Stocks to Watch: Asian Paints, Adani Green, JK Tyre, Tata Motors, GR Infra

Stocks to Watch: Adani Green Energy (AGEL) has decided to review its capital expenditure (capex) plan of Rs 10,000 crore for financial year 2023-24 (FY24)

Equity benchmark indices are looking to open flat on Tuesday as indicated by the SGX Nifty, quoting at 17,870 levels, 12-odd points above Nifty’s Monday closing.  

Globally, though the US equity markets were closed on Monday in observance of Presidents' Day, futures tied to Wall Street continued their fall this morning. Dow Futures, NASDAQ Futures, and the S&P 500 Futures dropped up to 0.4 per cent.

Asia-Pacific markets, too, followed similar footsteps and edged lower in early trade. Key indices like the Nikkei 225, Topix, the S&P 200, Kospi, Kosdaq shed up to 0.5 per cent.

Here are some stocks to watch out in trade today: 

Adani Ports: Adani group firm Adani Ports & SEZ paid Rs 1,500 crore loan and promised to repay more as the embattled conglomerate mapped a comeback strategy after a sellout triggered by a damning report by US-based Hindenburg Research. It will also pay another Rs 1,000 crore of commercial papers due in March (as per the payment scheme). READ

Adani Green: Adani Green Energy (AGEL) has decided to review its capital expenditure (capex) plan of Rs 10,000 crore for financial year 2023-24 (FY24). In a post-third quarter results call with its bond holders, AGEL’s management said this was a tentative target and was still under review. READ

Tata Motors: India’s largest electric passenger vehicle manufacturer, has signed an agreement with ride-hailing company Uber to supply 25,000 electric vehicles (EVs), the company said. The agreement is the largest EV commitment between an automotive manufacturer and a ride-sharing platform in India. READ

Vedanta: A joint venture of Indian conglomerate Vedanta and electronics manufacturing giant Foxconn has finalised the Dholera Special Investment Region near Ahmedabad city of Gujarat for setting up their semiconductor and display manufacturing facility, said a report. READ

Tata Steel: The board has approved Rs 2,150 crore of fund raise via issuing NCDs. 

ACC, Ambuja Cement: ACC & Ambuja Cements will resume operations at Gagal & Darlaghat plants in Himachal Pradesh from February 21. The two and transporters in Himachal Pradesh reached an amicable solution to the dispute between them over freight rates. This has cleared the way for reopening of cement factories in Darlaghat and Barmana after 67 days.
 

Asian Paints: Its subsidiary Asian Paints (Polymers) pvt Ltd entered into a Memorandum of Understanding (MoU) with the Government of Gujarat to set up a manufacturing facility for Vinyl Acetate Ethylene Emulsion (VAE) and Vinyl  Acetate Monomer (VAM) at Dahej, Gujarat.

BEL: Delhi Metro has launched India's first ever indigenously developed Signalling System (I-Ats), which was jointly developed with BEL for operations on its first corridor, Red Line. 

BEML: The company has signed a MoU with DMRC led SPV for Bahrain Metro. As a part of this MoU, BEML will be responsible for manufacturing and supply of Metro Rolling Stock and DMRC will provide expertise in the fields of project development, budgeting and facilitating of contractual obligations.

Blue Star: The company has incorporated a subsidiary named “Blue Star Innovation Japan LLC”, in Japan for research and development of refrigeration cycles, control algorithms, and control boards for residential and commercial air conditioners and cold/hot water chillers. Total investment made is around Rs 2.46 crore. 

Genus Power: The company has incorporated a step-down subsidiary company, in the name of “Genus Assam Package-3 SPV Limited” on February 19, 2023 for power infrastructure and distribution industry / business. 

GR Infraprojects: The firm has emerged as the lowest bidder for 2 NHAI projects worth Rs 3613 crore

BPCL: The company said it plans to raise Rs 1,500 cr via NCDs in FY23.

 Marine Electricals : The company has won orders worth Rs 13.94 crore from Goa Shipyard.

JK Tyre: Its board has approved issuance of Rs 240 crore of compulsorily convertible debentures (carrying an interest at the rate of 6 per cent per annum) to International Finance Corporation, which shall be convertible into equity shares of the company at a conversion price of Rs. 180.50

IFL Enterprises: Its board will meet on March 9, 2023 to consider the proposal for sub-division of the shares of the company and issuance of fully paid-up bonus shares to the members of the company.