The Indian stock market is expected to start the week on a positive note, according to the SGX Nifty. The benchmark indices BSE Sensex and NSE Nifty may open in the green, as Nifty futures traded 154 points, or 0.86% higher, at 18113 on the Singapore Exchange.
Here is a list of the top ten stocks that will be scrutinised today:
Titan: Titan announced on Friday that the company had healthy customer demand owing to the holiday season, resulting in a 12% increase in combined sales on a year-over-year basis in the December quarter. Despite a high starting point, Titan reported double-digit growth in all segments. In the fourth quarter, the company opened 111 new locations.
PTC India: According to persons familiar with the situation, a stake in state-backed energy trader PTC India Ltd. is generating initial interest from potential suitors, including Asia’s richest man Gautam Adani. According to the persons who asked not to be identified since the information is private, Adani is one of the potential bidders analysing basic information on the firm. According to one of the sources, other Indian corporations are considering bidding as well. According to the persons, state-owned businesses NTPC Ltd., NHPC Ltd., Power Grid Corp. of India, and Power Finance Corp. are working with an adviser to consider selling their 4% stakes each. Bids are due by the end of the month, they said.
SJVNL: According to two people familiar with the development, state-run SJVNL has securitised the cash flow of India’s largest hydropower project, Nathpa Jhakri, with Bank of Baroda for a 15-year period under the government’s National Monetisation Pipeline (NMP) for an upfront payment of Rs.2,000 crore. SBI Capital Markets Ltd advised SJVNL on its 1.5 GW Shimla project, which distributes energy to Delhi, Haryana, Himachal Pradesh, Punjab, Jammu and Kashmir, Rajasthan, Uttar Pradesh, Uttarakhand, and Chandigarh. Both state-run and commercial banks participated in the process, with the monetization used to help fund the equity element of prospective projects.
JSPL: According to Managing Director Bimlendra Jha, Jindal Steel and Power Limited (JSPL) will invest up to Rs. 1500 crore to make recently purchased Monnet Power operational. He stated that the investment will be done over the following 12 to 18 months. The steelmaker purchased debt-ridden Monnet Power through insolvency in December 2022 for Rs.410 crore. The 1,050 MW coal-fired power facility is under construction near JSPL’s steel mill in Angul, Odisha.
JK Cement: JK Cement announced on Friday that its subsidiary has acquired Acro Paints Limited, a paint manufacturer and building chemicals company. JK Paints & Coatings Limited, a wholly owned subsidiary of JK Cement, has purchased a 60% share in Acro Paints for a cash consideration of 153 crore. This acquisition would provide the organisation with a commercial footprint in the paint business category.
Gland Pharma: Gland Pharma said on Friday that it has entered into an agreement with FPCI Sino French Midcap Fund to purchase a 100% share in Europe-based Cenexi Group. Gland Pharma International PTE, the company’s wholly owned subsidiary in Singapore, has entered into a share purchase agreement with FPCI Sino French Midcap Fund to fully buy an interest in Cenexi in accordance with the terms of the put option agreement signed in November last year.
Suzlon Energy: Shareholders have approved the appointment of Vinod R Tanti as Managing Director, Girish R Tanti as Executive Director, and Pranav T Tanti as Director. According to a BSE filing, the three resolutions to nominate Vinod Tanti as Managing Director, Girish Tanti as Executive Director, and Pranav Tanti as Director were carried by postal ballot with the required majority. For these appointments, the business has sought shareholder approval via postal ballot notice.
Paytm Payments Bank has received approval from the Reserve Bank of India to designate Surinder Chawla as its new CEO, according to two people familiar with the matter. Chawla is now the RBL Bank’s chief of branch banking. “It was on the cards, and the job shift at RBL Bank has been ongoing for quite some time,” a third source familiar with the situation said on condition of anonymity. Chawla joined RBL Bank after nearly a decade at HDFC Bank, where he held positions like as head of retail liabilities product group and senior executive vice-president.
Dish TV: Dish TV’s minority shareholders have written to the Ministry of Information and Broadcasting, requesting approval for seven independent directors suggested by the company’s largest stakeholder, Yes Bank. The organisation of Dish TV minority investors, in a letter to I&B secretary Apurva Chandra, asked the government to clear the names of these directors, including Girish Paranjpe, Arvind Nachaya Mapangada, and Haripriya Padmanabhan, as soon as possible, or face legal action.
SBI Cards & Payment Services: At its meeting on January 6, 2023, the company’s board of directors authorised the re-appointment of Rama Mohan Rao Amara as managing director and CEO (chosen by State Bank of India) for another year beginning on January 30, 2023.