Stocks to Watch: SBI, REC, Wipro, SpiceJet, Power Finance Corp
Here is the list of top 10 stocks that will be in focus today:
SpiceJet: Budget carrier SpiceJet Ltd will have to continue operating at 50% capacity till 29 October, the Directorate General of Civil Aviation (DGCA) said on Wednesday. The DGCA said that the restrictions have been extended as a matter of “abundant caution.” However, the aviation regulator has noted that there is an appreciable reduction in the number of safety incidents.
Power Finance Corp: India may unwind a four-year-old decision to combine two state-run lenders as it seeks to sidestep local rules that restrict them from funding power projects in one of the world’s fastest-growing energy markets. The government is discussing a plan for state-run Power Finance Corp to sell its controlling stake in REC Ltd to transmission utility Power Grid Corp.
SBI: Country’s largest public sector lender State Bank of India on 21 September said that it has raised ₹4,000 crore Basel III compliant Tier 2 bonds at a coupon rate of 7.57%. The public lender also said that the tier 2 bonds attracted an overwhelming response from investors with bids of ₹9,647 crore and was oversubscribed by about 5 times against the base issue size of ₹2,000 crores.
REC: Government is discussing a plan for state-run Power Finance Corp to sell its controlling stake in REC Ltd to transmission utility Power Grid Corp. This is a reversal of a four-year-old decision to combine two state-run lenders as the government seeks to sidestep local rules that restrict them from funding power projects in one of the world’s fastest-growing energy markets.
Wipro: Wipro Ltd sacked 300 employees after discovering they were working concurrently for rival technology services companies, including Infosys Ltd and Tech Mahindra Ltd, toughening its stance against moonlighting and reaffirming that the company will not tolerate dual employment. All sacked employees had fewer than three years’ work experience. Infosys warned its employees in an email earlier this month against the practice, TCS called it an ethical issue.
Triveni Turbines: Sugar firm Triveni Engineering & Industries Ltd on Wednesday said the company has sold its entire 21.85 per cent stake in Triveni Turbines for about ₹1,600 crore. The shares have been sold to Rati Sawhney, one of the promoters of Triveni Turbine, and a few institutional investors, including sovereign wealth funds of Singapore and Abu Dhabi as also a few domestic mutual funds. In a statement, the company announced the “divestment of its entire 21.85% stake in Triveni Turbine Ltd worth ₹1,609 crore, unlocking significant value for shareholders.”
Dodla Dairy: Two entities on Wednesday offloaded dairy company Dodla Dairy Ltd’s shares for ₹106 crore through open market transactions. According to block deal data available with the National Stock Exchange (NSE), TPG Dodla Dairy Holdings Pte sold 18,31,434 shares while Sunil Reddy Dodla — one of the promoters of Dodla Dairy — disposed of 1,95,000 shares of the company. TPG Dodla sold a 3.07% stake while Sunil Dodla offloaded a 0.32% holding in the company.
Ashoka Buildcon: Ashoka Buildcon has secured a contract for the construction of a new BG line from South Western Railway, according to reports. It has received the letter of acceptance (LOA) from South Western Railway for the said project. The project includes electrical and telecommunication works in engineering, procurement and construction (EPC) mode. The cost for the project is ₹258.12 crore and the completion period is 24 months from the date of the appointed date.
Kirloskar Oil Engines: Kirloskar Oil Engines informed that the board members have appointed Anurag Bhagania as Chief Financial Officer of the company with effect from September 22. According to reports, the company also acquired a 24% stake in La-Gajjar Machineries (LGM). It had acquired a 76% stake in LGM in 2017 with an agreement that the balance holding will be acquired by KOEL over a 5-year period.
IDBI Bank: IDBI Bank sold its entire stake in Ageas Federal Life Insurance Company to partner Ageas Insurance International NV, according to reports. The bank had entered into a Share Purchase Agreement to sell its entire stake of 20 crore equity shares in Ageas Federal Life Insurance Company to Ageas Insurance International NV in May 2022. With this sale, IDBI Bank’s shareholding in Ageas Federal Life Insurance Company now stands at NIL.
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