Stocks To Watch On September 5: Equity markets took a breather after a 14-day winning run and closed on Wednesday amid weak global trends. In today’s trade, shares of GIC Re, RIL, Vedanta, Sona BLW, PNB Housing Finance, Suzlon Energy among others will be in focus due to various news developments.
Vedanta: Vedanta said its display glass business is expected to grow 10-fold, following the consolidation of its holding in AvanStrate Inc.
Sona BLW Precision: Auto component maker Sona BLW Precision Forgings is likely to raise up to Rs 2,400 crore through a qualified institutions placement. It has set a floor price of Rs 699 per share.
Reliance Industries: The company has secured the full 10 GWh capacity of the Advanced Chemistry Cell (ACC) under the second phase of the Production Linked Incentive (PLI) scheme. RIL is constructing a 30 GWh battery manufacturing facility in Jamnagar, with production expected to start in the latter half of 2025. Additionally, Reliance’s board will meet on September 5 to discuss a 1:1 bonus share issue.
Suzlon Energy: Suzlon Energy has signed a conveyance deed with OE Business Park for sale of One Earth property for Rs 440 crore.
Adani Enterprises: The company’s first retail bond issue, aiming to raise up to Rs 800 crore, has been fully subscribed. The company has also set up a subsidiary in Kenya to pursue a potential acquisition of Nairobi’s Jomo Kenyatta International Airport, with an estimated investment of up to $810 million.
General Insurance Corporation of India: The first day of GIC Re’s offer for sale (OFS) saw bids worth nearly Rs 2,300 crore. The OFS, which aims to divest up to 6.78 per cent of the government’s stake, has received bids for 58 million shares. The final divestment may be less than 3.4 per cent, with further divestments required to meet the 25 per cent public shareholding mandate.
Prestige Estates Projects: The company has raised Rs 5,000 crore via a Qualified Institutional Placement (QIP) by issuing 2,98,68,578 equity shares at Rs 1,674 each, a discount of 4.62 per cent on the floor price.
Suzlon Energy: The company has sold its Pune headquarters, One Earth, for Rs 440 crore in a sale-and-leaseback deal with OE Business Park Private Limited. The transaction will help Suzlon focus on core manufacturing and improve liquidity, with the option to repurchase the property in the future.
Star Health and Allied Insurance: The company is exploring collaborations with insurers in Africa and West Asia for inward reinsurance opportunities via GIFT City. The company has also launched its first Braille insurance policy, Special Care Gold, aimed at individuals with disabilities.
HDFC Bank: Quant Mutual Fund has likely liquidated its entire position in HDFC Bank, which was previously one of its top holdings.
Mastek: Capital Group sold a 5.6 per cent stake in Mastek for over Rs 475 crore. Concurrently, ICICI Prudential Mutual Fund acquired shares in Mastek, indicating its active interest in the IT services company.
Allied Blenders and Distillers: ABDL has received board approval to acquire an 80 per cent stake in a new venture with film star Ranveer Singh. The new entity will focus on luxury and premium spirits, with an investment of up to Rs 70 crore.
Canara Bank: The bank has successfully mobilized $300 million through its IFSC Banking Unit in Gandhinagar. The bonds, which carry a 4.896 per cent coupon rate, were well-received by investors from Asia, the Middle East, and Europe.
Linde India, Tata Steel: The company has entered into an agreement to acquire two 1800 tpd air separation units from Tata Steel’s Kalinganagar expansion project.
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