Stock in Focus: Zomato, Coal India, Samvardhana Motherson, BHEL, Adani Green Energy
Here are a few stocks likely to be in focus on Wednesday, March 6:
Zomato Update: Antfin Singapore Holdings, a subsidiary of China’s Ant Group, is considering selling around 2% of its stake (approximately 17.64 crore shares) in Zomato, the food delivery platform. This transaction, valued at ₹2,800 crore, is set to occur through a block deal. The floor price for the block deal is fixed at ₹159.4 per share, representing a 4% discount from Zomato’s current market price, as reported by CNBC-Awaaz on Tuesday.
Ashoka Buildcon Update: The Canadian pension fund CDPQ is in exclusive talks to acquire five operational road projects from Ashoka Concessions Ltd, a subsidiary of infrastructure firm Ashoka Buildcon. The potential values for this deal are approximately $325 million for equity and $700 million for enterprise, say sources familiar with the discussions. Earlier reports suggested that both CDPQ (Caisse de dépôt et placement du Québec) and private-equity firm Actis Llp were in final discussions to acquire Ashoka Concessions’ BOT (Build-Operate-Transfer) toll road assets. However, Actis has now pulled out from the deal.
Samvardhana Motherson International Update: Sumitomo Wiring, a significant stakeholder in the automotive firm Samvardhana Motherson, is considering selling a 4.5% stake through a block deal, as per sources reported by CNBC-Awaaz on March 5. The report suggests that Sumitomo plans to sell around 30 crore shares in the block deal. Sources also disclosed that the base price for the block deal has been set at ₹121-122 per share, reflecting a 2.5-3.5% reduction compared to the current market price.
IIFL Finance Update: On Tuesday, IIFL Finance aimed to reassure investors by stating that there were no governance issues, in response to the RBI’s directive preventing the NBFC from issuing gold-backed loans. Nirmal Jain, the company’s managing director, emphasized in a call with analysts, “We want to make it clear that there are no concerns related to governance or ethics. These are operational issues that we will address with the utmost diligence. We are promptly implementing comprehensive measures to resolve all concerns raised by the RBI.”
Bharat Heavy Electricals Update: On Tuesday, the state-owned company revealed securing an order from NTPC for the establishment of a 1,600 MW thermal power project (Stage-II) in Singrauli. The order, valued at over ₹9,500 crore (excluding GST), as reported in BHEL’s regulatory filing. The engineering firm aims to complete Unit 1 in 50 months and Unit 2 in 54 months. In response to BSE seeking clarification about BHEL being the sole bidder, the company clarified that it submitted a price bid on December 21, 2023, and is the only bidder for the mentioned NTPC tender, emphasizing it as a routine business activity.
Adani Green Energy Update: On Tuesday, the company announced that two fully-owned subsidiaries, Adani Green Energy Twenty Four A Ltd and Adani Green Energy Twenty Four B Ltd, have successfully commissioned an additional 448.95 MW of solar power projects in Khavda, Gujarat. This follows the company’s disclosure on February 14, 2024, and brings the total operational capacity of solar power projects at Khavda to 1,000 MW, as detailed in the stock exchange filing. Notably, the same subsidiaries had earlier operationalized a combined 551 MW of solar power projects at Khavda, as reported on February 14.
Coal India Update: The coal ministry declared on Tuesday that the Gevra mine, overseen by Coal India’s subsidiary South Eastern Coalfields Ltd (SECL) in Chhattisgarh, has received environmental approval for a production capacity increase to 70 million tonnes annually. Currently, Gevra boasts an annual production capacity of 52.5 million tonnes, making it the largest in India. This expansion aligns with India’s objective to achieve self-sufficiency in coal production and eliminate power generation imports by the fiscal year 2025-26 (FY26).
Indian Railway Catering and Tourism Corp Update: On Tuesday, food delivery platform Swiggy revealed its partnership with the Indian Railway Catering and Tourism Corp to offer pre-ordered meals to passengers at four prominent railway stations in India. This move puts Swiggy in competition with Zomato, which already provides a similar service. Initially launched at Bangalore, Bhubaneswar, Visakhapatnam, and Vijayawada stations, the service has plans for expansion to 59 more stations across the country in the coming weeks.
Coforge Update: On Tuesday, IT services company Coforge Ltd announced a multi-year alliance with Carnival UK, the parent company of P&O Cruises and Cunard. According to a statement to the stock exchanges, the partnership with Carnival UK will primarily focus on elevating the Quality Engineering (QE) and Testing capabilities of P&O Cruises and Cunard’s two cruise lines across all operational domains. Coforge will be responsible for analyzing and optimizing critical systems within the cruise lines, facilitating a seamless transition through digital transformation.
J Kumar Infraprojects Update: In a filing to the stock exchange on Tuesday, J Kumar Infraprojects announced securing multiple projects through joint ventures, totaling ₹1,822.7 crore. In collaboration with SMC Infrastructures Private Ltd, under the name J Kumar – SMC, the company received a Letter of Acceptance (LoA) worth ₹493 crore from the Navi Mumbai Municipal Corporation. This project involves constructing a creek bridge connecting Ghansoli and Airoli along the Palm Beach Road at Ghansoli in Navi Mumbai. J Kumar Infraprojects’ share in this joint venture amounts to ₹345.09 crore, representing their 70% stake in the project.
Disclaimer: Stock News Update
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