Stocks To Watch: Adani Power, RIL, Jio Financial Services, BHEL, NHPC & More

On Thursday - 28th March, stocks like Jio Financial Services, Reliance Industries, BHEL, and NHPC are going to be in focus of the market watchers, here's why.

Jio Financial Services

An amount of Rs. 2.50 crore has been invested by Jio Leasing Services Limited (JLSL), a fully owned subsidiary of the firm, and its nominees towards the initial subscription of 25,00,000 equity shares of Reliance International Leasing IFSC Limited (RILIL), at par value in cash. Reliance Strategic Business Ventures Limited, a fully owned subsidiary of Reliance Industries Limited, and JLSL formed RILIL, a 50:50 joint venture, on February 01, 2024. In the International Financial Services Centre (IFSC), which is situated in Gujarat International Finance Tec-City (GIFT City), a Special Economic Zone (SEZ) in Gujarat, RILIL will operate a ship, vessel, and voyage charter business.

Reliance Industries

"An investment agreement has been entered into on March 27, 2024 among Mahan Energen Limited (MEL), wholly owned subsidiary of Adani Power Limited (APL), the Company and APL, in terms of which the Company has agreed to subscribe and MEL has agreed to allot 5 Cr equity shares of face value of Rs. 10/- each of MEL to the Company at par. The proposed investment by the Company is in compliance with the provisions of Electricity Rules, 2005 in terms of which the Company, as a captive user, is required to own 26% proportionate ownership in one unit of MEL of 600 MW capacity, with RIL being the captive user of 500 MW generation capacity. The Company and MEL have entered into a 20 year long term power purchase agreement for this purpose," said Reliance Industries in a regulatory filing on Wednesday.

Adani Power

Following the merger of its six Special Purpose Vehicles (SPVs) with itself, Adani Power Limited's credit rating has been upgraded to AA-. As a result, the company consolidated the standalone term loan facilities of the SPVs into a single long-term Rupee term loan facility of Rs. 19,700 crore, arranged through a consortium financing arrangement with eight lenders. In addition to lowering the effective rate of interest, the revised agreement will give the company more financial flexibility and standard conditions.

Navin Fluorine International

The company has received an order from Joint Commissioner, CGST and Central Excise, Indore for the recovery of GST penalty of Rs 37,93,68,889/- for alleged erroneous claim of IGST refund on exports from March to December 2020.

Tata Elxsi

To promote critical care innovation in India, Tata Elxsi and Dräger, a world leader in medical and safety technologies, have formed a collaboration. As part of this partnership, Dräger is creating a new Offshore Development Center (ODC) at Tata Elxsi's facility in Pune to increase its presence in research and development. The ODC will concentrate on creating cutting-edge medical equipment for critical care for both domestic and foreign markets.

Muthoot Capital Services

The company has issued Commercial Paper (CP) amounting to Rs. 40 Crores on 27th March 2024 in accordance with the guidelines issued by Reserve Bank of India. The CP comes with a discount rate of 9.10% and a tenure of 91 days maturing on 26-06-2024. The issue carries a price of Rs 97.7816 and has a credit rating of CRISIL A1+.

Alkem Laboratories

From March 19-27, 2024, the USFDA inspected the company's Baddi, California, manufacturing site. Form 483 with ten (10) observations was sent to the company at the conclusion of the inspection. This was both a pre-approval inspection and a GMP. No data integrity observation is available. "This Inspection is part of the routine business operations and the Company shall submit to US FDA within the stipulated timeline, a detailed response to close out the said observations," said Alkem Laboratories in a regulatory filing.

NHPC

In its meeting on Wednesday, March 27, 2024, the NHPC Limited Board of Directors approved the proposal to raise up to Rs. 6,100 crore in debt during the 2024-2025 fiscal year by issuing one or more series or tranches of taxable, non-cumulative, non-convertible Corporate Bonds, either secured or unsecured, and/or by raising term loans or External Commercial Borrowings (ECB) in appropriate tranches through private placement. In addition, at the aforementioned meeting, the Board of Directors approved in principle the closure of Loktak Downstream Hydroelectric Corporation Limited, a joint venture with the government of Manipur and a subsidiary of NHPC Limited, subject to approval from DIPAM, Ministry of Power and Govt. of Manipur.

BHEL

Adani Power Limited has given Bharat Heavy Electricals Limited (BHEL) an order of Rs 4000 Cr to build the 2x800 MW Raigarh Phase-II Thermal Power Plant in Raigarh, Chhattisgarh.

Biocon

The Medicines and Healthcare Products Regulatory Agency (MHRA), in the United Kingdom, has approved Biocon Limited's complex formulation Liraglutide (6 mg/ml solution for injection in pre-filled pen). The application was submitted through Zentiva, the company's European partner. The total potential market opportunity for GLP-1 in diabetes and weight loss in the United Kingdom was US $425 million, according to IQVIA MAT Q4 2023.

Mahindra Lifespace Developers

Mahindra Lifespace Developers Ltd. declared that it purchased a plot of land in Whitefield, East Bengaluru, measuring about 2.0 acres. The site is expected to have a Gross Development Value of around INR 225 crore and a developable potential of over 0.2 million square feet of saleable space, mostly in the form of mid-premium residential flats.