Stocks to Watch: Adani Green, Sonata Software, HG Infra, Zee Entertainment

Stocks to Watch: NCLT has admitted IndusInd Bank's Insolvency Plea against Zee Entertainment; Sri Lanka's Board of Investment have approved two wind power plants by Adani Green Energy

Harshita Singh New Delhi
Photo: Bloomberg

Photo: Bloomberg

Equity benchmark indices are looking to recoup some ground from the last session’s crash on Thursday. As indicated by the SGX Nifty, which was quoting at 17,615 levels, the Nifty index may open around 50 points higher. 
Besides, investors will digest the hawkish messaging from the minutes of the latest policy meetings of both the RBI and the US Fed, which came on Wednesday. 

On Wall Street, the Dow Jones lost 0.26 per cent and the S&P 500 dropped 0.16 per cent while the tech-heavy Nasdaq rose 0.13 per cent as Federal Reserve officials hinted that there were signs of inflation coming down, but not enough to pause more rate hikes. 
The MPC minutes too showed an increasing degree of concern among most members over persistent inflationary pressures, with the rate-setting panel largely flagging stubbornly high core inflation.

Meanwhile, here are some stocks to watch out in trade today: 
Adani Green: Sri Lanka's Board of Investment on Wednesday approved two wind power plants by India's Adani Green Energy Ltd with a total investment of $442 million, a statement issued by the board said. "The two wind power plants of 350 MW are scheduled to be commissioned in two years and accordingly, they will be added to the national grid by 2025," the statement added. READ

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Tata Steel: The company has acquired 4.69 crore shares of its indirect subsidiary Neelachal Ispat Nigam at Rs 64 apiece, aggregating to Rs 300 crore in the first tranche of investment. 
Sonata Software: The company’s North America arm will buy 100 per cent stake in Quant Systems Inc, a Texas based IT services corporation for an upfront payment of $65 million and will pay up to $95 million over 2 years for achievement-based earn-outs. 

Zee Entertainment: The bankruptcy court NCLT has admitted IndusInd Bank's Insolvency Plea against Zee Entertainment. The order is in response to a petition filed by IndusInd Bank after Zee failed to fulfill its obligations under a debt service reserve account agreement.
H.G. Infra: The company has been declared as the lowest bidder (L-1) by Rail Vikas Nigam for a project worth Rs 535.15 crore. HG Infra had bid for Rs 466 crore. 

Mahindra CIE: The company's consolidated profit after tax from continuing operations rose 152.6 per cent year-on-year to Rs 195 crore. On accounting the loss from its discontinued operations, the company posted a consolidated net loss of Rs 658 crore during the quarter, while its revenue increased 34.5  per cent to Rs 2,247 crore from last year. 

Orient Cement: The company has terminated its agreement with Adani Power Maharashtra to establish a cement grinding unit at Tiroda in Maharashtra. Orient Cement said Adani Power has requested it not to pursue the venture further as “they are not able to obtain the required MIDC clearances for sub-leasing the parcel of land required for the cement grinding unit, due to some legal issues”.

Lemon Tree Hotels: The company announced its latest signing, Lemon Tree Hotel, Bhopal, Madhya Pradesh. The property is expected to be operational by December 2023 and shall be managed by Carnation Hotels, a wholly-owned subsidiary and the management arm of Lemon Tree Hotels.
Hero MotoCorp: VIDA, the emerging mobility brand of Hero Moto, has expanded its “Worry-Free EV Ecosystem” and set up public charging infrastructure in Bengaluru, Delhi and Jaipur. 

Sarda Energy and Minerals: The South Eastern Coalfields has issued letter of acceptance to the company against its bid for re-opening, salvaging, rehabilitation, development and operation of Kalyani underground mines in Chhattisgarh on revenue sharing of 4.5 per cent.

Sandur Mangansese & Iron Ores: The Central Empowered Committee (CEC) constituted by the Supreme Court has granted the company approval to enhance its manganese ore (Mn Ore) production from 2.86 lakh tonnes to 5.82 lakh tonnes. The company said it expects to receive consent for operation from the Karnataka State Pollution Board and approval from SC's monitoring committee in due course and plans to start the operations at enhanced level of production from the next financial year.

Elantas Beck India: The Gujarat Pollution Control Board has granted the company consent to operate for an additional capacity of approximately 25,000 MT/annum. 
Oxygenta Pharmaceutical: The board meeting will be held on Feb 27 to consider raising funds by way of issue of securities (both equity and warrants) on a preferential basis. 

First Published: Feb 23 2023 | 8:03 AM IST

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