Stocks to Watch: RIL, GIC Re, Suzlon Energy, HDFC Bank, Mastek, Adani Ent

Stocks to Watch: Reliance Industries has secured the full 10-GWh capacity of the Advanced Chemistry Cell (ACC) under the second phase of the Production Linked Incentive (PLI) scheme.

Stocks to Watch, Thursday, September 5, 2024: Markets in India were likely to open with a slightly positive bias, as indicated by GIFT Nifty futures that were trading at 25,364 levels around 6:35 AM.

However, muted sentiment from global markets could likely weigh on sentiment among investors here, even as markets in the Asia-Pacific region mostly rebounded on Thursday from the sell-off on Wednesday, except for the markets in Japan.

The Nikkei 225 and Topix fell 0.92 per cent and 0.49 per cent, respectively, on open, while South Korea’s Kospi rose 1.15 per cent, while the small cap Kosdaq was 0.75 per cent higher.

 

Australia’s S&P/ASX 200 climbed 0.48 per cent. In contrast, Hong Kong's Hang Seng index futures were at 17,461, marginally higher than the HSI’s last close of 17,457.34.

Futures for the mainland Chinese CSI 300 were at 3,251.2, marginally lower than its last close of 3,252.16.

That apart, the S&P 500 and the Nasdaq Composite in the US closed down for a second straight session on Wednesday.

The broad based S&P 500 lost 0.16 per cent, while the tech heavy Nasdaq slipped 0.3 per cent, meanwhile the Dow Jones Industrial Average was the outlier, edging up 0.09 per cent.

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

Reliance Industries: The company has secured the full 10 GWh capacity of the Advanced Chemistry Cell (ACC) under the second phase of the Production Linked Incentive (PLI) scheme. RIL is constructing a 30 GWh battery manufacturing facility in Jamnagar, with production expected to start in the latter half of 2025. Additionally, Reliance's board will meet on September 5 to discuss a 1:1 bonus share issue.

Adani Enterprises: The company's first retail bond issue, , aiming to raise up to Rs 800 crore, has been fully subscribed. The company has also set up a subsidiary in Kenya to pursue a potential acquisition of Nairobi's Jomo Kenyatta International Airport, with an estimated investment of up to $810 million.

General Insurance Corporation of India: The first day of GIC Re’s offer for sale (OFS) saw bids worth nearly Rs 2,300 crore. The OFS, which aims to divest up to 6.78 per cent of the government’s stake, has received bids for 58 million shares. The final divestment may be less than 3.4 per cent, with further divestments required to meet the 25 per cent public shareholding mandate.

Prestige Estates Projects: The company has raised Rs 5,000 crore via a Qualified Institutional Placement (QIP) by issuing 2,98,68,578 equity shares at Rs 1,674 each, a discount of 4.62 per cent on the floor price.

Suzlon Energy: The company has sold its Pune headquarters, One Earth, for Rs 440 crore in a sale-and-leaseback deal with OE Business Park Private Limited. The transaction will help Suzlon focus on core manufacturing and improve liquidity, with the option to repurchase the property in the future.

Star Health and Allied Insurance: The company is exploring collaborations with insurers in Africa and West Asia for inward reinsurance opportunities via GIFT City. The company has also launched its first Braille insurance policy, Special Care Gold, aimed at individuals with disabilities.

HDFC Bank: Quant Mutual Fund has likely liquidated its entire position in HDFC Bank, which was previously one of its top holdings. 

Mastek: Capital Group sold a 5.6 per cent stake in Mastek for over Rs 475 crore. Concurrently, ICICI Prudential Mutual Fund acquired shares in Mastek, indicating its active interest in the IT services company.

Allied Blenders and Distillers: ABDL has received board approval to acquire an 80 per cent stake in a new venture with film star Ranveer Singh. The new entity will focus on luxury and premium spirits, with an investment of up to Rs 70 crore.

Canara Bank: The bank has successfully mobilized $300 million through its IFSC Banking Unit in Gandhinagar. The bonds, which carry a 4.896 per cent coupon rate, were well-received by investors from Asia, the Middle East, and Europe.

Linde India, Tata Steel: The company has entered into an agreement to acquire two 1800 tpd air separation units from Tata Steel's Kalinganagar expansion project.