Stocks to Watch: Adani Enterprises, RIL, Tata Power, Vedanta, IDBI Bank, NTPC

Ajmera Realty

The top 10 stocks that will be the subject of today’s attention are listed below:

Adani Enterprises: In response to a report that raised concerns about whether the empire has truly settled debts totaling $2.15 billion, the stock exchange has requested explanation from the flagship company of the Adani Group, Adani Enterprises Ltd. Adani Enterprises shares plunged nearly 8% to a nearly four-week low, while Adani Ports shares fell 9.2%. “Regulatory filings suggest that banks have not released a major chunk of the promoters’ shares held as collateral, indicating that the loan has not been entirely paid off,” the Ken report claimed, despite the Adani Group’s declaration of “complete” repayment of $2.15 billion in share-backed debt.

Reliance Industries Ltd., Tata Power Solar, and ReNew are some of the businesses selected to get government incentives totaling 14,007 crore as part of the government’s production-linked incentive programme, which aims to promote domestic production of solar modules. Altogether, 38,600MW of capacity has been distributed to 11 companies by Solar Energy Corp. of India, the state-run business established to carry out the National Solar Mission. According to a statement from the electricity ministry, manufacturing capacity totaling 7,400MW is anticipated to be operational by October 2024 and 16,800MW by April 2025.

Mining magnate Anil Agarwal’s Vedanta Ltd. announced its fifth interim dividend on Tuesday, amounting to 7,621 crore at a rate of 20.50 rupees per equity share, or 2050 percent. The dividend record date has been established by the corporation as April 7, 2023. The firm announced in a regulatory filing that it has “approved the fifth interim dividend of 20.50 per equity share, i.e., 2050% on the face value of 1/ per share for the financial year 2022–23 amounts to 7,621 crores.” The exchange filing also stated that the interim dividend would be paid according to legal deadlines.

IDBI Bank: On Tuesday, IDBI Bank announced that Smita Harish Kuber has been named the bank’s chief financial officer (CFO) and other important administrative positions, effective on April 1st, 2023. In a regulatory statement, the bank stated that Smita Harish Kuber has replaced P. Sitaram, ED & CFO, who would retire on March 31, 2023, upon reaching superannuation. Samuel Joseph Jebaraj, IDBI Bank’s Deputy Managing Director, also announced his resignation, according to IDBI Bank. The resignation is effective as of April 5, 2023.

NTPC: Greenko’s future green ammonia factory at Kakinada would receive 1,300 Megawatts of continuous clean power from state-owned NTPC Renewable Energy. A term contract for the delivery of 1,300 MW of continuous RE Power to run Greenko’s future green ammonia plant at Kakinada was signed on March 28, 2023, according to a statement from NTPC Renewable Energy Ltd, a fully-owned subsidiary of NTPC Green Energy Limited. According to the statement, the two companies’ deal is one of the world’s single largest contracts for the provision of continuous renewable energy for an industrial client.

Britannia Industries: Britannia Industries has announced a dividend of 5650.00% at a face value of 1 cent, or 56.5 cents per share, for the fiscal year that ended in March 2022, or FY22. With the current market price of 4,192.50, the dividend yield increases to 1.35%. According to Trendlyne’s statistics, Britannia has declared 24 dividends since July 2, 2001, and for the past five years, the company has continuously paid dividends to its shareholders.

Jindal Stainless: According to a statement released on Tuesday, Jindal Stainless Ltd (JSL) has acquired a 49% ownership in New Yaking Pte. Ltd, an Indonesian metals company, for around $157 million (1,233 crore). The joint venture will give JSL the opportunity to invest in, plan, design, build, and run a nickel pig iron (NPI) smelting facility in an industrial park on the Indonesian island of Halmahera. According to JSL, the plant will probably be put into operation in two years and have an annual nameplate production capacity of 200,000 metric tonnes with an average nickel content of 14%.

Kalyan Jewellers: On Tuesday, Highdell Investment, a key Warburg Pincus private equity investor, sold a stake in Kalyan Jewellers India Ltd. for just over 256 crore. Highdell Investment sold a total of 2,33,25,686 shares of Kalyan Jewellers at a price of 110.04 per, bringing the transaction value to 256.67 crore, according to the bulk data on NSE. Yet, it was not possible to identify the buyer of the shares right away.

JSW Energy: On Tuesday, JSW Energy said that a subsidiary of the company has agreed to purchase the entire stock of 12 special purpose vehicles owned by Mytrah Energy (India) Pvt Ltd. (MEIPL). JSW Neo Energy Ltd (JSWNEL) and MEIPL reached an agreement in August 2022 for JSWNEL to purchase a portfolio of 1,753 MW of renewable energy producing capacity. The portfolio consists of 17 SPVs and 1 Ancillary SPV (Transaction). According to a BSE filing, JSWNEL has now consented to purchase the whole shareholding of 12 additional MEIPL special purpose vehicles (SPVs) for the previously agreed upon sum approved by the board.

Varun Beverages: Varun Beverages has declared an equity dividend of 35.00% at a face value of 10 which is equivalent to 3.5 per share for the year ending December 2022. This yields a dividend of 0.25% at the current share price of 1,353. The company has a proven track record of dividend payments, having done so consistently over the preceding five years. Varun Beverages Ltd. has announced an equity dividend of 2.50 per share for the past 12 months, and from August 16, 2017, the company has distributed six dividends, per Trendlyne statistics.