Stocks To Watch On September 10: Domestic markets began the week on a subdued note and ended nearly flat, pausing after Friday’s decline. In today’s trade, shares of Infosys, Dixon Tech, AstraZeneca Pharma, HAL, GMR Airports among others will be in focus due to various news developments.
Dixon Technologies: HP India is set to partner with Dixon Technologies’ subsidiary, Padget Electronics, to manufacture notebooks, desktops, and all-in-one PCs in Chennai under the PLI 2.0 scheme. The new facility is expected to create 1,500 jobs and produce up to 2 million units annually.
GMR Airports Infrastructure: The company has increased its stake in Delhi International Airport Ltd (DIAL) to 74 per cent by buying Frankfurt Airport operator Fraport’s 10 per cent stake for $126 million.
HAL: HAL has appointed DK Sunil as Chairman and Managing Director (CMD) of the company with effect from September 9, 2024.
Adani Power: Adani Group has warned Bangladesh’s interim government about the $500 million in overdue payments to Adani Power for a power project, potentially straining relations amid the country’s financial troubles. Bangladesh’s total power liabilities now reach $3.7 billion, with a significant portion owed to Adani. The government plans to review infrastructure deals and seek more cost-effective terms for future projects.
Suzlon Energy: The company has secured a 1,166 MW project in Gujarat with NTPC Green Energy Limited. This deal involves installing 370 wind turbines and is a key part of NTPC’s goal to add 60 GW of renewable energy capacity by 2032. Suzlon’s order book now totals nearly 5 GW.
Adani Green Energy: The company has redeemed $750 million worth of bonds ahead of schedule as part of its deleveraging strategy. This move aligns with the company’s broader capital management plan and underscores its rapid growth in renewable energy capacity. The company remains focused on long-term value creation and aims to achieve 50 GW of renewable capacity by 2030.
Bank of Baroda: The company has successfully raised Rs 5,000 crore through a 10-year infrastructure bond issue, its second such issuance in a short span. The bonds were oversubscribed nearly three times, with the bank securing a competitive pricing of 7.26 per cent. This issuance exhausts the bank’s approved limit for raising funds through infrastructure bonds but leaves room for future raises in additional tier I or tier II bonds.
Bharti Airtel: The telecom major has launched a fixed deposits marketplace under its digital platform, Airtel Finance that offers fixed deposits with interest rates up to 9.1 per cent per annum, in partnership with NBFCs and small finance banks. Customers can invest with a minimum of Rs 1,000 and manage their deposits directly through the Airtel Thanks App, featuring flexible withdrawal options.
Awfis Space Solutions: The company plans to sell its facility management division, Awfis Care, to SMS Integrated Facility Services for Rs 27.5 crore. This move is expected to improve the company’s working capital cycle and financial flexibility, allowing Awfis to focus more on its core flexible workspace business and expansion efforts. The transaction will be completed within 120 days.
Infosys: Markets regulator Sebi has lifted restrictions on 16 entities, including some former Infosys employees, related to alleged insider trading. This decision follows the quashing of earlier orders by the Securities Appellate Tribunal (SAT), in a case involving suspicious trading around Infosys’s financial results, but the evidence was deemed insufficient to sustain the allegations.
Union Bank of India: The company has joined the Partnership for Carbon Accounting Financials (PCAF), reflecting its commitment to climate risk management and aligning with the Reserve Bank of India’s draft guidelines on climate risk disclosures. By participating in PCAF, the bank will focus on measuring and managing financed emissions, which are crucial for understanding and mitigating climate-related financial risks.
Pritika Group: The company aims to achieve sales of Rs 950 crore over the next three years, supported by a strong order book of Rs 650 crore. The company is targeting a profit after tax (PAT) margin of 7-10 per cent. Pritika is also expanding into the railways and defense sectors, with planned capital expenditure and increased authorized share capital to support its growth strategy.
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