Stocks To Watch On September 9: Equity markets concluded a three-week winning streak with a loss of over 1.5%, largely impacted by weak global cues. In today’s trade, shares of SpiceJet, Shriram Finance, Suven Pharma, Mazagon Dock, Suzlon Energy among others will be in focus due to various news developments.
Shriram Finance: Shriram Finance is planning to raise $1 billion (about Rs 8,300 crore) from overseas in the next 6 months to fund its business growth.
Tata Power: Tata Power-led Odisha Discoms have awarded contracts worth Rs 11,481 crore to local contractors and suppliers.
Godfrey Phillips: Bina Modi reappointed as MD of Godfrey Phillips with over 86% of shareholders (86.64%) voting in support of her reappointment.
Jio Financial Services: The company has formed a joint venture with BlackRock Advisors Singapore to provide investment advisory services. It has made an initial investment of Rs 3 crore for 3,000,000 equity shares in the JV company. It aims to launch home loans and other financial products such as loans against property and loans on securities.
Punjab National Bank, Bank of Maharashtra: Both the banks have received approval to raise up to Rs 5,000 crore each through their respective qualified institutional placements (QIP) in FY25. This funding aims to help meet public shareholding norms.
SpiceJet: The company’s promoter Ajay Singh may offload up to 15 per cent stake in the airline as part of a funding round. The airline is looking to raise Rs 3,200 crore through QIP, warrants, and promoter infusion. The company plans to utilise the funds for fleet expansion, liability settlement, and other purposes.
Adani Group: The group has established Adani Energy Resources (Shanghai) Co. in Shanghai to provide supply chain solutions and project management services in the country.
Ola Electric Mobility: The one-month lock-in period for Ola Electric’s shares ends on September 9, making 18.18 crore shares eligible for trading.
PNB Housing Finance: The company is planning to raise up to $125 million through External Commercial Borrowing (ECB) in Q3FY25. Currently, PNB Housing Finance has an ECB sanction of $125 million and is considering another between $100 million and $125 million. The company aims to grow its retail loan book to Rs 1 trillion by FY27, while its current loan book stands at Rs 65,000 crore with a target growth of 17 per cent in FY25.
Deep Industries: The company has secured a Rs 1,402 crore order from Oil and Natural Gas Corporation to enhance production operations at ONGC’s Rajahmundry facility. The company’s current order book stood at Rs 1,246 crore as of June 30, 2024.
Suzlon Energy: The company has acquired a 51 per cent stake in Renom for Rs 400 crore, making it a subsidiary of Suzlon Energy.
Mazagon Dock Shipbuilders: The company received an order worth Rs 1,486 crore from Oil and Natural Gas Corporation for a subsea pipeline replacement project.
Suven Pharma: The company’s subsidiary Casper Pharma’s Hyderabad facility has been classified as Voluntary Action Indicated (VAI) by the US FDA, following which the inspection by the US drug regulatory body has been closed.
JSW Energy: JSW Energy issued a corporate guarantee of up to Rs 450 crore to JSW Energy (Utkal) (JSWEL), a subsidiary of the company.
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