Market watch. Stocks to watch today — May 10, 2023

Fair-trade regulator the Competition Commission of India has cleared Edelweiss Alternative Asset Advisors and ESOF III Investment Fund’s subscription to certain compulsorily convertible debentures of Biocon Biologics Ltd, a subsidiary of Biocon Ltd. The deal has been cleared under the green channel route.

Power trading solutions provider PTC India on Tuesday said it has signed an agreement with Brookfield Renewables for the purchase of 100 MW solar power on a long-term basis. Brookfield Renewables is developing a 400 MW solar power project in Bikaner solar park in Rajasthan.

The National Company Law Tribunal, Chandigarh bench, has withheld the merger of realty firm Embassy Group’s certain residential and commercial projects with Indiabulls Real Estate, a development that resulted in a steep 20 per cent fall in the shares of the Indiabulls group firm.

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Vedanta on Tuesday announced the appointment of Terry Daly as an advisor for its semiconductor business. Daly will be responsible for providing strategic counsel and inputs as the conglomerate looks at setting up a semiconductor fab unit and semiconductor assembling and testing unit in India, Vedanta said in a statement.

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Life Insurance Corporation’s shareholding in state-owned Hindustan Petroleum Corporation has crossed 5 per cent. The shares were acquired in the ordinary course of transaction through open market purchases, LIC said in a regulatory filing to stock exchanges. The holding in the company crossed 5 per cent on May 8, 2023.

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Jaypee Group’s flagship firm Jaiprakash Associates has defaulted on loans worth ₹3,956 crore, including principal and interest amount. In a regulatory filing, Jaiprakash Associates Ltd informed that the company on April 30 defaulted on repayments of a principal amount of ₹1,642 crore and interest of ₹2,314 crore.

The loans pertained to various banks, and the nature of the obligation is fund-based working capital, non-fund-based working capital, term loans, and FCCB (foreign currency convertible bonds).

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SRF has increased its capex to set up an aluminium foil manufacturing facility to ₹530 crore from ₹425 crore earlier. In March, the company incorporated a wholly-owned subsidiary for setting up the said manufacturing facility.

The increase in capex is due to changes being made to the machine configuration to enhance output, product portfolio, and quality along with some increase in civil and preoperative expenses.

Greaves Cotton has completed the first stage acquisition of 60 per cent shareholding in Excel Controlinkage.

Raymond has received board approval for the issuance of non-convertible debentures of up to ₹2,200 crore in two or more tranches on a private placement basis to associate Raymond Consumer Care, for repayment of external debt.

Kesar India has entered into multiple purchase agreements to acquire land admeasuring approximately 10 lakh sq ft in Nagpur to develop an integrated low-density housing project with a mall and hospital. The company aims to achieve approximately ₹250 crore in revenue from this project.

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Maruti Interior Products Ltd has ordered machinery for a fully automatic nickel & chrome plating line which will result in an increase in production with quality and efficiency.

India Ratings and Research (Ind-Ra) has downgraded BSL Limited’s Long-Term Issuer Rating to ‘IND BBB-’ from ‘IND BBB’ and the outlook is stable; Fund Based Working Capital-IND BBB-/Stable/INDA3 and the outlook is stable; and Non-Fund Based Working Capital: IND A3 and the outlook is stable.

Results calendar

• Abhijit Trading.
• ACI Infocom.
• Ashapuri Gold Ornament.
• Alfa Transformers.
• ATV Projects.
• BASF.
• BMW Industries.
• Bosch.
• Cera Sanitaryware.
• Chambal Breweries.
• CL Educate.
• Dr Reddy’s Lab.
• Escorts.
• Excel Realty.
• Godrej Consumer.
• Gokul Agro.
• Gujarat Poly.
• Gujarat Gas.
• Hardcastle & Waud Mfg
• HG Infra.
• Inspirisys.
• Jay Bharat Maruti.
• JBM Auto.
• Kabra Extrusions.
• L&T.
• MAS Financial.
• Mahalaxmi Rubtech.
• Mather Platt.
• Nakoda Group.
• Novartis.
• Orchid Pharma.
• P&G Hygiene.
• Pricol.
• Ratnamani Metals.
• Relaxo Footwear.
• Repro India.
• Sagar Cements.
• Sanofi.
• Simplex Mills.
• Simplex Papers.
• Tainwala Chemicals.
• Venky’s India.

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