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Stocks to Watch: BoB, RIL, IndiGo, IRB Infra, Axis Bank, REC

Here is the list of the top 10 stocks that will be in focus today:

Bank of Baroda: The Board of Directors of Bank of Baroda (BOB) authorised the divestment of up to 49% of the bank’s shareholding in BOB Financial Solutions Ltd. (“BFSL”), a subsidiary that is 100% owned by the public sector lender. “Board of Directors of Bank of Baroda (“BOB”) have approved for divestment up to 49 % of Bank’s shareholding in its 100% owned subsidiary i.e. BOB Financial Solutions Ltd. (“BFSL”), and issuance of an advertisement inviting Expressions of Interest (“EOI”), from Suitable Investors / Strategic Partners to acquire the shareholding of BOB in BFSL,” said the bank in a regulatory filing today.

Reliance Industries: Reliance Consumer Products Limited (RCPL) on 9 March announced to have the launch of the iconic beverage brand, Campa, in three new flavours – Campa Cola, Campa Lemon and Campa Orange – in the sparkling beverage category. The FMCG arm and a wholly-owned subsidiary of Reliance Retail Ventures Limited (RRVL) claims the launch of this brand is in line with the firm’s strategy to promote homegrown Indian brands, which not only have a rich heritage but also boast a deep-rooted connection with Indian consumers.

InterGlobe Aviation/SpiceJet: In a respite for airlines, the state government of Maharashtra has reduced the value-added tax (VAT) on aviation turbine fuel (ATF) to 18%, a reduction of 28% from the current level of 25%. This was announced by Maharashtra deputy chief minister Devendra Fadnavis while presenting the state budget on Thursday. In a scenario of high fuel prices, this step will prove to be a catalyst to ramp up air connectivity, he added. Fuel prices are a major cost component for Indian airlines as they account for 35-40% of an airline’s expenditure as against a global average of nearly 30%.

IRB Infrastructure Developers: IRB Infrastructure Developers on Thursday said its total toll collection across all projects has increased 27 per cent year-on-year to ₹351.75 crore in February 2023. The company had reported the toll collection at ₹277.47 crore in February 2022, it said in a statement. IRB Infrastructure Developers Chairman & Managing Director Virendra D Mhaiskar said that the February 2023 toll collection on all the corridors has once again revealed the consistency and robustness in the growth over last year; thus, reflecting India’s economic stability in the post-pandemic era.

Axis Bank: Axis Asset Management Company, a subsidiary of Axis Bank, has appointed B Gopkumar, the managing director and chief executive officer at Axis Securities, as the new CEO of leading fund house Axis Mutual Fund. Gopkumar takes over from Chandresh Nigam who has stepped down as the CEO of the company. Axis MF has been plagued by the front-running scandal that came to light when the fund house sacked its chief dealer Viresh Joshi in May 2022 in a shocking case of suspected front-running. This was followed by income tax raids at Joshi’s premises and Joshi suing his former employer for wrongful termination.

REC: Government-owned Navratna company, REC on Thursday announced its plan for raising up to ₹1.20 lakh crore through different debt instruments in the fiscal year FY24. The company has received approval from the board of directors for the same. As per the regulatory filing, of the total, ₹1.05 lakh crore will be raised through domestic bonds, capital gains tax exemption bonds, rupee term loans, and external commercial borrowings. These bonds can be unsecured or secured and can be issued on a private or public placement basis.

Jindal Power/JSW Steel/Ambuja Cement/UltraTech Cement: Jindal Power, JSW Steel, Ambuja Cement, and UltraTech Cement were among the winners of coal mines in the latest auction which closed on Thursday. The union ministry of coal launched the auctions of coal mines for commercial mining under the sixth round and the second attempt of the fifth round on the third of November 2023, which has drawn to a close on Thursday. Jindal Power bags two mines in Chhattisgarh, JSW Steel three mines in Jharkhand and Ambuja Cements one mine in Maharashtra.

Power Grid Corporation: Maharatna company Power Grid Corporation of India on Thursday said that its board has approved raising up to ₹900 crore through the issuance of non-convertible bonds on a private placement basis. With a green shoe size of Rs. 600 crore, the base issue size will be Rs. 300 crore. The bond will be listed on the NSE or the BSE Limited, according to the company. Two projects worth ₹4,040.98 crore have recently received approval from the board of directors of the Power Grid Corporation of India Ltd for grounding in the Kurnool region of Andhra Pradesh.

Godrej Agrovet: Godrej Agrovet Ltd has proposed to invest ₹100 crore to set up a refining plant for edible oils in Andhra Pradesh. In a statement, the company said it has signed a Memorandum of Understanding (MoU) with the state government on the sidelines of the Andhra Pradesh Global Investors Summit (APGIS) 2023. As a part of the MoU, Godrej Agrovet’s oil palm business will be making an estimated investment of ₹100 crore to set up a manufacturing facility for an edible oil refinery and solvent extraction plant.

Gokaldas Exports: Goldman Sachs Collective Trust on March 9 bought a majority stake through a bulk deal in the company. A total of 7,20,634 shares of Gokaldas Exports were purchased by Goldman Sachs Collective Trust at an average cost of ₹391.68 per share. At an average price of ₹390, Aditya Birla Sun Life Mutual Fund also acquired roughly 8 lakh shares of Gokaldas Export. Clear Wealth Consultancy, one of the sellers, sold 60 lakh of the company’s shares at ₹390.91 per share. Clear Wealth Consulting Services LLP had a 20.56% promoter ownership in Gokaldas Exports in Q3FY23.

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