Stocks to Watch: Zomato, RIL, Adani Group, Star Health, HCLTech, LTIMindtree, and Others – News18

Stocks To Watch On August 29: GIFT Nifty on the NSE IX traded 8 points, or 0.04 per cent, lower at 19,345, signaling that Dalal Street was headed for muted start on Tuesday. Here’s a slew of stocks that will be in focus today for various reasons.

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.

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.

Zomato: Tiger Global, through its affiliate Internet Fund III Pte, has exited food delivery platform zomato by selling its entire stake through bulk deals on Monday.

Star Health: Mio IV Star has sold stake in Star Health, while Fidelity, among other funds, bought shares through bulk deals on Monday.

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 transaction 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.

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.

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