Stocks to watch: RIL, Adani Enterprises, Axis Bank, Canara Bank, Vedanta, and more | Stock Market News

Here’s a quick look at stocks likely to be in focus in today’s trade.

Reliance Industries: Reliance Industries Ltd secured a significant win by being awarded the contract to develop a 10 GWh battery storage project under the government’s production-linked incentive (PLI) scheme. This initiative is a key step in India’s journey towards self-reliance in battery manufacturing. On September 4, the Ministry of Heavy Industries announced that the 10 GWh Advanced Chemistry Cell (ACC) manufacturing scheme, with an allocated budget of ₹3,620 crore, attracted bids from seven companies. These included ACME Cleantech Solutions Pvt Ltd, Amara Raja Advanced Cell Technologies Pvt Ltd, Anvi Power Industries Pvt Ltd, JSW Neo Energy Ltd, Lucas TVS Ltd, Reliance Industries, and Waaree Energies Ltd.

Adani Enterprises: Adani Enterprises Ltd. made a strong impression with its first-ever bond issuance aimed at individual investors, reflecting a renewed wave of investor confidence following last year’s challenges. The issuance, led by billionaire Gautam Adani’s conglomerate, received subscriptions totaling nearly ₹720 crore on the first day, against a target of ₹800 crore, according to lead manager Nuvama Wealth Management. Notably, the retail segment of the issuance was fully subscribed on the opening day, with offers worth ₹250 crore compared to the reserved ₹240 crore for retail investors.

Canara Bank: Canara Bank successfully raised $300 million through a five-year bond issuance, marking its first such endeavor in over five years. The issuance was conducted through the bank’s GIFT International Financial Services Centre and saw strong demand, with the offer being oversubscribed by more than 2.5 times. Priced at 125 basis points above the five-year US Treasury, the bonds were particularly well-received by investors in Asia, with a semi-annual coupon rate of 4.89%.

Sona BLW Precision Forgings: Sona BLW Precision Forgings, also known as Sona Comstar, set the floor price for its qualified institutional placement (QIP) at ₹699.01 per equity share, reflecting a 3% discount from the previous day’s closing price of ₹721.50. The QIP issue was launched on Wednesday, as disclosed in an exchange filing. The company also noted that it may offer a discount of up to 5% on the floor price at its discretion.

Axis Bank: Axis Bank raised ₹3,925 crore through the sale of 10-year infrastructure bonds, securing long-term capital to support robust loan demand amidst slower deposit growth in the banking sector. The private lender issued the bonds at a coupon rate of 7.45%, with a base size of ₹2,000 crore and an additional greenshoe option of ₹2,000 crore, indicating strong investor interest.

Vedanta: Vedanta, a leading metal company, received a long-term credit rating upgrade from ICRA Ratings, driven by expectations of improved credit metrics. This positive outlook follows Vedanta’s successful $1 billion fund-raising through a qualified institutional placement (QIP) in July 2024, along with an additional $400 million raised from an offer for sale (OFS) of Hindustan Zinc Limited (HZL) in August 2024. The rating for its ‘Longterm/S term – Unallocated limits’ instrument was upgraded to [ICRA]AA from [ICRA]AA-/[ICRA]A1+, while the ‘Longterm – Fund based – Term loan’ instrument also saw an upgrade to [ICRA]AA, both remaining on rating watch with developing implications.

General Insurance Corporation of India (GIC Re): The first day of GIC Re’s offer for sale (OFS) saw bids totaling nearly ₹2,300 crore. The OFS aims to divest up to 6.78 percent of the government’s stake in the company. With 58 million shares receiving bids, the final divestment may be less than 3.4 percent. Further divestments will be necessary to meet the 25 percent public shareholding requirement mandated by regulations.

Prestige Estates Projects: Prestige Estates raised ₹5,000 crore through a Qualified Institutional Placement (QIP). The company issued 29,868,578 equity shares at ₹1,674 per share, representing a discount of 4.62 percent to the floor price.

Allied Blenders and Distillers (ABDL): Allied Blenders and Distillers received board approval to acquire an 80 percent stake in a new venture with actor Ranveer Singh. The partnership will focus on luxury and premium spirits, with an investment of up to ₹70 crore in the new entity.

Mastek: Capital Group offloaded a 5.6 percent stake in Mastek, fetching over ₹475 crore. At the same time, ICICI Prudential Mutual Fund acquired shares in the IT services company, signaling its active interest in Mastek’s growth potential.