Six Stocks In News At Noon: M&M, JSW Energy, Bandhan Bank, And More

Several stocks have been buzzing on Friday, including Mahindra & Mahindra Ltd., JSW Energy Ltd., Bandhan Bank Ltd., Indian Renewable Energy Development Agency Ltd., Religare Enterprises Ltd., and Narayana Hrudayalaya Ltd. Here’s a closer look at the latest developments for each of these companies.

Shares of Mahindra & Mahindra Ltd. fell 6.55% on Friday, following the company’s announcement that it would invest in the proposed rights issues of its subsidiaries, Mahindra & Mahindra Financial Services Ltd. and Mahindra Lifespace Developers Ltd.

The board of M&M Financial Services has approved raising up to Rs 3,000 crore through a rights issue, while Mahindra Lifespace Developers plans to raise up to Rs 1,500 crore via a similar route.

JSW Energy Ltd. shares soared 7.53% after Morgan Stanley initiated coverage on the stock with a bullish note. The brokerage rated the counter ‘overweight’ with a target price of Rs 545, marking a 20% upside from the previous close.

Morgan Stanley cited the well-integrated business model of the company and its strong market share gains in recent bids at reasonable tariffs.

Shares of Bandhan Bank Ltd. advanced over 4% on Friday, as CLSA upgraded the stock to ‘high conviction outperform’ from ‘outperform’, with a target price of Rs 220 per share. This implies an upside of 61% from the previous close.

“Even at an undemanding target multiple of 1.2 times, the stock offers 65% upside,” CLSA said.

Indian Renewable Energy Development Agency Ltd.'s share price has gained nearly 10% in the last five days. The stock was trading 5.7% higher at Rs 183.7 apiece as of 11:22 a.m., paring its intraday jump of 8%.

The company will issue bonds maturing in 11 years to raise up to Rs 1,500 crore, as per Bloomberg. The bonds will be offered in the market on Feb. 24.

Religare Enterprises Ltd. saw its share price surge by 9.41% after the Burman Group announced it had acquired control of the financial services firm. This acquisition follows a prolonged tussle involving the company’s ousted chairperson Rashmi Saluja and US-based investor Danny Gaekwad.

Narayana Hrudayalaya Ltd. saw its share price rise on Friday after it announced investment plans for a hospital in Kolkata. The company plans to invest Rs 900 crore for the first phase, aiming for a 1,100-bed facility over the next three to 10 years, according to an exchange filing.

The announcement has positively impacted the company’s stock, which has been on an upward trend for four consecutive days.