Stocks To Watch: Adani Enterprises, Adani Power, Union Bank Of India, Aeroflex Industries, Sanghi Industries

Here are the stocks to watch before going into trade today.

<div class="paragraphs"><p>A trader analyzing stock market charts, financial data. (Photo: Freepik)</p></div>
A trader analyzing stock market charts, financial data. (Photo: Freepik)

Asian equities are set to rise on Tuesday following a rally in big tech that spurred a rebound on Wall Street. Rising Treasury yields and likely upward pressure on rates in Asia may temper sentiment for risk taking as investors await a key speech later in the week by Federal Reserve Chair Jerome Powell.

Futures for Japanese shares advanced 1% while contracts for benchmarks in Australia and Hong Kong showed smaller gains. An index of U.S.-listed Chinese stocks also rose.

On Monday, the S&P 500 halted a four-day drop while the Nasdaq 100 rose about 1.5%, with Tesla Inc. up the most since March. Nvidia Corp., which helped ignite the artificial-intelligence frenzy that has driven this year’s equity surge, jumped over 8%.

Meanwhile, Brent crude was trading below $85 a barrel and West Texas Intermediate was below $81-mark. The yield on the 10-year U.S. bond was trading at 4.34% and Bitcoin was below 27,000-level.

At 5:16 a.m., the GIFT Nifty, an early indicator of the Nifty 50 Index’s performance in India was down 19 points or 0.10% at 19,380.

India's benchmark stock indices advanced through Monday as metals and I.T. sectors led the advance whereas the shares of Reliance Industries Ltd. were the top drag on both indices after the listing of Jio Financial Services Ltd. RIL's listed companies erased as much as Rs 36,480.61 crore in market capitalisation. The shares of RIL's fintech arm plunged to a 5% lower circuit after listing on the bourses.

The headline indices snapped two days of losses to end higher on Monday. Nifty reclaimed the 19,400 mark and Sensex traded above the 65,200 level.

Overseas investors remained net sellers of Indian equities on Monday for the third session in a row. Foreign portfolio investors offloaded stocks worth Rs 1,901.1 crore, while domestic institutional investors remained net buyers and mopped up equities worth Rs 626.25 crore.

The local currency closed flat at Rs 83.11 against the U.S. dollar on Monday.

Stocks To Watch: Adani Enterprises, Adani Power, Union Bank Of India, Aeroflex Industries, Sanghi Industries

Stocks To Watch

Adani Enterprises: Founder firm Kempas Trade and Investment bought 2.53 crore shares (2.22%). The purchase was made from open market between Aug. 7 to Aug. 18. The company has also incorporated a wholly-owned subsidiary Sirius Digitech International to provide digital solutions and services.

Adani Power: The company has targeted a total capacity of 21,110 MW by FY29. This includes proposed inorganic capacity at 1,100 MW, brownfield capacity of 3,200 MW, core existing capacity of 15,210 MW and committed brownfield capacity of 1,600 MW. It sees the net senior debt at Rs 26,690 crore in FY24 vs Rs 24,350 crore in FY23.

Union Bank of India: The board approved to raise up to Rs 5,000 crore from Qualified Institutions Placement. It set the floor price at Rs 91.10 apiece for the issue opened on Aug. 21.

Sanghi Industries: Ambuja Cements has made an open offer to acquire a 26% stake for Rs 767.16 crore. The offer opens on Sept. 29 and closes on Oct. 13.

Tata Power: The company's arm Tata Power Renewable Energy signed a power purchase pact with Tata Motors for 9 MWp on campus solar plant at Pantnagar in Uttarakhand. The project will be commissioned within six months.

Welspun Enterprises: The company acquired 50.10% stake in Michigan Engineers from Authum Investment & Infrastructure and Sansaar Housing Finance for Rs 137.07 crore. Post acquisition, Michigan becomes a subsidiary.

Lemon Tree Hotels: The hotel chain has signed license agreements for two properties in Bhubaneswar and Kasauli under the brand Lemon Tree Hotel and Lemon Tree Mountain Resort, respectively. The hotel in Bhubaneswar is expected to be operational by Q4FY25, and the hotel in Kasauli is expected to be operational by Q3FY26.

Brigade Enterprises: The south-based real estate developer has entered into a sale deed for acquiring 6.54 acres of land parcel in Chennai in which a residential project will be developed.

BLS International: The company's subsidiary BLS International FZE is in process to subscribe 100% share capital of Saudi Arabia-based BLS International Travel & Tourism.

RITES: The company signed an MoU with NHPC to collaborate on comprehensive consultancy services for rail infrastructure facilities for NHPC’s hydropower projects in Arunachal Pradesh.

Rail Vikas Nigam: The company incorporated a wholly-owned subsidiary Masakani Paradeep Road Vikas.

IPO Offerings

Aeroflex Industries: The initial public offering will be open between Aug. 22 and 24. The manufacturer of stainless steel hoses will have an IPO issue size of Rs 351 crore. It consists of a fresh issue of Rs 162 crore and an offer for sale of Rs 189 crore by the promoter group, at a price band of Rs 102–108 apiece.

Bulk Deals

Shriram Properties: Omega TC Sabre Holdings sold 18 lakh shares (1.1%) at Rs 75.43 apiece.

Insider Trades

Vimta Labs: Promoter Sujani Vasireddi sold 18,234 shares on Aug. 17.

AGMs Today

CCL Products (India), Chennai Petroleum Corporation, Den Networks, Everest Industries, Hathway Cable & Datacom, HCL Technologies, Heritage Foods, Hindalco Industries, Life Insurance Corporation, Lumax Industries, Lumax Auto Technologies, Max Financial Services, Sanghvi Movers.

Who's Meeting Whom

  • Maruti Suzuki India: To meet analysts on Aug. 25.

  • Tilaknagar Industries: To meet analysts and investors on Aug. 24.

  • Apar Industries: To meet investors and analysts on Aug. 24.

Trading Tweaks

  • Price Band Revised From 20% To 10%: BF Utilities.

  • Ex-date Dividend: Karnataka Bank, Subro, Panama Petrochem, NHPC, ICICI Securities.

  • Ex-date Interim Dividend: Sun TV Network, Natco Pharma, KPI Green Energy, Dreamfolks Services.

  • Ex-date AGM: Subro, Panama Petrochem, Aurobindo Pharma, NHPC.

  • Record-date Dividend: Karnataka Bank, NHPC.

  • Record-date Interim Dividend: Sun TV Network, Natco Pharma, KPI Green Energy, Dreamfolks Services.

  • Move Into Short-Term ASM Framework: Technocraft Industries (India), Hindustan Oil Exploration.

  • Move Out Of Short-Term ASM Framework: Gland Pharma, Orient Cement, RattanIndia Enterprises, SEPC.

F&O Cues

  • Nifty August futures ended at 19,399.00, a premium of 67.50 points.  

  • Nifty August futures fell 3.71%, with 7,852 shares in open interest.  

  • Nifty Bank August futures ended at 44,116.35, a premium of 151.65 points.  

  • Nifty Bank August futures fell 10.94% with 15,083 shares in open interest.  

  • Securities in the ban period: Indiabulls Housing Finance, Delta Corp, Chambal Fertilizers & Chemicals, Zee Entertainment Enterprises, India Cements, Gujarat Narmada Valley Fertilizers and Chemicals, Hindustan Copper, Steel Authority of India, Punjab National Bank, Manappuram Finance, Metropolis Healthcare.

Stocks To Watch: Adani Enterprises, Adani Power, Union Bank Of India, Aeroflex Industries, Sanghi Industries

Research Reports

Disclaimer: AMG Media Networks Ltd. (AMNL) currently owns 49% stake in Quintillion Business Media Ltd. (QBML), the owner of BQ Prime Brand. AMNL has entered into an MOU to acquire the balance 51% stake in QBML. Post acquisition, QBML will become a wholly owned subsidiary of AMNL.