismissed his younger brother Gaurishankar's claims regarding a supposed second Will from their late mother, Sulochana, as part of a 'misinformation campaign.' Baba Kalyani, known for his high-profile career, remains at the helm of the Kalyani Group, while Gaurishankar, a 70-year-old commerce graduate, serves as a non-executive director at Kalyani Forge. 

IPOs today: P N Gadgil Jewellers (Mainline), SPP Polymer (SME) and Trafiksol ITS Technologies (SME) will list on the bourses today. 

Strides Pharma: The company's arm, Strides Pharma Global Pte. Ltd., has received approval from the US FDA for its generic Fluoxetine tablets (60 mg). The tablets will be manufactured at the company's Puducherry facility.

Reliance Power: Reliance Power has secured a significant contract for a 500 MW/1000 MWh battery energy storage system (BESS) from the Solar Energy Corporation of India (SECI). This contract, part of a larger tender for 1000 MW/2000 MWh, will enhance India’s energy storage capabilities and support the integration of renewable energy into the grid.

Bharat Petroleum Corporation: The Central Pollution Control Board (CPCB) has issued a show cause notice to BPCL for failing to install vapour recovery systems at 28 storage terminals. The CPCB may impose an environmental compensation of Rs 1 crore if BPCL does not provide a satisfactory response by September 19. BPCL had earlier obtained a stay from the Supreme Court regarding similar directives.

Reliance Infrastructure: Reliance Infrastructure is considering raising long-term capital through equity shares, equity-linked securities, or other methods. A board meeting is scheduled to discuss the issue price on September 19. The company previously raised Rs 550 crore in July 2021 through a preferential issue.

Poly Medicure: Poly Medicure is exploring acquisitions and capital expenditure after raising Rs 1,000 crore through a qualified institutional placement. Rs 250 crore is allocated for technology acquisitions, and another Rs 250 crore for general corporate purposes. The company plans to invest in new capex projects by the end of 2025-26.