Stocks to watch: Adani Ports, Wipro, Tata Power, Vedanta, Asian Paints

Adani PortsBillionaire Gautam Adani-led Adani Ports and Special Economic Zone Limited has paid 1,500 crore loan and pledged to repay more on Monday as the beleaguered empire chalks out a comeback strategy amid a fall in the group’s shares following a report by US short-seller Hindenburg Research released on January 24. Adani Ports and SEZ clears dues of SBI Mutual Funds 1,500 crore and will also repay the unit’s short-term loan A company spokesperson said commercial papers worth Rs 1,000 crore are due next month.

wiproWipro Ltd has asked campus hires selected for one program to join another program that pays 46% less, a move that has sparked uncertainty among selected candidates. India’s 4th largest software services company writes to tech graduates it hired with salary offers for TURBO program 6.5 lakh per annum instead they will be placed in the elite program which offers 3.5 lakhs. Responding to a query, Wipro said, “We have had to adjust our onboarding plans to reflect the changing global environment and consequently our business needs.”

Adani Power / Tata Power: Power stocks will be in focus as the government invoked an emergency law on Monday, giving the go-ahead to power plants running on imported coal to maximize output. The power ministry expects a peak demand of 229 GW in April. According to the report, many of India’s power plants that use imported coal, including those owned by Adani Power and Tata Power in the western state of Gujarat, have not operated at full capacity recently because they needed to generate coal-generated electricity. It has become difficult to compete with Cheap domestic coal.

VedantaIn a setback to billionaire Anil Agarwal’s mining group, the government has opposed Vedanta Ltd’s proposal to sell its international zinc business to Hindustan Zinc Ltd for $2.98 billion. The government has threatened HZL with legal action to block the sale of its Africa-based assets, in which it holds a 29.54% stake. In a letter to HZL, posted by the company to the stock exchanges, the mines ministry said the deal is a “related party transaction” and the government wishes to “reiterate” its disagreement.

Asian PaintsAsian Paints, one of the leading paint manufacturers in India, on Monday entered into a Memorandum of Understanding (MoU) with the Government of Gujarat to set up a manufacturing facility in Dahej. The MoU was signed through its newly incorporated wholly owned subsidiary, Asian Paints (Polymer). Asian Paints subsidiary will set up manufacturing facility for Vinyl Acetate Ethylene Emulsion (VAE) and Vinyl Acetate Monomer (VAM) at Dahej, Gujarat.

BEMLBEML Limited, formerly known as Bharat Earth Movers Limited, is a “Schedule “A” company under the Ministry of Defence, Government of India, and is engaged in the production of spare parts for industries such as mining equipment, rail coaches, and Defence, Rail, Power and Infrastructure BEML Limited, a leading producer of domestic metro rolling stock in India, today entered into a Memorandum of Understanding (MoU) with Delhi Metro Rail Corporation (DMRC) led SPV for construction of Bahrain Metro Rail Project. MoU) signed. Phase one.

IOCL/BPCL/HPCLMoody’s Investors Service on Monday affirmed the ratings of India’s three state-run oil refining and marketing companies – Indian Oil Corporation Limited (IOCL), Bharat Petroleum Corporation Limited (BPCL) and Hindustan Petroleum Corporation Limited (HPCL). It added that the outlook on the ratings for all the three oil refining and marketing companies remains stable. Moody’s AVP and analyst Shweta Patodia said the stable outlook reflects our view that the credit metrics of these companies will be within our rating range through March 2024.

PTC India: Indian billionaire Gautam Adani has decided against bidding for a stake in state-backed power trader PTC India Ltd, people familiar with the matter said, as his business empire seeks to preserve cash amid criticism from US short-sellers. Is. State-owned entities NTPC Ltd, NHPC Ltd, Power Grid Corp of India and Power Finance Corp are working with an advisor to sell their stake of 4% each in PTC India, people familiar with the matter have said.

NHPC: State-owned hydropower company NHPC on Monday raised 996 crore through issue of non-convertible bonds on private placement basis. “NHPC Limited has raised 996 crore on February 20, 2023, on a private placement basis through unsecured, redeemable, non-convertible, non-cumulative and taxable 7.59 per cent AD series bonds,” according to a filing. The Bonds are offered on the Market (WDM) segment of BSE and National Stock Exchange (NSE).

Gland Pharma: Gland Pharma announced on Monday that it would invest 400 crore to create additional capacities at its existing facility here in Genome Valley to manufacture biologicals, biosimilars, antibodies and recombinant insulin. An official release from the state government said that the expanded facility will have the capacity to recruit over 500 qualified, skilled and semi-skilled employees, mostly from nearby locations.