Stocks to watch: Friday trade will focus on stocks of Adani Ent, Adani Green, Tata Power, Ola Electric, NTPC and others.
Stocks to watch on November 22: Domestic markets fell by more than half a percent, extending an ongoing downtrend. In today’s session, stocks of Adani Enterprises, Adani Green, JSW Energy, Afcons Infrastructure, Tata Power and others will be in the news following various news developments.
Adani Group Stocks: In a new development in the bribery charges against industrialist Gautam Adani, US authorities have accused him, his nephew Sagar and several associates of defrauding American investors. He is accused of promising and paying $265 million in bribes to Indian government officials in exchange for solar power contracts.
Additionally, Kenyan President William Ruto has ordered the cancellation of the process to transfer control of the country’s main airport to the Adani Group. He also canceled a $736-million public-private partnership agreement with an Adani Group company to build power transmission lines.
Telecom Companies: Reliance Industries (RIL), Vodafone Idea, Bharti Airtel, MTNL and other telecom companies will be in focus as the Telecom Regulatory Authority of India (TRAI) has released new subscriber data.
Hyundai Motor India: The company plans to set up two renewable energy (RE) plants in Tamil Nadu as part of its target to achieve 100% renewable electricity reliance across its manufacturing operations by 2025.
Tata Power: Tata Group’s power utility arm Tata Power has signed an initial agreement with the Asian Development Bank (ADB) to seek financing of up to $4.25 billion for several strategic projects.
Ashok Leyland: As part of its expansion in the eastern region, Ashok Leyland has opened a light commercial vehicle dealership in West Bengal.
Ola Electric: Ola Electric is reportedly going through a restructuring process and plans to lay off 500 employees, representing over 12% of its workforce, which currently stands at around 4,000.
NTPC: NTPC’s subsidiary, NTPC Green Energy Limited (NGEL), which is all set to get listed on the stock exchange soon, has entered into a joint venture with New and Renewable Energy Development Corporation (NREDCAP) of Andhra Pradesh. The venture will invest in renewable energy projects across the state of Rs. 1.87 trillion will be invested.
Coal India: The company has decided to supply coal beyond standard requirements to non-regulated sectors including the steel industry. The decision, effective from November 13, will be applicable to the series VIII linkage auction that will begin soon.
Afcons Infrastructure: Afcons has received letter of acceptance from Uttarakhand Project Development and Construction Corporation for civil works, costing Rs. 1,274 crores.
SJVN: SJVN has signed a Memorandum of Understanding (MoU) with the Energy Department of Rajasthan to develop renewable energy projects in the state.
Infosys: The Georgia Department of Labor imposed a $3.28 million tax penalty on Infosys for the period between Q3CY19 and Q1CY24.
Raymond: Raymond has received a ‘no observation letter’ from NSE and BSE regarding its arrangement with Raymond Realty. This follows Raymond’s board approval on July 4, 2024 of the demerger between the Company and Raymond Realty.
LIC/LTIMindtree: Life Insurance Corporation of India (LIC) increased its stake in LTIMindtree, increasing its shareholding from 1,49,06,665 to 2,08,34,009 shares, increasing its ownership from 5.03% to 7.03% of the paid-up capital.
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