Stocks To Watch: HPCL, Indus Tower, Gravita India, Vedanta, Texmaco Rail, RVNL

Hindustan Petroleum Corp., Indus Tower Ltd., Gravita India Ltd., Vedanta Ltd. and Texmaco Rail & Engineering Ltd. will be the stocks to watch before going into trade on Tuesday.

HPCL approved a 'lube modernisation and bottoms upgradation' project that is to be undertaken at the Mumbai refinery. Gravita announced the launch of its Rs 750-crore qualified institutional placement offer, nearly two months after it received board nod to raise up to Rs 1,000 crore through the issuance of multiple securities.

• HPCL: The lube modernisation and bottoms upgradation project will increase the production of lube oil base stocks from 475 kilotonnes per annum to 764 KTP through the manufacture of Group 11+ and Group III LOBS. The estimated cost of this project is Rs 4,679 crore. The company announced a mechanical completion schedule of 36 months and three months for commissioning from the date of board approval.

• Indus Tower: The Income Tax Appellate Tribunal ruled in favour of the company on denial of depreciation on assets received under merger, disallowance of provision for expenses, amortisation of Asset Retirement Obligation, provision for SLA Credit. This is a significant positive outcome for the company and will result in a reduction of Rs 3,500 crore in contingent liability.

• Gravita: The lead producing firm announced the launch of its Rs 750-crore qualified institutional placement and sets floor price at Rs 2,206.49 apiece. The company will offload 35.78 lakh shares. There is also an upsize option, which could increase the overall issue size. The indicative issue price for the QIP is Rs 2,096.2 per share, which could mark a 6.1% discount to the last closing price of Rs 2,232.9 per share.

• Vedanta: The company approved the fourth Interim dividend of Rs 8.5 per equity share for the financial year 2024-25 amounting to Rs 3,324 crore. The board fixed Dec. 24 as the record date for the purpose of dividend payment.

• Texmaco Rail: The railway freight cars manufacturing company received an order worth Rs 187 crore for construction transmission lines on turnkey basis from Chhattisgarh. The project involves building nine 132-kilowatt transmission lines on a turnkey basis of nearly 291 kilometres in Chhattisgarh. The construction will be executed over a period of 15 months.

• HCC: The company opens qualified institutional placement and it has set the floor price at Rs 45.27 per share.

• Nitco: The company secured a new order for supply of tiles, marble and mosaic worth Rs 105 crore from Prestige Estates Projects. The order is to be completed within six months. Additionally, based on the current ongoing projects, the company anticipates receiving orders worth Rs 104 Crore soon from Prestige Estates Projects.

• Religare Enterprises: The company’s material subsidiary Care Health Insurance received show cause notice from the Insurance Regulatory and Development Authority of India. According to Care Health Insurance, it is in the process of ensuring that the directions in the advisory letter are complied with. The firm added that it will furnish its reply to the show-cause notice along with the supporting documents.

• Railtel Corp: The company received a work order worth Rs 37.99 crore for SITC of CCTV from Central Warehousing Corp. The order needs to be completed by May 16, 2025.

• Rail Vikas Nigam: The construction arm of the Ministry of Railways received letter of acceptance worth Rs 270 crore from Maharashtra Metro Rail Corp. The order involves the construction of elevated metro stations at various places across Nagpur that include Hingna Mount View, Rajiv Nagar, Wanadongri, APMC, Raipur, Hingna Bus Station, and Hingna. The project is to be completed in the next 30 months.