Stocks To Watch Today on November 21, 2024: UPL, PSP Projects, Aditya Birla Capital, JSW Steel, NLC India and more Will be in Focus

The Indian benchmark indices Sensex and Nifty 50 are poised to start lower due to mixed global cues. On November 21, 2024, Gift Nifty futures traded at 23,564, down 0.39% at 07:43 AM. Check out a few stocks that will be in focus during the trading session.

• UPL

UPL through an exchange filing stated that it had approved the terms for its ₹3,377.74-crore rights issue. The right issue offering includes 9,38,25,955 partly paid-up equity shares priced at ₹360 each, including a ₹358 premium per share upon full payment. Eligible shareholders can subscribe to 1 rights equity share for every 8 fully paid-up equity shares held as of the record date, November 26, 2024.

• PSP Projects

Adani Infrastructure has agreed to acquire a 30.07% stake in construction firm PSP Projects for ₹685.36 crore. The deal includes an open offer at ₹642.06 per share, reflecting a 4% discount to the current market price. The transaction also involves purchasing a portion of the stake from one of PSP Projects’ founders. Additionally, Adani Infrastructure has launched an open offer to acquire a further 26% stake, or 1 crore shares, in PSP Projects at the same price of ₹642.06 per share.

• Aditya Birla Capital

Through a rights issue, Aditya Birla Capital announced an investment of ₹100 crore in its wholly owned subsidiary, Aditya Birla Capital Digital Ltd (ABCDL). Completed on November 19, 2024, the investment ensures that Aditya Birla Capital Limited (ABCL) retains its 100% ownership stake in ABCDL. According to a stock exchange filing, “Aditya Birla Capital Limited (the Company or ABCL) has made an investment of ₹100 crore (Rupees Hundred Crore Only) on a rights basis, in the equity shares of Aditya Birla Capital Digital Ltd (ABCDL).

• Godrej Properties

Godrej Properties through an exchange filing announced that it has acquired a 53-acre plot of land in Kolkata. The proposed project is estimated to have a development potential of ~ 1.3 million square feet of saleable area

• Tata Power

Tata Power announced a strategic partnership with Druk Green Power Corporation Ltd (DGPC), a subsidiary of Druk Holding and Investments Ltd, Bhutan’s sole generation utility. The collaboration aims to develop at least 5,000 MW of clean energy generation capacity in Bhutan. According to a stock exchange filing, “This aligns with Bhutan’s energy sector vision to increase its total generation capacity to 25,000 MW by 2040, ensuring energy security and promoting regional energy integration.”

• JSW Steel

JSW Steel announced that it has been declared the “Preferred Bidder” for the Codli Mineral Block XII in Dharbandora, Goa, following a forward auction held on November 12, 2024. The announcement was made by Goa’s Directorate of Mines & Geology on November 18. According to a stock exchange filing, “The company has been declared ‘Preferred Bidder’ with the highest final offer price at 92.60% of the ‘value of mineral dispatched.'”.

• NLC India

NLC India announced that its board of directors has approved key initiatives to expand its renewable energy portfolio and support subsidiary operations. In its meeting, the board granted in-principle approval for an investment of up to ₹3,720 crore in its wholly-owned subsidiary, NLC India Renewables Ltd (NIRL). The investment, which will be made in tranches, is intended to fund various renewable energy projects in Gujarat and Rajasthan, subject to regulatory approvals.

• Garden Reach Shipbuilders

Garden Reach Shipbuilder has signed a contract valued at approximately ₹226.18 crore (excluding GST) with the Transport Department of the Government of West Bengal. The ferries will be operated on the River Hooghly by the West Bengal Transport Infrastructure Development Corporation Ltd (WBTIDCL). The agreement covers the design, construction, operation, and maintenance of 13 hybrid electric ferries under the West Bengal Inland Water Transport, Logistics, and Spatial Development Project (WBIWTLSDP).

• Dr Reddy’s

Dr Reddy’s announced the successful completion of a Good Manufacturing Practices (GMP) inspection by the United States Food and Drug Administration (USFDA) at its Active Pharmaceutical Ingredient (API) manufacturing facility (CTO-2) in Bollaram, Hyderabad. According to a stock exchange filing, “The United States Food & Drug Administration (USFDA) has today completed a GMP inspection at our API manufacturing facility (CTO-2) in Bollaram, Hyderabad.”

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. It is based on several secondary sources on the internet and is subject to changes. Please consult an expert before making related decisions.