Stocks To Watch: GIC, ONGC, SpiceJet, GSK Pharma, Cipla, Zee Ent, AU SFB, And Others
Stocks To Watch On September 4: Domestic markets traded subdued and ended the day nearly unchanged, continuing the ongoing gradual uptrend. In today’s trade, shares of General Insurance Corp, ONGC, SpiceJet, GSK Pharma, Cipla among others will be in focus due to various news developments.
General Insurance Corporation of India: The central government plans to dilute a 6.78% stake in GIC Re to raise approximately Rs 4,700 crore. This will be the first stake sale since the company’s 2017 listing. The Offer for Sale (OFS) will start on Wednesday for non-retail investors, with retail investors and GIC employees being able to bid on Thursday. The floor price for the OFS is set around Rs 395 per share, reflecting a 6% discount to the current market price.
Cipla: MK Hamied has resigned as Vice Chairman of Cipla, effective October 29, due to age and health reasons. Kamil Hamied will join the board of the company as a Non-Executive Director starting November 1, 2024, ensuring continuity in leadership.
SpiceJet: The Delhi airport operator, DIAL, has urged SpiceJet to clear its dues promptly. However, SpiceJet maintains that its payment obligations are being met as per schedule. The airline has been under enhanced surveillance by the DGCA due to financial and legal challenges.
KIMS: The hospital chain has set September 13, 2024, as the record date for its 5-for-1 stock split, according to its exchange filing. Shareholders on record as of this date will receive the split shares, the company said.
Indian Energy Exchange: IEX reported a 35.8% year-on-year increase in total trade volume to 12,040 million units in August. The electricity volume rose by 17.1% to 9,914 million units. The renewable energy certificates (REC) market saw a dramatic increase of 737.4% year-on-year, though prices hit an all-time low of Rs 115 per certificate.
Gensol Engineering: The company, in partnership with Matrix Gas & Renewables, has become the lowest bidder for India’s first biomass-to-green hydrogen project, valued at Rs 164 crore. This project aims to convert bio-waste into green hydrogen and will utilize advanced gasification technology.
Zee Entertainment Enterprises: The Securities Appellate Tribunal (SAT) has adjourned the hearing on Subhash Chandra’s plea against SEBI regarding alleged fund diversion. Chandra has accused SEBI of corruption and has requested more time for his case. The matter is expected to be heard again later in September. Separately, ZEEL has received approval from the Ministry of Corporate Affairs and the Registrar of Companies (ROC) in Mumbai for an extension to hold its 42nd Annual General Meeting (AGM) for the financial year ending March 31, 2024.
Finolex Cables: The National Company Law Appellate Tribunal (NCLAT) has upheld the outcome of Finolex Cables’ AGM, where shareholders voted against the reappointment of Deepak Chhabria to the board. The tribunal also validated the 2019 extraordinary general meeting of Orbit Electricals, which amended the company’s Articles of Association.
NHPC: The company has signed a Memorandum of Understanding (MoU) with the Maharashtra Department of Water Resources to develop energy storage systems, including pumped storage systems, and other renewable energy sources like solar and wind, in the state with a total capacity of 7,350 MW.
BGR Energy Systems: The company has received two tax orders from the GST Department in Tiruvallur demanding Rs 480.25 crore in taxes, including interest and penalties, for FY20. BGR Energy Systems plans to appeal this order.
ONGC: ONGC is considering setting up a multibillion dollar refinery and petrochemical project in the nation’s most populous state to bolster its business as fuel demand expands.
SpiceJet: Delhi airport operator DIAL has asked SpiceJet to clear its dues at the earliest, PTI reported, even as the airline asserted that there are no immediate concerns regarding payments.
AU SFB: AU SFB has submitted an application to RBI for voluntary transition from a Small Finance Bank to Universal Bank.
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