The stock markets have remained range-bound in recent sessions, with indices closing flat.
As the momentum from earlier rebounds has slowed after a new governor for the Reserve Bank of India (RBI) was announced and a change in policies could be on the cards. Today, several stocks are likely to be in focus due to recent news and developments, such as Adani Ports, Adani Green Energy, Bajaj Auto, Star Health, Awfis Space, NTPC Green, among others.
ADANI PORTS AND SPECIAL ECONOMIC ZONE (APSEZ)
Adani Ports will likely see increased activity after the company announced it has withdrawn its request for a $553 million loan from the U.S. Development Finance Corporation (DFC). The loan was intended for the Colombo West International Terminal (CWIT) project in Sri Lanka. Adani Ports informed the exchanges that it would fund the project using its internal accruals instead.
Additionally, the broader Adani Group remains in the spotlight due to debt repayment concerns. Over the next quarter, three Adani companies face maturities amounting to nearly $1.7 billion, reported The Economic Times. This includes a $1.05 billion loan for Adani Green Energy, a $300 million loan for Adani Cement, and a $290 million credit facility for Adani Ports, all due by March 2024.
BAJAJ AUTO
Bajaj Auto announced that it is investigating a “smoke emission” incident involving its electric scooter, Chetak. The incident occurred at Chhatrapati Sambhajinagar and has prompted the company to conduct a thorough review of the component involved.
STAR HEALTH
Standalone health insurer Star Health has taken steps to enhance its security measures following a recent alleged data breach. Company officials confirmed that efforts are underway to strengthen their systems and protect customer data.
AWFIS SPACE SOLUTIONS
Awfis Space Solutions, a flexible workspace provider, could be active in today’s trade. Reports suggest that promoter Peak XV Partners Investments is planning to sell part of its stake through a block deal.
NTPC GREEN ENERGY
NTPC Green Energy has received an order from the Solar Energy Corporation of India (SECI) to set up a 250 MW/1000 MWh energy storage system. This development is expected to bolster NTPC Green’s renewable energy portfolio.
UJJIVAN SMALL FINANCE BANK (SFB)
Ujjivan SFB has received the Reserve Bank of India’s (RBI) approval for the re-appointment of Banavar Anantharamaiah Prabhakar as part-time chairman for a term of three years.
INDIAN OVERSEAS BANK (IOB)
Indian Overseas Bank announced that it has received a refund order from the Income Tax Department for Rs 1,359.29 crore. This refund pertains to the assessment year 2015-16.
LTIMINDTREE
LTIMindtree has entered into a partnership with GitHub Forge to drive AI-based innovations in software engineering. The collaboration aims to enhance efficiency and accelerate development cycles for clients.
HINDUJA GLOBAL
Hinduja Global’s board has approved the merger of five of its US-based wholly-owned subsidiaries with itself. The move is expected to streamline operations and reduce administrative costs.
HG INFRA ENGINEERING
HG Infra has secured an order worth Rs 763.1 crore from the Ministry of Road Transport and Highways (MoRTH). The project involves highway construction and is expected to boost the company’s order book.
BIOCON
Biocon sold 80 lakh shares of Syngene International in an open market transaction, raising Rs 686 crore. Following this sale, Biocon’s stake in Syngene now stands at 52.46%.