Stocks To Watch On October 4: Domestic markets saw a sharp plunge on Thursday, dropping over 2% due to weak global cues. In today’s trade, shares of DMart, Reliance Power, Bajaj Finance, Sundaram-Clayton, Bank of Baroda among others will be in focus due to various news developments.
DMart: DMart reported 14% growth in its standalone revenues at Rs 14,050 crore for the second quarter and added a net of 6 stores.
HDFC Bank: Morgan Stanley and Citigroup have acquired 43.75 lakh shares of HDFC Bank for over Rs 755 crore at an average price of Rs 1,726.20 each. This transaction involved shares sold by BNP Paribas’ arm, BNP Paribas Financial Markets through two separate block deals at the same price on the BSE.
Piramal Enterprises: Piramal Capital and Housing Finance aims to nearly double its retail assets under management (AUM) from Rs 50,530 crore to Rs 1 trillion within three years. Hence, it is expanding into new lending segments like gold loans, microfinance, and co-branded cards. The company plans to reduce its legacy wholesale AUM from Rs 13,000 crore to below Rs 7,000 crore by FY25.
Adani Green Energy: The company has partnered with Google to enhance sustainability efforts, focusing on renewable energy from a new solar-wind hybrid project in Gujarat. This aligns with Google’s goal of achieving 24/7 carbon-free energy for its operations.
Ola Electric: The company launched its ‘Biggest Ola Season Sale (BOSS),’ offering the S1 scooter at Rs 49,999. However, Ola faces challenges as its market share has dropped significantly, and sales fell to their lowest monthly figures of the year in September.
Muthoot Finance: The company has partnered with Google to offer gold-backed loans via GPay. This marks Google’s expansion into the financial services sector in India. Additionally, the introduction of the AI assistant Gemini Live in multiple Indian languages reflects Google’s commitment to enhancing its market presence in the country.
IPO listing today: Diffusion Engineers Limited will list on the BSE and NSE today.
Ashok Leyland: The company has entered into a partnership with Japan’s Nidec Motor Corporation to develop advanced electric drive systems for commercial vehicles. This collaboration includes the establishment of a Centre of Excellence for Electric Drive Units.
Refex Industries: The company plans to raise Rs 927.81 crore through a preferential issue of equity and convertible warrants to investors. The funds, comprising Rs 530 crore from high-net-worth individuals and Rs 372 crore from the promoter group, will be used for subsidiary investments, capital expenditures, working capital, and loan repayments.
Life Insurance Corporation: LIC is exploring an investment in a standalone health insurance company, aiming for less than a 50 per cent stake to influence management without operating the business directly. The health insurance market is seen as having significant growth potential, particularly as healthcare costs rise. LIC’s CEO Siddhartha Mohanty mentioned that acquiring a company is preferable to starting a new insurance vertical.
Bank of Baroda: BoB plans to sell its Oman operations to Bank Dhofar as part of a foreign operation rationalisation strategy. The total business of BoB in Oman stands at 113.35 million Omani Rial.
Reliance Power: The company is set to raise Rs 4,198 crore through foreign currency convertible bonds (FCCBs) at a low interest rate of 5 per cent per annum. This move aims to reduce debt and support growth, particularly in renewable energy. The board also approved an Employee Stock Option Scheme (ESOS) for employees.
Bajaj Auto: SG Corporate Mobility (which owns the brand LML) has filed a lawsuit against Bajaj Auto for allegedly infringing on its “Freedom” trademark associated with the LML brand. This legal battle could impact the company’s plans to relaunch LML products, including new scooters and motorcycles under the “Freedom” label.
Zee Entertainment Enterprises: The company is navigating legal challenges concerning the release of Kangana Ranaut’s film ‘Emergency,’ which is currently awaiting certification from the CBFC. The film’s certification delay, attributed to political concerns, could affect Zee’s financial outlook and stock performance.
Bharat Petroleum Corporation: BPCL has signed a memorandum of understanding to develop a green fuel ecosystem at Mumbai Port, focusing on reducing emissions and promoting sustainable energy solutions. This initiative aligns with BPCL’s goal of achieving net-zero emissions.
Indian IT stocks: As major players in India’s IT industry prepare to announce their Q2FY25 results, attention will be on management commentary regarding demand and forward guidance. Analysts expect moderate growth, with TCS kicking off the earnings season on October 10, followed by Infosys and HCLTech later in the month.
Adani Group: The Gautam Adani-led group is pursuing a $900 million public-private partnership for high-voltage power lines in Tanzania, alongside other significant investments in the region. This expansion could further strengthen the group’s portfolio in the energy sector.
Utkarsh Small Finance Bank: The bank is working on a reverse merger, expected to be completed within a year, subject to regulatory approval, the company’s MD and CEO Govind Singh said.
Biocon: The company’s subsidiary, Biocon Biologics has successfully refinanced $1.1 billion in long-term debt through US dollar bonds and a new syndicated facility. This includes $800 million in senior secured notes due 2029 at a 6.67 per cent coupon rate. The refinancing enhances the company’s liquidity and reduces repayment pressures, deferring a $250 million repayment to five years from now. CFO Kedar Upadhye highlighted that this move grants access to international capital markets and flexibility in financial operations.
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