Here’s a quick look at stocks likely to be in focus in today’s trade.
Adani Power: Adani Power has announced that the Hyderabad bench of the National Company Law Tribunal (NCLT) has approved its plan to acquire Lanco Amarkantak Power Ltd (LAPL). The acquisition involves an upfront payment of ₹4,101 crore. LAPL is currently undergoing the Corporate Insolvency Resolution Process (CIRP) under the Insolvency and Bankruptcy Code. As per a filing with the BSE, the acquisition will grant Adani Power 100 percent ownership of LAPL through a cash transaction, subject to certain conditions outlined in the resolution plan.
FSN E-Commerce Ventures (Nykaa): Harindarpal Singh Banga, a pre-IPO investor in Nykaa, is poised to sell up to 1.4 percent of his stake in the beauty and personal care platform at a floor price of ₹198 per share. At the end of the June quarter, Singh held a 6.4 percent stake in Nykaa, making this move a significant divestment.
Hindalco: Hindalco Industries, the flagship company of the Aditya Birla Group, is embarking on a significant expansion with planned investments totaling $10 billion. Chairman Kumar Mangalam Birla, speaking at the company’s annual general meeting on August 22, detailed plans for ongoing and upcoming projects. These include expansions in aluminum and copper smelters, the Aditya FRP plant, a new alumina refinery in Rayagada, and the Bay Minnette expansion in Novelis. Additionally, Hindalco is considering a brownfield expansion of around 200,000 tonnes at its Aditya Aluminium smelter in Odisha, with a substantial portion of the power requirements to be sourced from renewable energy.
Ambuja Cements: The Adani Group is expected to sell a 2.84 percent stake in Ambuja Cements on Friday through a block deal, aiming to raise approximately ₹4,200 crore. According to a term sheet issued by the banker, Holderind Investments, an Adani Group entity, will sell 69.96 million shares at a floor price of ₹600 per share. This floor price represents a 5 percent discount to Thursday’s closing price of ₹633. Currently, the promoter group holds a 70.33 percent stake in Ambuja Cements, with Holderind Investments Ltd holding a 50.90 percent stake.
Bharti Airtel: Bharti Airtel has successfully reduced its Goods and Services Tax (GST) liability following an appeal related to the reverse charge mechanism on Licence Fees and Spectrum Usage Charges. Initially assessed at ₹604.66 crore by the Additional Commissioner of Central GST in Delhi, the demand has now been reduced to ₹194 crore by the Central Goods and Services Tax Appellate Authority, providing relief to the telecom giant.
GAIL (India) Ltd: GAIL (India) Ltd has signed a memorandum of understanding (MoU) with US-based Petron Scientech Inc. to explore the establishment of a 500 kilo ton per annum bio-ethylene plant and downstream units in India. The proposed venture aims to boost India’s capabilities in bio-based chemical production, aligning with the country’s sustainability goals.
PNB Housing Finance: Asia Opportunities V (Mauritius) on Thursday sold a 3 percent stake in PNB Housing Finance for over ₹676 crore through an open market transaction. According to bulk deal data on the BSE, the firm divested 78 lakh shares at ₹866.70 each, bringing the total deal value to ₹676.02 crore. Following this stake sale, Asia Opportunities V (Mauritius) reduced its shareholding in PNB Housing Finance from 5.19 percent to 2.19 percent. Meanwhile, the Government of Singapore acquired 16,59,784 shares, representing a 0.64 percent stake in PNB Housing Finance, for ₹143.74 crore. The shares were purchased at an average price of ₹866.05 per share on the BSE.
Zomato: Zomato has announced the immediate shutdown of its Intercity Legends service, which was designed to deliver iconic dishes from 10 cities across India. This move signals a shift in the company’s strategy as it continues to streamline its operations and focus on core services.
Wipro: Rizing Management LLC, a step-down subsidiary of Wipro, has been voluntarily liquidated as of August 21. Additionally, Wipro has been selected by the John Lewis Partnership to modernize its IT infrastructure, reinforcing Wipro’s role as a key player in global IT services.
Omprakash Tiwary is a business writer who delves into the intricacies of the corporate world. With a focus on finance and economic landscape. He offers readers valuable insights into market trends, entrepreneurship, and economic developments.
