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Stocks to watch: Shares of firms like Adani Ent, Adani Green, Tata Power, Ola Electric, NTPC, and others will be in focus on Friday’s trade
Stocks To Watch
Stocks To Watch On November 22: Domestic markets declined by more than half a per cent, extending the ongoing downtrend. In today’s session, stocks of Adani Enterprises, Adani Green, JSW Energy, Afcons Infrastructure, Tata Power, and others will be in the spotlight following various news developments.
Adani Group Stocks: In a new development concerning bribery allegations against industrialist Gautam Adani, U.S. authorities have charged him, his nephew Sagar, and several associates for defrauding American investors. They are accused of promising and paying bribes amounting to $265 million to Indian government officials in exchange for solar energy contracts.
Furthermore, Kenyan President William Ruto has ordered the cancellation of a process to transfer control of the country’s main airport to the Adani Group. He also scrapped a $736-million public-private partnership agreement with an Adani Group company for constructing power transmission lines.
Telecom Companies: Reliance Industries (RIL), Vodafone Idea, Bharti Airtel, MTNL, and other telecom companies will be in focus as the Telecom Regulatory Authority of India (TRAI) has released new subscriber data.
Hyundai Motor India: The company plans to establish two renewable energy (RE) plants in Tamil Nadu as part of its goal to achieve 100% renewable electricity dependency across its manufacturing operations by 2025.
Tata Power: Tata Power, the power utility arm of the Tata Group, has signed an initial agreement with the Asian Development Bank (ADB) to explore financing of up to $4.25 billion for several strategic projects.
Ashok Leyland: As part of its expansion in the eastern region, Ashok Leyland has opened a light commercial vehicle dealership in West Bengal.
Ola Electric: Ola Electric is reportedly undergoing a restructuring process and plans to lay off 500 employees, which represents over 12% of its workforce, currently standing at around 4,000 employees.
NTPC: NTPC’s subsidiary, NTPC Green Energy Ltd (NGEL), which is set to list on the stock exchanges soon, has entered into a joint venture with the New and Renewable Energy Development Corporation of Andhra Pradesh (NREDCAP). The venture will invest Rs 1.87 trillion in renewable energy projects across the state.
Coal India: The company has decided to supply coal beyond the normative requirements to the non-regulated sector, including the steel industry. This decision, effective from November 13, will apply to the tranche VIII linkage auction, which is scheduled to begin soon.
Afcons Infrastructure: Afcons has received a letter of acceptance from Uttarakhand Project Development and Construction Corporation for civil works, with the project valued at Rs 1,274 crore.
SJVN: SJVN has signed a Memorandum of Understanding (MoU) with the Energy Department of Rajasthan to develop renewable energy projects in the state.
Infosys: The Georgia Department of Labor has imposed a $3.28 million tax penalty on Infosys for the period between Q3CY19 and Q1CY24.
Raymond: Raymond has received a ‘No Observation Letter’ from the NSE and BSE regarding its scheme of arrangement with Raymond Realty. This follows Raymond’s board approval on July 4, 2024, for the demerger between the company and Raymond Realty.
LIC/LTIMindtree: Life Insurance Corporation of India (LIC) has increased its stake in LTIMindtree, raising its shareholding from 1,49,06,665 to 2,08,34,009 shares, which increases its ownership from 5.03% to 7.03% of the paid-up capital.
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