Stocks to Watch: Adani Group, SBI, Shriram Finance, NALCO, SBI Life
4 min read . Updated: 09 Mar 2023, 07:21 AM IST
Premium- Indian shares recovered from lows on Wednesday to close near the day's high. The probability of a 50 basis point hike at the Fed's policy meeting later this month has now risen above 70% and thus global investors fear that this might push the economy into recession.
Here is the list of the top 10 stocks that will be in focus today:
Adani Enterprises/Adani Power/Adani Wilmar: According to an NSE circular, Adani Enterprises, Adani Power, and Adani Wilmar have been included under the short-term additional surveillance mechanism framework from Thursday. This information was released following the National Stock Exchange's (NSE) and Bombay Stock Exchange's (BSE) Monday announcement that Adani Enterprises will exit the framework for short-term additional surveillance measures (ASM). According to the circular published by the exchanges, the adjustment will take effect on March 8.
State Bank of India: The nation's largest lender State Bank of India on Wednesday raised ₹3,717 crore through an additional tier 1 bond sale. The bank said this is the third Basel III compliant additional tier 1 (AT1) bond sale and the latest issue was closed at a coupon rate of 8.25 per cent. The proceeds will be used to augment its additional tier 1 capital and overall capital base of the bank and also for strengthening capital adequacy in accordance with RBI guidelines. These perpetual bonds have a call option after 10 years and every anniversary thereafter.
Shriram Finance: Two entities on Wednesday offloaded shares of non-banking financial company Shriram Finance's shares worth over ₹1,329 crore through open market transactions. Private equity player Apax Partners' subsidiary Dynasty Acquisition (FPI) and Arkaig Acquisition (FPI) offloaded the shares in the NBFC firm. Dynasty sold 83.50 lakh shares on NSE, and Arkaig offloaded 24.98 lakh shares of the company on BSE, as per the bulk deal data available with the exchanges.
NALCO: National Aluminium Company Limited (NALCO), one of the largest integrated Bauxite-Alumina-Aluminium-Power Complex in the country, announced that it will consider a second interim dividend for the fiscal year 2022-23 next week, with a record date set for the same. For the fiscal year ended March 2022, National Aluminium Company declared an equity dividend of 130.00% at a face value of ₹5 per share, taking the total to ₹6.5 per share. At the current share price of ₹82.60, this equates to a dividend yield of 7.86%.
SBI Life: Private sector SBI Life Insurance on Wednesday said the company's board has declared an interim dividend of ₹2.50 per equity share for the current financial year 2022-23. The company has fixed 16 March 2023 as the record date for the purpose of payment of the dividend. The interim dividend will be paid to the shareholders on or before 6 April 2023. SBI Life Insurance Company Ltd has declared five dividends since 3 April 2018, according to Trendlyne data.
Kirloskar Oil Engines: Kirloskar Oil Engines' promoter entities on Wednesday divested a 17.71% stake in the company for ₹825 crore through open market transactions. The promoter and promoter group which offloaded the shares include Jyotsna Gautam Kulkarni, Ambar Gautam Kulkarni and Nihal Gautam Kulkarni. Nomura Trust and Banking Co. Ltd, Societe Generale, Sageone Investment Managers LLP, the Regents of the University of California, BNP Paribas Arbitrage, Max Life Insurance Company and DSP Mutual Fund, among others, were the buyers of the shares.
Alembic Pharmaceuticals: Alembic Pharmaceuticals Limited on Wednesday announced that it has received final approval from the US health regulatory, USFDA, for its abbreviated new drug application of Prazosin Hydrochloride Capsules, which is used for the treatment of hypertension. "The approved ANDA (abbreviated new drug application) is therapeutically equivalent to the reference listed drug product (RLD), Minipress Capsules, 1 mg, 2 mg, and 5 mg, of Pfizer Inc," the company said in a release posted on stock exchanges. Prazosin Hydrochloride Capsule, it said, is indicated for the treatment of hypertension, to lower blood pressure.
Bharat Forge: Bharat Forge announced its E-bike manufacturing facility at MIDC Chakan, Pune, through its wholly-owned subsidiary Kalyani Powertrain. The facility has a production capacity of 60,000 units per annum, which can be scaled to 1 lakh units per annum. The facility will undertake the assembly of E-bikes for Tork Motors, wherein 64.29% is owned by Kalyani Powertrain.
Global Capital Markets: The company has said today in a regulatory filing that “members are hereby informed that the Company has fixed Record date of 20th March 2023 for subdivision in face value of Equity Shares of ₹10/- to ₹1/- each and issue of Bonus Equity Shares in the ratio of 1:1, under Regulation 42 of SEBI LODR Regulations, 2015." The firm reported a net income of ₹15.25 Cr during Q3FY23 as opposed to ₹0.53 Cr during Q3FY22. According to the corporation, net expenses for the quarter ended in December 2022 were ₹14.46 Cr, as opposed to ₹0.28 Cr, reported for the quarter ended in December 2021.
SeQuent Scientific: SeQuent Scientific has terminated the share purchase agreement to acquire 100% shareholding in Tineta Pharma. It had announced in November 2022 the acquisition of Tineta Pharma. However, now the said transaction has not materialised. Therefore, the company informed that it will not acquire Tineta and the purchase agreement entered by the company with Tineta and its promoters stands terminated.