Stocks To Watch on March 11: Equity markets continued their record-breaking streak for the third week in a row, hitting new highs. In today’s trade shares of IndiGo, JSW Energy, Alembic Pharma, RVNL, KPI Green among others will be in focus due to various news developments.
Adani Enterprises: Karan Adani, MD of Adani Ports and Special Economic Zone, announced on Sunday that the Adani Group is set to invest approximately Rs 60,000 crore in the expansion of its seven existing airports over the coming 5-10 years. He said that about half of this investment will be directed towards enhancing terminal and runway capacity within the next five years. The remaining funds will be allocated for the city-side development of the airports over the subsequent decade. In addition to this, the group has plans to invest an extra Rs 18,000 crore in the Navi Mumbai airport. The funding for these investments will be sourced from the internal accruals of the parent company, Adani Enterprises.
Interglobe Aviation: Reports suggest that Rakesh Gangwal, co-founder of IndiGo, is contemplating selling a stake of up to 5.8 per cent in Interglobe Aviation, the parent company of the airline. This is a significant increase from his initial plan of selling a 3.3 per cent stake, as reported by CNBC-TV18 on March 8. The intended equity sale is projected to generate close to Rs 6,600 crore, with shares priced at a minimum of Rs 2,925 each.
HDFC Bank: The lender has initiated the process for the initial public offering (IPO) of its subsidiary, HDB Financial Services. The bank plans to schedule the share sale of its financial services division in either the last quarter of 2024 or the first quarter of 2025, according to people in the know. HDFC Bank has called upon premier investment banks to provide bids and valuation estimates for the upcoming IPO, as per individuals privy to the matter. HDB Financial, a non-deposit-accepting lender, is projected to be valued between $9 billion and $12 billion ( Rs 75,000 crore- Rs 1 lakh crore) for the IPO, contingent on market conditions, as stated by an investment banker involved in the discussions.
Reliance Industries: Viacom18, owned by Reliance Industries, has restructured its entertainment businesses under the leadership of two key executives, in anticipation of its impending $8.5-billion merger with Disney’s India unit. In the new arrangement, Kiran Mani, who assumed the role of Chief Executive of Digital Business (JioCinema) in November last year, will now head the digital and sports businesses. Kevin Vaz, who came on board as CEO – Broadcast in July last year, will be in charge of the entire content business. Anil Jairaj, the CEO of Viacom18 Sports, who previously reported to the board, will now report to Mani, while Kiran and Kevin will function as co-CEOs.
SJVN: SJVN Green Energy, a subsidiary of the state-owned SJVN, has signed a long-term agreement to deliver 600 MW of solar power to Rajasthan. The Power Usage Agreement (PUA) involves the supply of 500 MW of solar power from the Bikaner Solar Power Project, and the Power Purchase Agreement (PPA) includes the provision of 100 MW of solar power from the Rajasthan Solar Power Project. Both agreements are set to last for a duration of 25 years, as stated by the power ministry. In accordance with the agreement, SGEL is set to supply 500 MW of power at a rate of Rs. 2.57 per unit, sourced from the 1,000 MW Bikaner Solar Power Project.
Zee Entertainment Enterprises: On Saturday, Zee Entertainment Enterprises announced significant changes in the revenue section of its broadcast business, a move spearheaded by its Managing Director and Chief Executive, Punit Goenka. With these changes, Rahul Johri, who held the position of President, Business, at Zee Entertainment Enterprises, has resigned from the company after serving for three and a half years. According to sources in the know, additional departures at the senior level are anticipated. Ashish Sehgal, chief growth officer, ad revenue, who used to report to Punit Goenka, prior to Johri’s joining, will start reporting to him again.
Sun Pharmaceuticals: The company is withdrawing approximately 55,000 bottles of a generic gout medication from the US market due to deviations from manufacturing practice norms, as reported by the US health regulator. The New Jersey branch of the Mumbai-based company is recalling Febuxostat Tablets in strengths of 40 mg and 80 mg, as stated in the latest Enforcement Report by the US Food and Drug Administration (USFDA). Sun Pharmaceutical Industries Inc. is recalling 47,520 bottles (40mg) and 7,488 bottles (80 mg) of the medication respectively, due to deviations from Current Good Manufacturing Practice regulations (CGMP).
Rail Vikas Nigam Limited: The railway construction company announced on March 9 that it has been commissioned by the Madhya Pradesh Metro Rail Corporation to design and build an elevated viaduct, five elevated metro stations, and a ramp between chainages. According to the company’s stock exchange filing, the project is slated for completion in approximately three years, with the total cost of the order amounting to Rs 543. This marks the second consecutive order for the company.
Nazara Technologies: The gaming company is reportedly planning to acquire Smaaash Entertainment Pvt. Ltd through the insolvency and bankruptcy process, according to two individuals familiar with the situation. As a part of this process, Nazara has submited its resolution plan by 9th March with the aim of reviving the bankrupt firm. In the previous year, several entities including Adlabs Entertainment (Malpani Group), Manikchand Group, FZE, Tech Connect Services, Capri Global, Jindal Enterprises, and iLabs India Special Situation Fund had shown interest in the insolvent firm.
Gensol Engineering: The company has secured the leading position for a standalone Battery Energy Storage Systems (BESS) project, with a capacity of 70 MW / 140 MWh out of a total of 250 MW / 500 MWh, according to a company announcement. The project will be executed by Gensol under a Tariff-based Global Competitive Bidding model, providing on-demand energy storage capacity to Gujarat Urja Vikas Nigam Ltd. The state discom of Gujarat will receive 70MW / 140 MWh of energy for two charge / discharge cycles each day. The project is expected to add ₹450 crore to Gensol’s revenue over the contract period, although the exact duration has not been specified by the company.
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