Stocks To Watch: Divi's Lab, Brigade Enterprises, SJVN, TVS Motor, JSW Steel & More

Friday, November 17th, is predicted to see some price activity in the stocks mentioned below as hot stocks like PFC, TVS Motor Company, Divi's Lab, SJVN, and Brigade Enterprises are among the top 10 stocks that will likely be under the attention of market observers.

JSW Steel

On 1.9.2023, the company filed a notice of surrender of mining lease for one of its four iron ore mining leases in the state of Odisha, which it acquired through auction in 2020. The mine is referred to as Jajang Iron Ore Block, and it is situated in the Keonjhar region of Odisha. The company withdrew its application on Thursday for the Final Mine Closure Plan, which it had submitted to the Indian Bureau of Mines on September 1, 2023, in order to surrender the Jajang Iron Ore Block, which is located in the Keonjhar district of Odisha. This decision was made after taking into account the demand and supply scenario for iron ore in India.

Power Finance Corporation

The company has been incorporated as a wholly owned subsidiary of PFC Consulting Limited (PFCCL) (a wholly owned subsidiary of Power Finance Corporation Limited (PFC)). The Ministry of Power, Gol., has selected PFC Consulting Limited, a fully owned subsidiary of Power Finance Corporation Limited, as the "Bid Process Coordinator" (BPC) for the tariff-based competitive bidding process that will choose developers for the Independent Transmission Projects (ITPs).

TVS Motor Company

TVS Motor Company signed an import and distribution deal with Emil Frey, a 100-year-old company and a well-known brand in automobile distribution, on Thursday, announcing its debut in the European market. With the help of Emil Frey's wide distribution network and in-depth knowledge of the European market, TVS Motor Company is taking a big step towards its goal of expanding worldwide with this relationship.

Emil Frey's profound understanding of local customer changing demands and TVS Motor Company's emphasis on offering cutting-edge and innovative solutions have contributed to the development of a distinctive DNA for this relationship, which will serve as a solid foundation for TVS Motor's growth throughout Europe. Currently, more than 80 countries in Asia, Africa, and Latin America sell TVS Motor products. As of H1 FY 2023, exports accounted for over 25% of the company's business, demonstrating the strength of its R&D capacity and high-caliber, technologically advanced products.

SJVN

The company and Solar Energy Corporation of India Limited (SECI) have inked a Power Purchase Agreement (PPA) for a 200 MW Grid Connected Wind Power Project. A wholly owned subsidiary of the company, SJVN Green Energy Limited (SGEL), took part in the competitive bidding process based on tariffs held by SECI to select wind power developers for the establishment of 1,200 MW grid-connected wind power projects in India. In the Open Competitive price bidding procedure, SGEL won 200 MW at a price of Rs 3.24 per unit on a Build Own and Operate (BOO) basis. Through an EPC contract, SGEL will construct the 200 MW Wind Project anywhere in India.

The project's allocation brings the company's wind portfolio to 497.6 MW. This project would likely cost around Rs 1,400 crores to construct. It is anticipated that the project will produce 482 million units in the first year following commissioning, with a projected overall energy output of 12,050 million units during a 25-year timeframe. The project will be put into service by November 2025, or within 24 months of the PPA's effective signing date.

By expanding its capacity, the company would be able to better represent itself in the renewable energy market and contribute to the Government of India's goal of having 50% of installed capacity come from non-fossil fuel sources by 2030. Additionally, this will support the Company's ambitious Shared Vision of 50,000 MW of installed capacity by 2040, as well as its new mission of 12,000 MW by 2026.

Brigade Enterprises

Brigade Group and Krishna Priya Estates Pvt. Ltd. and Micro Labs Ltd. have inked a Joint Development Agreement (JDA) for the development of approximately 2 million square feet of housing in Bengaluru, with a Gross Development Value (GDV) of Rs. 2,100 crores. Located on 14 acres in Yelahanka, North Bengaluru, the JDA will expand Brigade Group's residential properties in the city. Over the next year, Brigade Group has a sizable pipeline of almost 13 million square feet across Bengaluru, Hyderabad, and Chennai, of which 11 million square feet have been allocated to residential projects.

Ramkrishna Forgings

The company on Thursday has made an additional investment by way of rights issue in the equity share capital of RKFL Engineering Industry Private Limited (REIPL), a wholly-owned subsidiary company, by subscription of 1 Cr equity shares for an amount of Rs. 10 each, aggregating to Rs. 10 Cr in cash.

Coromandel International

In an attempt to promote the development of a wide spectrum of nano-enabled agro-inputs for plant nutrition and crop protection, Coromandel International Limited revealed its Coromandel Nanotechnology Centre on Thursday in Coimbatore, Tamil Nadu. With an emphasis on developing next-generation agri-inputs, the Centre will be Coromandel's sixth research and development center and its second tech center (the first being its research unit at Monash Academy, IIT Bombay).

The farming community has responded positively to the company's debut of Nano DAP earlier this year. It additionally developed a special Nano Urea formulation that contains 12% N (w/w) and is currently going through plenty of farmer trials. The company is now establishing an integrated Nano products manufacturing facility in Kakinada.

Genus Power Infrastructures

The company on Thursday incorporated a wholly-owned step-down subsidiary, namely Purvanchal Eav-3 Smart Metering Private Limited. It is incorporated as SPV for the execution of the Advanced Metering Infrastructure Service Provider (AMISP) contract.

Sundram Fasteners

The company has received an order passed by the Office of Deputy Commissioner, Large Tax Payers Unit, Chennai, imposing a fine of Rs. 2,000/- under the provisions of TNVAT Act, 2006. There is no material impact on financials, operation, or other activities of the Company due to the said order, said Sundram Fasteners in a stock exchange filing.

Divi's Laboratories

Divi's Laboratories Limited was served with a demand notice for Goods and Services Tax (GST) on Thursday. The notification included interest and penalties in the amount of Rs 164 crore. Divi's Laboratories disclosed in an official statement on Thursday, November 16, that the Office of the Commissioner of Central Tax, Ranga Reddy GST Commissionerate, Hyderabad, was the source of the GST demand notice. The claim is for an IGST of Rs 82,04,24,880, 100% of the tax amount (IGST), plus any applicable interest and a penalty of Rs 82,04,24,880.