Stocks to watch: Tata shares, AEL, Vedanta, JSW Infra, ICICI Sec, Jio Fin
Stock market today: HDFC Life Insurance plans to raise Rs 1,000 crore through non-convertible debentures to support business growth. Photo: Bloomberg
Stocks to watch, Thursday October 10, 2024: GIFT Nifty futures, trading around 100 points ahead at 25,201, compared to the last closing price of Nifty futures at 25,083, marked a higher open for the markets in India on Thursday.
In the meantime, here are a few stocks likely to be in the spotlight today:
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Adani Companies: The company has launched a qualified institutional placement offer (QIP) at a floor price of Rs 3,117 per share. The company aims to raise up to Rs 16,600 crore to fund various projects, including airport expansions. The lead managers for the issue include SBI Capital Markets, Jefferies India and ICICI Securities.
Vedanta: The company has returned $869 million to bondholders, with bonds maturing in 2027 and 2028 prepaid as part of a liquidity management strategy. This move is expected to save the company on interest costs.
JSW infrastructure: The company has received a letter of intent from the Maharashtra Maritime Board to develop a multi-purpose port in Palghar district. The project, costing around Rs 4,259 crore, is expected to create 1,500 jobs and is in line with JSW’s growth plan to significantly increase capacity by FY30.
ICICI Securities: The National Company Law Tribunal has approved the delisting of ICICI Securities, under a plan that will make it a wholly owned subsidiary of ICICI Bank. Shareholders will receive 67 shares of ICICI Bank for every 100 shares of ICICI securities they hold. The objections of minority shareholders have been rejected.
Jio financial services: Jio Payments Bank, part of Jio Financial Services, has obtained a mutual fund distribution license from AMFI, allowing it to distribute direct mutual fund plans. This is in line with Jio Financial Services’ broader strategy to expand in the financial services sector, including a joint venture with BlackRock.
Tata shares: Shares of Tata group companies will be in the spotlight following the death of chairman emeritus Ratan Naval Tata on the intervening night of Thursday, October 10.
HDFC Life Insurance: The insurer plans to raise Rs 1,000 crore through non-convertible debentures to support business growth. The issue will be unsecured and listed on the National Stock Exchange.
Star Health and Allied Insurance: The company is undergoing a forensic investigation after a significant data breach affecting 31 million customers. Star Health is cooperating with the authorities and has taken legal action against platforms that facilitated the data breach.
Ola Electric: Following a spate of consumer complaints, the Ministry of Heavy Industries has sought insights from the Automotive Research Association of India on Ola Electric’s compliance with regulatory norms.
IRB infrastructure developers: The company plans to raise up to $200 million through the issuance of foreign currency-denominated notes to meet its financing needs. The board has authorized the board to oversee this fundraising.
Zee Entertainment Companies: The Independent Commission of Inquiry (ICC) set up by ZEEL found ‘no material irregularities’ at the company following a probe by SEBI into alleged misuse of funds. This follows the investigation of chairman emeritus Subhash Chandra, and director and CEO Punit Goenka, for alleged misappropriation of funds of over Rs 2,000 crore.
IDFC: Swiss financial services firm UBS Group acquired 0.51 percent stake in IDFC for around Rs 88 crore. This transaction comes after IDFC First Bank completed its merger with IDFC Ltd. had announced.
TAC InfoSec: The cybersecurity company has added 200 new customers, including Microsoft and Lenovo, and aims to secure 10,000 global customers by March 2026.
First publication: October 10, 2024 | 7:08 am IST