Stocks To Watch: Adani Power, Vodafone Idea, PNB, Reliance Power, V2 Retail | News on Markets

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5 min read Last Updated : Sep 24 2024 | 8:19 AM IST

Stocks To Watch, Tuesday, September 24, 2024: Markets in India were headed for a strong open on Tuesday, led by overnight gains on the Wall Street, where benchmark indices S&P 500 and the Dow set fresh record closing highs overnight.

At 6:55 AM, GIFT Nifty futures were trading at 25,999, around 70 points ahead of Nifty futures’ last close.

Markets in the Asia-Pacific regions were set to open higher on Tuesday, after Wall Street benchmark indices . 

The broad market index gained 0.28 per cent to close at 5,718.57, while the Dow Jones Industrial Average gained 61.29 points, or 0.15 per cent, to close at 42,124.65.

That apart, Australia’s S&P/ASX 200 futures stood at 8,196 compared to its last close of 8,152.9, while futures of Nikkei 225 pointed to a stronger open for the Japanese market.

Futures of Hong Kong’s Hang Seng index were at 18,462, higher than the HSI’s last close of 18,247.11.

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

Adani Power: Amid the political uncertainty in Bangladesh, Adani Power is exploring options to sell electricity within India. The company currently supplies power from its Godda thermal plant in Jharkhand to Bangladesh but is facing challenges connecting to the Indian grid. A required 130-km transmission line will take time to build, and a request for a quicker connection was denied due to technical issues. 

Vodafone Idea: The telecom operator is in discussions with the government regarding its Adjusted Gross Revenue (AGR) dues, which have been pegged significantly higher by the Department of Telecommunications than the company’s estimates. Vi’s CEO, at an analysts’ call on Monday, reassured that the company’s long-term revival strategy remains intact despite recent setbacks regarding its AGR liabilities. Vi’s total debt is substantial, with expectations of completing ongoing debt funding efforts within two months.

Punjab National Bank: PNB has set a floor price of Rs 109.16 per share for its upcoming qualified institutional placement (QIP) to raise up to Rs 7,500 crore in 2024-25. The bank may offer a discount of up to 5 per cent on this price.

Reliance Power: The company plans to raise Rs 1,525 crore through a preferential equity issue to strengthen its renewable energy sector and enhance its balance sheet. Reliance Infrastructure, its parent company, will also increase its stake significantly.

Linde India: The Supreme Court denied Linde India’s plea against a valuation ordered by Sebi related to transactions with related parties. The company raised concerns about the public disclosure of price-sensitive information.

Federal Bank: KVS. Manian has taken over as CEO of Federal Bank. His key challenges include enhancing the deposit base and improving the liquidity coverage ratio (LCR), especially amid new RBI regulations that could impact LCR.

V2 Retail: Lighthouse Advisors divested a 2 per cent stake in V2 Retail for Rs 85 crore, reducing its holding to 4.24 per cent. Motilal Oswal Mutual Fund acquired the shares at the same price.

NHPC: The state-owned hydro power company NHPC declared a total dividend of Rs 1,286.33 crore for the fiscal year 2023-24. This includes a final dividend of Rs 338.51 crore paid recently to the central government and an interim dividend of Rs 947.82 crore paid earlier in the year.

SpiceJet: The NCLT has issued a notice to SpiceJet over an operational debt of Rs 1.18 crore. The airline is required to respond by November 14. The airline has also raised Rs 3,000 crore via a QIP from global investors and mutual funds. Apart from that, the airline also said it will receive an additional Rs 736 crore from a previous funding round. 

IPO Listings today: Northern Arc Capital, Arkade Developers and Western Carriers are the three mainline IPOs set to list on the bourses today.

Religare Enterprises: After proxy advisory firm InGovern raised concerns over Religare Enterprises postponing its AGM without valid reasons, the company’s chairperson called the report as manipulative, defending the company’s governance practices.

Samvardhana Motherson International: The auto components maker has raised Rs 6,438 crore through a successful securities issue that attracted significant interest from institutional investors. The funds will primarily be used for debt repayment and general corporate purposes.

Prestige Estate Projects: The realty firm launched the ‘Prestige Pine Forest’ project in Bengaluru, with a sales potential of Rs 1,100 crore. This project will feature 316 units across four towers.

Indraprastha Gas: Josler Energy announced a collaboration with Heath Consultants and Indraprastha Gas Ltd to enhance gas leak detection technologies across IGL’s distribution network, aiming to reduce methane emissions and improve safety.

Tata Power: The company received a 20-year patent for its self-regenerating transformer breather, designed to protect transformers from moisture and reduce maintenance needs, thus enhancing longevity.

NBCC (India): A subsidiary of NBCC has been awarded a Rs 1,261 crore contract to construct the All India Institute of Medical Sciences (AIIMS) in Darbhanga, Bihar, following the government’s announcement to expedite the project.

Hindustan Zinc, Vedanta: The government has been conducting roadshows in major financial capitals to discuss the disinvestment of its 29.5 per cent stake in Hindustan Zinc. The decision on the stake sale will follow these investor engagements.

AstraZeneca: The company reported disappointing results for its experimental drug, datopotamab deruxtecan, in a late-stage breast cancer trial, which did not show significant improvement in overall survival compared to chemotherapy.

First Published: Sep 24 2024 | 7:10 AM IST

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