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Stocks To Watch: SpiceJet, CDSL, RIL, LIC, NTPC, Indigo,…

30 August 2024
by admin

Stocks To Watch On August 30: Equity indices Sensex and Nifty hit their all-time high levels on Thursday, driven by a fag-end rally in index majors. In today’s trade, shares of SpiceJet, CDSL, RIL, LIC, Shipping Corp, NTPC among others will be in focus due to various news developments.

NTPC: The company’s step-down subsidiary NTPC REL has started commercial operations from the first part of the 320 MW Bhainsara solar PV project in Jaisalmer, Rajasthan, with a capacity of 160 MW. The total installed capacity of the NTPC group has now reached 76,294 MW after this development.

InterGlobe Aviation: Promoter entity The Chinkerpoo Family Trust (whose trustees are Shobha Gangwal and JP Morgan Trust Company of Delaware) sold a 5.24 per cent stake in IndiGo, for a total amount of Rs 9,549 crore. Morgan Stanley Asia (Singapore) Pte bought a 0.74 per cent stake in the company at an average price of Rs 4,714.9 per share, for a total of Rs 1,345.6 crore.

Shipping Corporation of India: The company has received a tax demand order of Rs 160.37 crore from the Department of Goods and Services Tax, Maharashtra, for FY20. The company said it is in the process of filing an appeal before the Joint Commissioner of State Tax.

Rail Vikas Nigam Limited: The company has signed a memorandm of understanding with Patel Engineering for hydro and other infrastructure projects in India and overseas.

3M India: The National Company Law Tribunal’s (NCLT) Bengaluru bench has approved the Scheme of Amalgamation of 3M Electro and Communication India with 3M India.

Sugar stocks: The government has removed the cap on sugar diversion for ethanol production for ESY (Ethanol Supply Year – December to November) 2024-25. According to the government’s notification, sugar mills and distilleries can produce ethanol from sugarcane juice/sugar syrup, B-Heavy molasses, as well as C-Heavy molasses, during ESY2024-25 as per their agreements with oil marketing companies.

RIL: Shares of RIL will be in focus today after the annual general meeting on Thursday, where Mukesh Ambani said the conglomerate will soon become one of the world’s 30 most valuable companies.

SpiceJet: Aviation regulator Directorate General of Civil Aviation (DGCA) has placed the budget carrier under ‘enhanced surveillance’ with immediate effect. This entails an increase in the number of spot checks and night surveillance to ensure the safety of operations. DGCA conducted a special audit of SpiceJet’s engineering facilities in August.

ITI: The telecom equipment manufacturing company has secured an order to supply 500 sets of electronic voting machines (EVM) from the State Election Commission of West Bengal. This is the first order for EVMs for the company.

Life Insurance Corporation of India: The company has received a tax demand order of Rs 605.6 crore, which includes the GST, interest and penalty, from Maharashtra for FY20.

CDSL: Markets regulator Securities and Exchange Board of India (SEBI) has approved CDSL’s proposal to appoint Nehal Vora as the managing director and chief executive officer of the company.

Tata Steel: The Tata group company has acquired 13,000 equity shares, equivalent to a 26 per cent equity stake, in TP Parivart, which is a subsidiary of Tata Power Renewable Energy, for Rs 1.3 lakh.

Rallis India: The company announced that Bhaskar Bhat, serving as the Director and Chairman of the company, has vacated his position effective from August 30.

Jai Corp: The company’s board of directors has approved the buyback of up to 29.44 lakh shares, equivalent to 1.65 per cent of the total equity of the company, for up to Rs 177.8 crore, at a price of Rs 400 per share. The record date for the buyback has been set as September 10.

PB Fintech: Tencent Cloud Europe BV sold a 2.12 per cent stake in the company at an average price of Rs 1,719.75 per share, while Europacific Growth Fund bought 0.54 per cent shares at the same price.

Disclaimer:Disclaimer: The views and investment tips by experts in this News18.com report are their own and not those of the website or its management. Users are advised to check with certified experts before taking any investment decisions.

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Aparna Deb

Aparna Deb is a Subeditor and writes for the business vertical of News18.com. She has a nose for news that matters. She is inquisitive and curious abo…Read More

Science & Environment

Bangladesh electricity supply: 5 Indian power companies owed whopping…

27 August 2024
by admin

Five Indian power companies that provide electricity to Bangladesh are facing outstanding dues exceeding $1 billion, according to industry executives familiar with the situation. Adani Power, which operates a 1.6 GW coal-fired plant in Godda, Jharkhand, and supplies electricity through a dedicated transmission corridor, is owed approximately $800 million of this amount.
The executives mentioned above said that the companies have maintained their power supply to Bangladesh despite the outstanding dues, showcasing the strong friendship between the two nations. However, they cautioned that this arrangement cannot persist indefinitely, as the companies are accountable to their stakeholders.
“But it cannot continue forever as they too are answerable to their stakeholders,” one of the persons said.

Total Dues

According to an ET report, as of June 30, 2024, SEIL Energy India is owed around $150 million. The company has a power purchase agreement for 250 MW with Bangladesh, a country that recently experienced an uprising, causing its Prime Minister to seek refuge in India. NTPC, which supplies about 740 MW from three of its plants, is owed nearly $80 million.
PTC India‘s outstanding dues from Bangladesh amounted to approximately $84.5 million as of March end. The company has received $46 million until August 25, according to their emailed response to ET’s query.
Currently, PTC India is owed $79 million by the neighboring country. Since 2013, PTC has been supplying 250 MW of power to the Bangladesh Power Development Board from West Bengal State Electricity Distribution Co.
Power Grid Corporation of India is owed $20 million by Bangladesh. NTPC, SEIL Energy, and Power Grid did not respond to ET’s queries regarding the matter. A government official said, “Some companies have had issues related to payment, with some of it related to coal purchase as well.”
Also Read | Gautam Adani, Adani Group chairman, to step down at 70; shift control to sons and their cousins: Report
An official from Adani Power acknowledged the situation but declined to comment on the specific amount owed by Bangladesh.
One executive from a power company mentioned earlier emphasized the urgency of finding a resolution, warning that failure to do so would make it challenging for them to sustain the power supply. The executive highlighted the need for upfront payments to lenders, coal suppliers, spare parts providers, and other essential services related to plant operations.
The Godda plant, which became fully operational in July 2023, relies on imported coal for power generation. During its commissioning, Adani Power had stated that the electricity supplied from the plant would positively impact Bangladesh by replacing the expensive power generated from liquid fuel. According to one of the sources, Adani has continued to provide power as per the schedule set by the Bangladesh Power Development Board.

Science & Environment

Stocks To Watch: Coal India, Canara Bank, NTPC, Adani…

3 June 2024
by admin

Last Updated: June 03, 2024, 07:46 IST

Stocks To Watch On June 3: Stocks from within PSU themes like defence, railways, and banks will be in focus on Monday after exit polls predicted the continuation of the current Narendra Modi government for the third term in a row.

Coal India: It reported a 7.5 per cent increase in coal production for May, reaching 64.4 million tonnes year-on-year. Additionally, coal offtake rose by 7.2 per cent to 68.2 million tonnes.

Ashoka Buildcon: The firm has emerged as the lowest bidder for two projects worth Rs 2,153 crore from the Maharashtra State Road Development Corporation.

Canara Bank: The bank plans to sell a 14.5 per cent stake in its subsidiary, Canara HSBC Wipro: It has expanded its retail media offering by partnering with Cisco and AT&T.

MOIL: The company announced price hikes for various grades of manganese ore effective from June 1. Prices of all ferro grades with manganese content of Mn-44 per cent and above were increased by 35 per cent, while those with manganese content below Mn-44 per cent saw a 30 per cent hike. Prices of all SGMR, fines, and chemical grades were also raised by 30 per cent.

NTPC: The state owned company has commissioned the second and final phase of the 33 MW Anta Solar PV Project in Rajasthan, increasing its total capacity to 59,168 MW on a standalone basis and 76,048 MW on a group basis.

PNC Infratech: The company’s subsidiary has received a one-time settlement amount of Rs 391 crore from NHAI.

Adani Ports and Special Economic Zone: Its subsidiary, Adani International Ports Holdings Pte (AIPH), signed a 30-year concession agreement with the Tanzania Ports Authority to manage Container Terminal 2 at the Dar es Salaam Port, Tanzania. The agreement includes the acquisition of the project company in Tanzania, handling all port equipment and employees, for $39.5 million. Container Terminal 2 has a capacity of 1 million TEUs and manages around 83 per cent of Tanzania’s container volume.

Bank of India: The PSU bank is increasing its Marginal Cost of Funds Based Lending Rate (MCLR) by 5 basis points across most tenures, effective June 1.