Stocks to watch out for on Monday.
Stocks to watch: Stocks from companies such as IndiGo, SpiceJet, IOC, Paytm, Vodafone Idea, Granules India and others will be the focus of Monday’s trading.
The Nifty futures contract trading on the Singapore Exchange signals a negative start for domestic stocks. The contract traded at 17,496.50, down 46 points or 0.26% from the previous close.
SpiceJet: The airline recorded an almost fivefold increase in the October-December quarter (Q3FY23) from Rs 23.28 crore to Rs 107 crore in the same period a year ago. Management said earnings were driven by strong performance in cargo and passenger segments. Nevertheless, high fuel prices and falling prices continue to negatively impact overall performance.
IOC: The company will set up green hydrogen plants at all its refineries as it revolves around the Rs 2 trillion green transition plan to achieve net zero emissions from its operations by 2046. Management aims to expand the refining capacity to 106.7 million tons per annum from 81.2 million tons per annum. million tons.
Interglobe Aviation: More than 50 IndiGo and Go First planes are grounded due to Pratt & Whitney engine issues amid ongoing supply chain headwinds. Airline IndiGo is looking at several options, including delaying re-deliveries through lease extensions, reintroducing aircraft into the fleet, among others.
Mahindra Lifespace: The brokerage firm expects industrial leasing business to reach an annual turnover of Rs 500 crore by 2025, up from Rs 298 crore during the past financial year. In the residential segment, meanwhile, the company expects to touch Rs 2,500 crore by 2025, from Rs 1,000 last financial year.
Granules India: Major pharma receives USFDA approval for Abbreviated New Drug Application (ANDA) of Losartan Potassium Tablets – 25mg, 50mg and 100mg. The tablets are used for the treatment of hypertension in adults and pediatric patients.
Paytm: Indian telecommunications magnate Sunil Mittal is seeking a stake in Paytm by merging its financial services company with the fintech giant’s payments bank, Bloomberg reported. In other news, Ant Group is considering selling some of its shares in Paytm to keep its stake within a required threshold.
Vodafone Idea: Shareholders of Vodafone Idea on Saturday approved a preferential issuance of Rs 1,600-crore of optional convertible bonds (OCDs) to American Tower Corp (ATC), a move that will allow the tight telco to pay off most of the US tower companies dues
Indiabulls Housing: Indiabulls Housing approved the public issuance of secured callable non-convertible bonds in an amount of up to Rs 100 crore with an option to maintain oversubscription up to Rs 800 crore, aggregated to Rs 900 crore.
Adani Ports and SEZ: Management announced that the company’s cargo volumes passed 330 million metric tons (mmt) in 329 days, surpassing its own milestone of 354 days last year.
ABB India: The company will invest Rs 1,000 crore in Indian companies for capacity expansion over the next five years. The new facility in Nashik will help double Gas Insulated Switchgear (GIS) production capacity and support power distribution, smart cities and other infrastructure developments.
Edelweiss Financial Services: The company received shareholder approval to spin off its wealth management business, paving the way for Nuvama Wealth Management’s IPO. Management said the split is intended to allow shareholders to directly participate in Nuvama’s growth journey.
The Phoenix Mills: Palladium Construction, the wholly owned subsidiary of the company, acquired a prime plot of land in Alipore, Kolkata for Rs 414.31 crore to develop premium and luxury residential properties. Management expects completion of the project by 2028-29.
Tega Industries: The company is about to acquire McNally Sayaji Engineering to expand its portfolio of operations to serve global and Indian companies. The acquisition is expected to close in the next two months and an optimal mix of internal resources and debt would fund the acquisition.
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