Stocks to watch: Adani Ports, Wipro, Tata Power, Vedanta and more

Elantas Beck India will be one of the companies to watch today as it reports its December quarter results.

Here is a list of the top ten stocks that will be scrutinised today:

Adani Ports: Billionaire Gautam Adani’s Adani Ports & Special Economic Zone Ltd paid a Rs 1,500 crore loan on Monday and promised to repay more as the embattled empire plotted a comeback strategy following a rout in the group stocks triggered by a bombshell Hindenburg Research report released on January 24.According to a corporate spokeswoman, Adani Ports and SEZ has paid SBI Mutual Funds’ due sum of Rs. 1,500 crore, and the business will also retire a short-term debt of Rs. 1,000 crore of commercial papers due next month.

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Wipro: Wipro Inc. has requested that campus employees who were picked for one programme join another that pays 46% less, causing anxiety among the chosen applicants. The fourth biggest software services business in India informed IT graduates who had been hired for the Turbo programme with pay promises of ₹6.5 lakh per year that they would instead be put in the Elite programme, which gives ₹3.5 lakh. “In light of the changing macro environment and, as a result, our business needs, we had to adjust our onboarding plans,” Wipro said in response to a query.

Adani Power/Tata Power: Electricity stockpiles will be scrutinised after the government declared an emergency on Monday, requiring power facilities that use imported coal to reach maximum production. In April, the Electricity Ministry anticipates a peak demand of 229 gigatonnes. According to the research, several of India’s power facilities that use imported coal, notably those owned by Adani Power and Tata Power in the western state of Gujarat, have lately not worked at full capacity due to the difficulty of competing with electricity produced from inexpensive local coal.

Vedanta: The government has rejected billionaire Anil Agarwal’s mining group’s request to sell its worldwide zinc business to Hindustan Zinc Ltd. for USD 2.98 billion due to value issues. The government has vowed to sue to prevent the sale of the Africa-based businesses to HZL, in which it owns 29.54%. The Ministry of Mines said in a letter to HZL, which was uploaded to stock markets, that the purchase is a “related party transaction” and that the government would “like to repeat” its opposition.

Asian Paints: Asian Paints, one of India’s top paint producers, signed a Memorandum of Understanding (MoU) with the Gujarat government on Monday to establish a production plant in Dahej. The agreement was inked via Asian Paints, the company’s newly formed, wholly owned subsidiary (Polymers). At Dahej, Gujarat, an Asian Paints subsidiary will establish a production plant for Vinyl Acetate Ethylene Emulsion (VAE) and Vinyl Acetate Monomer (VAM).

BEML: BEML Limited, previously known as Bharat Earth Movers Ltd, is a Schedule “A” corporation under the Ministry of Defence, Government of India, engaged in the manufacturing of mining equipment, rail coaches, and spare parts for sectors such as defence, rail, electricity, and infrastructure. BEML Ltd., a leading manufacturer of domestic metro rolling stock in India, signed a Memorandum of Understanding (MoU) today with an SPV headed by Delhi Metro Rail Corporation (DMRC) to build Bahrain Metro Rail Project Phase 1.

IOCL/BPCL/HPCL: Moody’s Investors Service maintained the ratings of India’s three state-owned oil refining and marketing businesses, Indian Oil Corporation Ltd. (IOCL), Bharat Petroleum Corporation Ltd. (BPCL), and Hindustan Petroleum Corporation Ltd. (HPCL), on Monday. It was also said that the rating outlooks for all three oil refining and marketing enterprises remain steady. The stable outlook shows our expectation that these firms’ credit metrics will be within our rating criteria by March 2024, according to Sweta Patodia, a Moody’s AVP and analyst.

PTC India: Indian billionaire Gautam Adani has opted not to bid for a share in state-backed energy trader PTC India Ltd., according to sources familiar with the subject, as his corporate empire seeks to protect funds in the face of criticism from a US short seller. According to persons familiar with the subject, state-owned businesses NTPC Ltd., NHPC Ltd., Power Grid Corp. of India, and Power Finance Corp. have been working with a consultant to consider selling their 4% holdings in PTC India.

NHPC: The state-owned hydropower firm NHPC collected ₹996 crore on Monday via the private issue of non-convertible notes. “NHPC Limited has raised 996 crore on February 20, 2023, through unsecured, redeemable, non-convertible, non-cumulative and taxable 7.59 per cent AD series bonds on a private placement basis,” according to a filing. The bonds are proposed for listing on the BSE and the National Stock Exchange’s Wholesale Debt Market (WDM) (NSE).

Gland Pharma: Gland Pharma stated on Monday that it would spend ₹400 crore to expand its current plant in Genome Valley here to produce biologics, biosimilars, antibodies, and recombinant insulin. According to a state government press release, the enlarged facility will have the ability to employ more than 500 qualified, talented, and semi-skilled workers, most of whom will be recruited from local areas.