Here’s a quick look at stocks likely to be in focus in today’s trade:
Larsen & Toubro: The Bombay High Court has nullified a GST demand of ₹2,237 crore against Larsen & Toubro. The dispute involved a service tax related to a former subsidiary, for which taxes had already been paid after the demerger. L&T had filed a writ petition in the Bombay High Court, resulting in the cancellation of this demand, as per the company’s exchange filing.
Tata Group Companies: S&P Global Ratings upgraded various Tata Group companies on August 20, citing improved support from the group’s parent. Tata Motors and its British subsidiary, Jaguar Land Rover (JLR), were upgraded to investment grade BBB with a Stable outlook. Tata Steel’s rating was raised to BBB from BBB-, and Tata Power was upgraded to BBB with a Positive outlook, reflecting stronger financial expectations.
Cyient and Cyient DLM: IT firm Cyient announced the sale of a 14.5 percent stake in its subsidiary Cyient DLM via a block deal, with a floor price set at ₹748.65 per share, a 5 percent discount from the previous close. The sale, expected to conclude by August 21, 2024, is intended to meet capital requirements and reduce debt.
HG Infra Engineering: Promoters of HG Infra Engineering sold shares worth ₹281 crore through open market transactions. Harendra Singh Family Trust, Vijendra Singh Family Trust, and Girishpal Singh Family Trust offloaded a total of 17,96,154 shares at an average price of ₹1,566.5 per share. Aditya Birla Sun Life Mutual Fund and Societe Generale acquired stakes in the company.
Telecom Stocks: The Telecom Regulatory Authority of India (TRAI) reported that new customer additions by Reliance Jio and Bharti Airtel pushed India’s telecom subscriber base past 120.5 crore in June. Reliance Jio added 19.11 lakh new wireless subscribers, and Bharti Airtel added 12.52 lakh, while Vodafone Idea, BSNL, MTNL, and Reliance Communications saw subscriber losses, leading to a net wireless segment addition of 15.73 lakh.
PNB Housing Finance: General Atlantic Singapore Fund FII Pte is expected to sell a 5.1 percent equity stake in PNB Housing Finance through a block deal, according to sources. The deal’s floor price is likely set at ₹775 per share, with an estimated offer size of ₹1,032.7 crore.
GE T&D India: Promoters GE Grid Alliance BV and Grid Equipments are reassessing their shareholding structure in GE T&D India and are considering selling a minority stake in the company to simplify the ownership structure.
Genus Power Infrastructures: Genus Power Infrastructures’ wholly-owned subsidiary has secured three Letters of Award (LOA) worth ₹3,608.52 crore. These contracts involve appointing advanced metering infrastructure service providers (AMISPs) for the design, supply, installation, and commissioning of approximately 4.26 million smart prepaid meters and related systems on a DBFOOT (Design, Build, Finance, Own, Operate, Transfer) basis.
Exide Industries: Exide Industries has invested an additional ₹75 crore in its subsidiary, Exide Energy Solutions, through a rights issue, bringing the total investment in the subsidiary to ₹2,652.24 crore without altering the company’s shareholding percentage.
Ola Electric Mobility: Ola Electric’s scooters, S1 X 3 kWh and S1 X 4 kWh, have received certification under the Production Linked Incentive (PLI) scheme for the automobile and auto components industry. Both models met the 50 percent localization criteria mandated by the Ministry of Heavy Industries.
