Stocks to Watch on Aug 29: RIL, Adani, Indiabulls Housing, SJVN, APL Apollo

Stocks to Watch today, August 29, 2023: An investigation of India's Adani group by the market regulator has uncovered violations of rules on disclosures by listed entities


Nikita Vashisht New Delhi
Stocks to Watch on Tuesday, August 29: Strength across global peers may help Dalal Street indices extend gains on Tuesday. At 7:50 AM, Gift Nifty was quoting at 19,331 levels, mildly lower from its previous close, but about 15 points higher than Nifty Futures' close on Monday.

In Asia, Japan's Nikkei 225 climbed 0.28 per cent, Australia's S&P/ASX 200 rose 0.11 per cent, while South Korea's Kospi gained 0.27 per cent. Hong Kong's Hang Seng index extended gains and climbed 0.74 per cent.

Overnight, the Dow Jones Industrial Average settled 0.62 per cent up, the S&P 500 added 0.63 per cent, and the Nasdaq Composite advanced 0.84 per cent. 

Meanwhile, here's a list of stocks that will be in focus today:

Reliance Industries, Jio Financial Services: Oil-to-telecom conglomerate Reliance Industries Ltd (RIL) on Monday announced the induction of the third generation of the Ambani family as directors on the company's board, viewed as the start of a succession.

Speaking at the company's annual general meeting, Mukesh Ambani told shareholders he would remain chairman and managing director (CMD) for five more years, and mentor the three to-be-appointed directors of the board.

In his address, Mukesh Ambani laid out the roadmap for the next phase of growth at his over $200 billion conglomerate with newly listed Jio Financial Services planning to offer insurance products, telecom arm Jio providing wireless broadband services to homes, Jio AirFiber, from Ganesh Chaturthi (September 19), and marquee investors queuing up for a pie of the retail unit. READ MORE

Adani Group: An investigation of India's Adani group by the market regulator has uncovered violations of rules on disclosures by listed entities and limits on the holdings of offshore funds, Reuters reported on Monday. Meanwhile, the Supreme Court is set to hear the matter on Tuesday. READ MORE

APL Apollo Tubes:
The promoter will reportedly sell stake up to 2.63 million shares, or 0.85 per cent equity, via block deals. The floor price is likely at Rs 1,595 per share, a 4.3 per cent discount to the current market price. 

Gokaldas Exports: Through its wholly owned subsidiaries, the company has entered into an agreement to acquire Atraco Group (Atraco) for $55 million, a leading manufacturer of apparel with a strong market position and customer relationships across the US and Europe. The transactoon is expected to be closed by Q3-FY24 (Oct-Dec 23). 

HCLTech: It has signed a 'preferred professional services' agreement with Cloud Software Group to help implement, upgrade, and provide services for all TIBCO products for global enterprise customers.
GRM Overseas: Addressing investors' concerns on the impact of the Basmati rice export ban by the government, GRM Overseas said it anticipates no adverse impact on exports as the company primarily exports rice valued above $1,200 per tonne. However, there are some varieties of Basmati rice that may fall below this threshold, in line with government's guidance, we expect companies to be allowed to export such products subject to evaluation by the committee to be established. 

SJVN: SJVN Green Energy, a wholly-owned subsidiary of SJVN, has received Letter of Awards from Assam Power Development Corporation Limited (APDCL) for three solar power projects of cumulative capacity 320 MW. The tentative cost of construction/development of these 320 MW projects is around Rs 1,900 crore.

Indiabulls Housing Finance: The company has repaid Rs 1,112.5 crore of bonds, which was availed in August 2013. 

Schaeffler India: The Board of Directors of the company has approved the acquisition of 100 per cent shareholding of KRSV Innovative Auto Solutions Private Limited for Rs 142.39 crore. The acquisition is expected to be completed by Q3-CY23.

HFCL: The company has launched its fund raising programme via qualified institutional placement (QIP). The Fund Raising Committee has fixed the floor price for the QIP as Rs 68.61 per equity share. The company may, at its discretion, offer a discount of not more than 5 per cent on the floor price, it added. The Board will meet on August 31, 2023, to fix the issue price of the offer. 

Bayer CropScience: Duraiswami Narain, the current vice chairman, managing director and CEO, has tendered his resignation. The Board said Narain will step down on October 31, 2023, in-line with his planned repatriation to Bayer's operations in the United States.

LTIMindtree: The company has announced a strategic collaboration with CAST AI, a SaaS company for cost optimisation for customers who run their cloud-native applications on Google Cloud, AWS, and Amazon Azure. 

Indiabulls Real Estate: The Board has approved the appointment of Atul Chandra, who is presently the senior vice president of the company, as the chief operating officer (COO) w.e.f. August 28, 2023.

NBCC: The company has secured a contract worth Rs 66.3 crore from the Indian Medical Association (IMA). 

Jet Airways: The National Company Law Appellate Tribunal (NCLAT), on Monday, extended the time till September 30 for Jalan-Kalrock Consortium for payment of Rs 350 crore to the lenders of the bankrupt Jet Airways.

First Published: Aug 29 2023 | 08:07 AM IST

Explore News