Stocks To Watch Today on November 27, 2024: Vedanta, Dabur, Siemens, GE Vernova, and more Will be in Focus

On November 27, 2024, at 07:51 AM, the GIFT Nifty futures were trading almost flat at 24,255, 7 points higher, indicating a muted start. Before the market opens, check out a few stocks that will be in focus during the trading session.

• Vedanta

Vedanta Resources has announced a $2 billion investment in Saudi Arabia to set up copper-processing facilities, significantly contributing to the kingdom’s goal of becoming a global mining and metals hub. This investment will fund the construction of a smelter and refinery with an annual capacity of 400,000 metric tonnes. Additionally, Vedanta plans to build a facility to produce up to 300,000 tonnes of copper rods annually, which is vital for electric cable manufacturing.

• Dabur

Dabur India has received a demand order of ₹320.6 crore, including applicable interest, from the Additional Commissioner, CGST Commissionerate, Chandigarh. This pertains to a tax ascertained by the Directorate General of Goods and Services Tax Intelligence as part of an ongoing compliance review. Dabur clarified that this order does not affect its operations, and the financial impact will be limited to the final tax liability and any related interest.

• GE Vernova

GE Vernova’s promoter, Grid Equipments Private Ltd, has decided to exercise the green shoe option in its offer for sale (OFS). As a result, the total offer size will reach up to 21,451,168 equity shares, representing 8.38% of the company’s paid-up equity capital. The OFS includes a base offer of 14 million shares (5.47% of equity) and an additional 7.45 million shares (2.91%) under the green shoe option. The floor price for the offer has been set at ₹1,550 per share.

• Siemens 

Siemens India reported a 45.4% year-on-year (YoY) increase in net profit, reaching ₹830.7 crore for Q4, ending September 30, 2024. This compares to ₹571.3 crore in the same quarter the previous year. Revenue from operations rose by 11.2% to ₹6,461 crore.

• Exide Industries

Exide Industries has invested ₹99.99 crore in its wholly-owned subsidiary, Exide Energy Solutions Ltd (EESL), through a rights issue. This investment brings EIL’s total stake in EESL to ₹3,052.24 crore, maintaining its 100% ownership. EESL, incorporated in March 2022, focuses on manufacturing lithium-ion battery cells, modules, and packs for the electric vehicle (EV) market and stationary applications in India

• Patanjali Foods

Life Insurance Corporation of India (LIC) has increased its stake in Patanjali Foods from 4.986% to 5.02% of the company’s paid-up capital. This was achieved through the purchase of 125,000 equity shares at an average price of ₹1,764.96 per share. As a result, LIC’s total equity holding in Patanjali Foods now stands at 1,81,73,377 shares.

• NTPC

NTPC Green Energy, a subsidiary of NTPC, has partnered with Maharashtra State Power Generation Company (MAHAGENCO) to create a 50:50 joint venture named MAHAGENCO NTPC Green Energy Private Ltd (MNGEPL). The joint venture will focus on developing, operating, and maintaining renewable energy parks across Maharashtra, under the Ultra Mega Renewable Energy Power Parks (UMREPP) programme, aimed at attracting investments in renewable energy infrastructure.

• Ultratech Cement

Ultratech Cement, India’s largest cement manufacturer, has approved the allotment of ₹1,000 crore worth of unsecured, redeemable, non-convertible debentures (NCDs) on a private placement basis. These debentures, with a tenure of 10 years and an interest rate of 7.22%, were allotted on November 26, 2024. They will be listed on the National Stock Exchange (NSE) and mature on November 24, 2034.

• Kotak Mahindra Bank

The Competition Commission of India (CCI) has approved Kotak Mahindra Bank’s acquisition of Standard Chartered Bank India’s personal loans portfolio for ₹4,100 crore. The acquisition involves Kotak Mahindra Bank purchasing the unsecured personal loans portfolio from Standard Chartered Bank India Branch.

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.