Stocks To Watch On September 3: Equity markets began the week on a positive note and registered modest gains during a subdued trading session. Due to various news developments, shares of ICICI Bank, Vedanta, HAL, Adani Green, and Medi Assist Healthcare, among others, will be in focus in today’s trade.
Adani Green Energy: With TotalEnergies looking to invest a further $444 million in Adani Green Energy to form a joint Venture with Adani Green Energy, the Adani Group company’s board has approved definitive agreements to operationalise the investment.
HAL: The cabinet committee approved a proposal for procurement of 240 aero-engines (AL-31FP) for Su-30 MKI aircraft of the Indian Air Force (IAF) under Buy (Indian) category from Hindustan Aeronautics Ltd (HAL).
Vedanta: The Anil Agarwal-led company has approved a third interim dividend of Rs 20 per share for FY25, raising the total dividend payout so far to Rs 13,474 crore. This follows previous interim dividends of Rs 11 and Rs 4 per share.
Maruti Suzuki India: The company plans to open new Arena Satellite showrooms in smaller towns to expand its market reach. These smaller showrooms will complement existing Arena and Nexa outlets, catering to different segments and rural areas.
Indian Renewable Energy Development Agency: Ireda plans to raise approximately Rs 25,000 crore through debt and Rs 4,500 crore through equity in the current fiscal year. The company is also seeking the government’s approval for natural dilution of up to 10% of its stake and hopes to be included in the list of companies eligible to raise funds through bonds under Section 54EC of the Income Tax Act.
Sterlite Technologies: The company has agreed to a $467,400 settlement with the Data Management Centre to resolve a dispute over delays and unmet obligations. The settlement, which avoids admission of liability, resolves claims originally amounting to $2.7 million.
Adani Power: The Supreme Court has asked the state government of Himachal Pradesh to respond to Adani Power’s plea for a refund of Rs 280 crore, plus 18% interest, related to the 960-MW Jangi Thopan Power Project. The request follows a decision by the Himachal Pradesh High Court that overturned a single bench’s ruling in favor of Adani Power.
Tata Motors: The company has launched the Curvv Coupe SUV, an ICE variant of its recently unveiled electric vehicle, priced at Rs 9.99 lakh (ex-showroom Delhi) for an introductory period. The Curvv offers dual-clutch automatic transmission across all engine options and will compete with established models like Hyundai Creta and Kia Seltos in the mid-SUV segment.
NMDC: The company reported a 9.9% decrease in iron ore production in August to 3.07 million tonnes, down from 3.41 million tonnes in the same month last year. The company’s cumulative production for April-August 2024 also fell to 14.43 million tonnes, compared to 16.56 million tonnes in the previous year.
State Bank of India: The Financial Services Institutions Bureau (FSIB) has recommended Ram Mohan Rao Amara, currently serving as chief risk officer and deputy managing director at SBI, for one of the vacant managing director positions at SBI. The position opened up after C S Setty became Chairman of the bank last week.
ICICI Bank: The bank, on Monday, clarified that it has not paid any salary or granted ESOPs to Sebi chairperson Madhabi Puri Buch after her retirement on October 31, 2013, as alleged by the Indian National Congress. The political party has alleged that Buch received Rs 16.8 crore from ICICI Bank as salary and other compensation.
Neogen Chemicals: The National Stock Exchange has served an administrative warning on one of the company’s personnel, Navin Jha, GM-Marketing, for trading in the company’s stocks during the trading window closure period. The company, in an exchange filing, said the trades were executed by Jha at a time when the company was executing an with MU Ionic Solutions Corporation, Japan, to acquire manufacturing technology license for electrolytes in India.
Vodafone Idea: The telecom company has received tax demand orders totaling over Rs 73 crore from various GST offices for alleged short payment of taxes and excess input tax credit claims. The highest penalty of Rs 33.44 crore was imposed by the GST office in Kolkata.
Trent: Global investor Siddhartha Yog acquired over one million shares of Trent for approximately Rs 718 crore through an open market transaction. This purchase represents a 0.3% stake in the Tata Group retail firm.
MedPlus Health Services: The company informed on Monday that it has received a stay order against the suspension order dated May 22, 2024 of a store located at Patidar Complex in Vikhroli, Maharashtra, from the appropriate authority.
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