Stocks To Watch On June 11: Indian markets may continue to consolidate on Tuesday amid lack of decisive triggers. At 7:43 AM, GIFT Nifty was up 29 points at 23,276 levels.
InterGlobe Aviation: Rahul Bhatia’s promoter entity, InterGlobe Enterprises, is expected to off load around 2 per cent stake in the company through a block deal on Tuesday, reports said. The stake sale value may be worth around $394 million, where the promoter could sell 7.7 million shares at a likely floor price of Rs 4,266 apiece.
RVNL, Siemens India: The consortium of Siemens-RVNL has received a Letter of Acceptance (LoA) from Bangalore Metro Rail Corporation Ltd. for engineering, supply, erection, testing and, commissioning of 33 KV Distribution, 750V DC Third Rail Traction Electrification including Traction Substations, Auxiliary Substations and SCADA System for Phase-2A & Phase 2 B.The project is worth Rs 394.2 crore.
PTC Industries: The company has partnerd with leading entities under the DTIS scheme in the Indian Defence and Aerospace sector to advance the ‘Make in India’ initiative.
APL Apollo Tubes: BluPine Energy has signed a Power Purchase Agreement (PPA) with APL Apollo Building Products to set up a 61.65 megawatt (Mw) solar plant in Chhattisgarh. APL Apollo Building Products is a subsidiary of APL Apollo Tubes. APL Apollo, along with other off-takers, will hold a 26 per cent stake under the group captive structure in the special purpose vehilce (SPV) of BluPine Energy for this project.
NLC India: The Board of Directors, at their meeting held on Monday, June 10, 2024, approved to raise foreign currency loan through External Commercial Borrowings (ECB) in any foreign currency to the extent of $600 million through Direct route.Besides, the Board okayed to issue of Corporate Guarantee or Letter of Comfort to NLC India Green Energy Limited, a wholly-owned subsidiary, and Neyveli Uttar Pradesh Power Limited, a material-subsidiary of the company, based on the requirement. It also gave in-principle approval to invest up to Rs 994.50 crore, in one or more tranches, in NLC India Renewables Limited, a wholly-owned subsidiary of the company.
Vodafone Idea: The debt-ridden telecom company announced that its board will meet on June 13 to consider a proposal to issue equity shares or convertible securities on a preferential basis to vendors. The company has been reporting widening losses and a marginal increase in annual revenue from operations.
Tata Motors: The company is offering substantial savings on a range of sought-after models including the Tiago, Altroz, Nexon, Harrier, and Safari. Discounts and benefits reach up to ₹55,000 on select MY2024 units.
Power Grid Corp.: The company has successfully implemented the ‘Reliable Communication Scheme under Central Sector for Northern Region’ from April 1.
One 97 Communications: Paytm’s founder and CEO, Vijay Shekhar Sharma, is reaching out to his old allies and trusted lieutenants as he looks to revive the firm. Amidst reports of internal discord and regulatory upheaval, Sharma is taking control of various verticals to revive growth, reduce customer attrition, and shore up confidence among partners, merchants, and customers.
PVR Inox: The multiplex chain is focusing on growing its fastest-growing segment – food and beverage (F&B). The multiplex operator is partnering with EazyDiner to offer its customers up to a 25% discount on popcorn, Pepsi, and more for payments made via EazyDiner.
Suzlon Energy: The company clarified that there are no financial irregularities or compliance violations within the organization, following the resignation of its independent director Marc Desaedeleer. Desaedeleer raised corporate governance issues within the company in his resignation letter.
Jubilant Foodworks: The master franchise operator for Dominos in India plans to double its outlets to 4,000 in the next four years. The company is eyeing around 200 new stores in India every year to achieve its medium-term goal.
Infosys: GitHub, a Microsoft-owned developer platform, has partnered with Infosys to launch its first GitHub Center of Excellence (CoE). The collaboration aims to speed up the process of software production partnering with Global System Integrators (GSIs).
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