Stocks To Watch: Canara Bank, Tata Power, Wipro, TCS, Adani Total Gas & More

Popular companies including Canara Bank, TCS, Wipro, Adani Total Gas, and Jubilant FoodWorks are among the top 10 stocks for Wednesday, November 29, and market observers are probably going to be paying close attention to them.

Adani Total Gas

A groundbreaking 'Green Hydrogen Production and Blending Pilot Project' has been launched by Adani Total Gas Ltd. (ATGL), a leading energy and city gas distribution company co-promoted by Adani Group and TotalEnergies, as world leaders convene in the United Arab Emirates (UAE) for the UN Climate Change Conference (COP 28) from 30 November 2023, to December 12, 2023.

As part of the project, ATGL will generate natural gas and green hydrogen (GH2) for approximately 4,000 residential and commercial customers in Ahmedabad, Gujarat. The project is anticipated to be put into service by Q1 of FY24-25. Depending on regulatory permissions, the blend's percentage of green hydrogen will be gradually increased to up to 8% or above.

JSW Steel

The Reserve Bank of India imposed a penalty of Rs.2,79,718/-, on the former JSW Ispat Special Products Limited (JISPL) in response to an application for compounding that was filed by the company. The application concerned the delayed filing of Form FC-GPR under Regulation 13.1(2) of the FEMA Regulations 2017, with regard to the issuance of shares to a person residing outside of India. The penalty was paid and discharged by JSW Steel on Tuesday. This was done in accordance with any applicable provisions of the SEBI LODR.

Wipro

Wipro Limited and Amazon Web Services (AWS) together announced the debut of their Continuous Compliance Solution, which is based on Amazon Security Lake. By providing a unified platform where companies can easily manage, monitor, and maintain their compliance requirements, the Wipro Continuous Compliance Solution seeks to balance these goals. The solution's scalable design, strong security features, and simplicity of integration are all derived from its foundation in Amazon Security Lake.

Havells India

On Tuesday, Havells, the largest Indian FMEG company launched 'Lloyd', its leading consumer durable brand in the Middle East market. To achieve the required coverage and reach in the Middle East, Lloyd has teamed up with TeknoDome, a distribution giant with its headquarters located in Dubai. This growth strengthens Lloyd's position outside of India and is a significant turning point for Havells.

Tata Power

One of the largest renewable energy companies in India, Tata Power Renewable Energy Limited (TPREL), a subsidiary of the firm, has been awarded a Letter of Award (LOA) to work with SJVN Limited (SJVN) on a 200 MW Firm and Dispatchable Renewable Energy (FDRE) project. MNRE has named SJVN the Renewable Energy Implementing Agency (REIA) in order to help the country reach its 2030 objective of 500 GW.

The strategic partnership between TPREL and SJVN represents a critical turning point in the company's efforts to diversify its business and support the country's sustainable energy objectives. It is anticipated that the project will be put into service 24 months after the PPA execution date. With this achievement, TPREL's total renewable capacity climbs to 8,314 MW, consisting of 4,100 MW of projects in various stages of construction and 4,214 MW of operating capacity, of which 3,200 MW are solar and 1,014 MW are wind projects.

Varun Beverages

On Tuesday, the company incorporated a subsidiary company in Mozambique i.e. VBL Mozambique, SA inter-alia to conduct the business of distribution of beverages.

Canara Bank

The bank received clearance from the RBI on Tuesday to sell its 70% stake in Canbank Factors Ltd., an unlisted subsidiary. The bank is investigating and assessing the relevant procedures. Additionally, Canara Bank aims to acquire the shares of other shareholders, including DBS Bank India Ltd (DBIL) and Bank of Baroda (BOB), in addition to holding 691.4% of the company's unlisted subsidiary, Canbank Computer Services Ltd (CCSL). Canara Bank is also considering giving CCSL access to its credit card and other digital product portfolios.

Jubilant FoodWorks

Jubilant Foodworks Netherlands B.V. (JFN), a wholly owned subsidiary of Jubilant FoodWorks Limited, has increased its stake in DP Eurasia from 48.84% to 51.50% of its total issued share capital by purchasing 3,910,153 ordinary shares of DP Eurasia N.V. (DP Eurasia) through market purchases on Tuesday at a price of 84.4 pence per share for a total consideration of GBP 3,301,718. In light of the aforementioned transaction, DP Eurasia has stepped down as a company subsidiary and joined JFN as a subsidiary.

TCS

The much anticipated Rs 17,000 crore buyback offer from Tata Consultancy Services (TCS) is scheduled to commence on December 1st and remain open for bidding till December 7th. TCS's buyback offer includes around 4.09 Cr equity shares at a floor price of Rs 4,150 per share, or a total of Rs 17,000 crore, according to a stock exchange filing. The company has fixed December 14, 2023 as the last date of the settlement of bids on the stock exchange.

"The Company believes that the Buyback is not likely to cause any material impact on the profitability or earnings of the Company except to the extent of reduction in the amount available for investment, which the Company could have otherwise deployed towards generating investment income. Assuming full response to the Buyback, the funds deployed by the Company towards the Buyback would not exceed Rs 17,000 crore (Rupees seventeen thousand crore only), excluding transaction costs, applicable taxes, other incidental and related expenses," said TCS in a stock exchange filing.

PCBL

At its meeting on November 28, 2023, PCBL Limited's Board of Directors approved in principle the purchase of 212,172 shares of Aquapharm Chemicals Private Limited (ACPL) by PCBL Limited or one of its affiliates for a total consideration of Rs 3,800 crores, which represents 100% of ACPL's issued and paid-up share capital or 212,172 shares of the company on a fully diluted basis. To proceed with the proposed transaction, the company has signed a share purchase agreement dated November 28, 2023, with ACPL, Mr. Vimal V. Mangwani, Mr. Dharmesh Mangwani, Mr. Nitin Raojibhai Desai, and other ACPL shareholders.

"The Proposed Transaction shall be financed through a mix of internal accruals and external fund raise by the Company and/or its affiliates/associates. This acquisition of ACPL marks Company's foray into global specialty segments of Water treatment Chemicals and Oil & Gas Chemicals and it is the first milestone in achieving the vision of creating a multi-platform global specialty chemical business portfolio," said PCBL in a stock exchange filing.