Here’s a roundup of key stocks to watch in today’s trading session:
Adani Enterprises: Adani Enterprises has announced the early closure of its ₹800 crore redeemable non-convertible debentures (NCDs) issue. Originally set to close on September 17, the public issue has been advanced to September 6 following a resolution passed on September 5. This early closure complies with Regulation 33A of SEBI’s (Issue and Listing of Non-Convertible Securities) Regulations, 2021.
Reliance Industries: Reliance Industries, under Mukesh Ambani’s leadership, has approved a bonus share issuance at a 1:1 ratio, as disclosed at its annual general meeting (AGM). The record date for the bonus issue will be announced in due course. The bonus shares will be issued from the company’s securities premium account, general reserve, or retained earnings as of March 31, 2024.
Max Financial Services: Max Ventures Investment Holdings, the promoter entity of Max Financial Services, has sold a 3.18% stake in the company for ₹1,218 crore through an open market transaction. The sale involved 1,100,000 shares, according to bulk deal data on the National Stock Exchange (NSE). Max Financial Services is the holding company for Max Life Insurance.
Adani Green Energy: Adani Green Energy Limited (AGEL) and TotalEnergies have formed a 50:50 joint venture to manage a portfolio of solar energy projects with a combined capacity of 1,150 MW. These projects are located in Khavda, Gujarat, home to the world’s largest renewable energy plant. This partnership aims to boost renewable energy production in India and strengthen both companies’ positions in the green energy sector.
KEC International: KEC International has secured new orders totaling ₹1,423 crore for the design, supply, and installation of 380 kV transmission lines in Saudi Arabia. This order enhances the company’s presence in the Middle East and supports its growth in the power transmission sector, contributing positively to its revenue and global footprint.
Venus Pipes & Tubes: The Directorate of Revenue Intelligence (DRI) conducted a search at Venus Pipes & Tubes’ registered and corporate offices, concluding on September 5, 2024. The investigation concerns allegations of customs duty evasion on imported goods. While the investigation’s final outcome is pending, Venus Pipes has deposited ₹5 crore under protest as part of the ongoing proceedings.
Glenmark Pharmaceuticals: Glenmark Pharmaceuticals Inc., the US subsidiary of Glenmark Pharmaceuticals, has agreed to a $25 million settlement with the US Department of Justice over allegations of price manipulation related to a generic drug. The settlement will be paid in six installments over five years, starting in May 2024, with an interest rate of 4.25 percent. This settlement resolves the legal issue and allows Glenmark to refocus on its core business operations.
Mrs Bectors Food Specialities: Mrs Bectors Food Specialities plans to raise ₹400 crore through a Qualified Institutional Placement (QIP) at ₹1,550 per share, representing a 3.9% discount to its previous closing price. The funds will be used for debt repayment and expansion initiatives, including increasing production capacity. The QIP is expected to result in a 4.4% equity dilution for existing shareholders.
Brigade Enterprises: Brigade Enterprises has successfully raised ₹1,500 crore through a Qualified Institutional Placement (QIP) by issuing shares at ₹1,150 each. The funds will be allocated for strategic expansion, including land acquisitions and the development of new real estate projects, enhancing the company’s position in the real estate market.
Jindal Stainless: Jindal Stainless has commenced supplying stainless steel for the production of sleeper coaches for India’s Vande Bharat trains. This development underscores the company’s role in advancing India’s rail infrastructure and highlights its manufacturing capabilities in high-quality stainless steel products.
Indigo Paints: Peak XV Partners is selling an 11% stake in Indigo Paints through a block deal worth ₹770 crore. The shares are offered at ₹1,470 each, reflecting a 4.6% discount to the current market price. The deal includes a 90-day lock-up period, preventing further stake sales during this timeframe.
Nucleus Software: Nucleus Software has announced a share buyback program worth ₹72.35 crore, where the company will repurchase 1.7% of its equity at ₹1,615 per share. This buyback offer, representing nearly a 20% premium over the last traded price, demonstrates the company’s confidence in its growth prospects and commitment to returning value to shareholders. This marks Nucleus Software’s third share buyback initiative, highlighting its robust cash position.
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