Stocks To Watch: M&M, Tata Steel, Tata Power, HUDCO, HDFC Bank & More

Hot companies including HDFC Bank, Power Grid Corporation of India, Mahanagar Gas, RailTel Corporation of India, and Petronet LNG are among the top 10 stocks that market observers are likely to be keeping an eye on on Thursday, December 28.

Kotak Mahindra Bank

The Reserve Bank of India (RBI) approved Mr. C S Rajan, an Independent Director of the bank, to be appointed as the Part-Time Chairman for a two-year term beginning on January 1, 2024, according to a statement released by Kotak Mahindra Bank Limited. The current part-time chairman of the Bank's Board, Mr. Prakash Apte, is retiring, and his tenure ends on December 31, 2023. Mr. Rajan will take over as the next chairman.

Power Grid Corporation of India

In accordance with its selection as the successful bidder in Tariff-based competitive bidding, Power Grid Corporation of India Limited acquired Neemrana II Bareilly Transmission Limited (NIIBTL) on December 27, 2023, from the Bid Process Coordinator, PFC Consulting Limited. \

This project SPV was created to establish a transmission system for the "Transmission system for evacuation of power from Rajasthan REZ Ph-IV (Part-1) (Bikaner Complex): PART-D" on a build, own, operate, and transfer (BOOT) bas The project includes building a new 765 kV D/C Transmission Line that will cross the states of Uttar Pradesh and Rajasthan in addition to related bay expansion work.

HUDCO

HUDCO and the Gujarat State Government have signed a Memorandum of Understanding that calls for HUDCO to contribute up to Rs. 14,500 crore to finance housing and urban infrastructure projects in the state.

Petronet LNG

In order to establish an LNG terminal on India's east coast, Petronet LNG Limited (PLL) and Gopalpur Ports Limited sign legally binding transaction documents. PLL is now building its first LNG terminal at Gopalpur, District-Ganjam, Odisha, on the country's east coast. This would increase the nation's total capacity for regasification and support the nation's gas-based economy.

Tata Steel

From the Office of the Superintendent, Central Goods & Service Taxes and Central Excise, Guwahati, Assam, Tata Steel Limited received an order dated December 19, 2023, on December 23, 2023. This order imposed a penalty of Rs 31,863/-under Section 73(9) of the CGST Act, 2017 for the Company's irregular availment of transitional central tax credit upon the implementation of GST.

In a statement dated December 27, it stated that it has paid back the excess credit of Rs 3,18,634/- along with the required interest to the applicable tax body and that the ruling had no impact on Tata Steel Limited's operations, finances, or other business dealings.

M&M

According to an exchange filing, the parent company of the online kidswear retailer FirstCry, Brainbees Solutions Pvt. Ltd., would receive a 0.58% stake from automobile giant Mahindra & Mahindra Ltd. As part of Brainbees' proposed Initial Public Offer (IPO), Mahindra & Mahindra intends to offer up to 28.06 lakh equity shares, each with a face value of Rs 2. The number of shares that M&M intends to sell is 0.58% of Brainbees' current issued and paid-up equity share capital. In May 2022, the board of M&M approved the sale of up to 94.46 lakh equity shares, or up to 2% of Brainbees' total paid-up equity capital.

Tata Power

Tata Power acquired a 100% stake in Bikaner III Neemrana II Transmission Limited, a project special purpose company, by signing a Share Purchase Agreement. At a cost of Rs 18,60,53,101, the acquisition included the purchase of shares against cash consideration and the one-time payment of outstanding debt. In order to provide transmission service, a Build-Own-Operate Transfer foundation has been established and put into operation.

Mahanagar Gas

Following the issuance of the Certificate of Incorporation by the Ministry of Corporate Affairs, the Joint Venture Company was incorporated on December 26, 2023, under the name "MAHANAGAR LNG PRIVATE LIMITED." It will function as a subsidiary of Mahanagar Gas Limited and has not yet begun conducting business.

HDFC Bank

Subject to further approval, the board of private lender HDFC Bank proposed on December 27 that Atanu Chakraborty be reappointed as the part-time non-executive chairman and independent director. The Reserve Bank of India has been given authority over the subject for a further three-year period, starting on May 5, 2024, and ending on May 4, 2027, the bank continued to say in a regulatory filing.

RailTel Corporation of India

The Bihar Education Project Council has issued a work order to RailTel Corporation of India Ltd for the supply of teaching materials for classes I to III under a price contract for Rs. 76.19 crore.