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.
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