Stocks to Watch Today: BPCL, PowerGrid, ATGL, ICICI Bank, T D Power, CreditAccess

With markets scaling fresh lifetime highs, the positive momentum may continue on Friday too as investors return to Dalal Street from a holiday. At 7:30 am, the SGX Nifty was quoting 19,190 levels, up 40 odd points.  

Globally, the US markets were mixed overnight ahead of the core PCE data, which will be out today. The Dow Jones, the S&P 500 indices gained up to 0.8 per cent, while Nasdaq Composite index remained unchanged.

Asia-Pacific markets were also mixed this morning with Nikkei 225 gaining 0.1 per cent, whereas Kospi, Hang Seng, and the S&P 200 indices skid up to 1 per cent.

ICICI Securities/ ICICI Bank: ICICI Bank approved the draft scheme of arrangement for delisting of ICICI Securities by issuing shares. Pursuant to the scheme, the public shareholders of the brokerage firm would be allotted 67 equity shares of ICICI Bank for every 100 equity shares of the company. 

Creditaccess Grameen: The company’s promoter Creditaccess India BV may sell up to 5.8 per cent stake worth Rs 1,107 crore in the company via block deal today, reported CNBC TV-18.  

T DPower: The firm’s promoters & shareholders will likely sell 24.2 per cent stake worth Rs 800 crore in the company via another block deal, as per CNBC TV-18.  

Bharat Petroleum: The company’s board approved raising up to Rs 18,000 crore via rights issue. This capital will be raised from the issue of equity shares on rights issue basis to eligible equity shareholders of the Corporation.

PowerGrid: The company has approved an aggregate investment of Rs 388.94 crore. It will invest in establishment of Telecom network for NTAMC at an estimated cost of Rs 164.38 crore, Western Region expansion scheme at an estimated cost of Rs 115.09 crore and ICT Augmentation at Navsari associated with integration of 7 GW RE power from Khavda RE park at an estimated cost of Rs 109.47. 

ATGL: Adani Total Gas, the joint venture of billionaire Gautam Adani’s group and French energy giant TotalEnergies, will invest Rs 18,000 crore to Rs 20,000 crore in the next 8 to 10 years to expand infrastructure for retailing CNG to automobiles and piping gas to households and industries, its CFO said. READ

63 Moons Technologies and MCX India: MCX has decided to extend the support services deal with existing software vendor, 63 Moons Technologies, for its trading and clearing platform, for six months with effect from July 1, 2023. The services cost is Rs 125 crore per quarter. READ

Aurobindo Pharma: As per Bloomberg, US FDA officials found multiple faults at the recent inspection of the company’s plant. Auditors uncovered “deficient” equipment cleaning and storage controls during a visit to its facility in Anakapalli, eastern India. Sampling tools weren’t cleaned and maintained to prevent contamination at the API plant.

SBI Life Insurance: The company reappointed Mahesh Kumar Sharma as a Managing Director and CEO of the company. 

HDFC: The company acquired 612 equity shares of Xanadu Realty, representing 5.46 per cent of its paid-up equity share capital upon conversion of 938 compulsorily convertible debentures held by it in Xanadu. The shares are acquired at Rs 4,08,501 apiece, aggregating to a total consideration of Rs 25 crore. 

Zee Entertainment: The company has withdrawn its Expression of Interest in the resolution plan process for Reliance Broadcast Network. 

Canara Bank: The public sector lender has received the board approval for its capital-raising plan for FY24, amounting up to Rs 7,500 crore, through debt Instruments. The bank will raise capital through Basel III compliant additional Tier I bonds to the extent of Rs 3,500 crore and additional Tier II bonds to the extent of Rs 4,000 crore during FY24.

Zydus Lifesciences: The pharma company has received tentative approval from the US FDA for Palbociclib tablets, which are available in 75 mg, 100 mg, and 125 mg strengths. Palbociclib is used to treat a certain type of breast cancer. The product will be manufactured at the group’s formulation manufacturing facility in SEZ, Ahmedabad. Palbociclib had annual sales of $3.3 billion in the US, as per IQVIA MAT April 2023.

Tata Chemicals: Life Insurance Corporation increased stake in the company from 5.06 per cent to 7.12 per cent. 

Dalmia Bharat: Dalmia Bharat Sugar and Industries has demerged to form Dalmia Bharat Refractories.

Krsnaa Diagnostics: The company received LOA from National Health Mission, Assam for establishment, operation and maintenance of laboratory diagnostic centres for collection, transportation, analysis and reporting of laboratory samples from the Govt. Health Facilities in Assam on Public Private Partnership (PPP} basis.

Sanghi Industries: The company has resumed its operations at cement plant in Kutch, Gujarat. The operations at plant were halted due to cyclone Biparjoy.

GPT Infraprojects: The company has successfully commissioned its Concrete Sleeper factory in Eshiem, Takoradi, Ghana today with a capacity of 240,000 concrete sleepers per annum through its subsidiary RMS GPT Ghana Limited.