A clutch of corporate updates are expected to guide market sentiment today, with several companies announcing major deals, tax developments, governance changes and project wins. From stake sales and large PMC contracts to fresh investments and tribunal rulings, here are the key stocks that could be in focus today.
Market recap
The Sensex closed 513.45 points higher, up 0.61%, at 85,186.47, while the Nifty ended at 26,052.65, gaining 142.60 points or 0.55%.
Stocks to watch today, November 20
Adani Enterprises
Adani Enterprises has sold its 13% stake in AWL Agri Business (earlier Adani Wilmar). The stake was purchased by Wilmar’s subsidiary, Lence, for Rs 4,650 crore through an off-market deal. Post-transaction, Wilmar becomes the majority stakeholder.
NBCC
State-run NBCC India has bagged a major project management consultancy (PMC) assignment worth Rs 2,966 crore. The deal involves supporting the development of Naveen Nagpur under Phase-1 of the Nagpur Metropolitan plan. The project value is exclusive of GST.
CG Power
Engineering firm CG Power and Industrial Solutions has received a tax assessment order of Rs 365 crore for FY 2018–19. The order includes various additions made by the Income Tax Department under multiple sections. The company is expected to respond or appeal through the usual legal process.
Reliance Power
Reliance Power has formed a Board of Management to strengthen oversight and improve decision making. “The creation of the Board of Management represents a step in Reliance Power’s pursuit of stronger governance, sharper oversight mechanisms and build a more agile and future-ready organisation.”, Reliance Power said in a statement.
HG Infra
HG Infra Engineering has landed a Rs 274 crore contract from DLF Cyber City Developers. The work covers building the access road network for DLF Downtown Phase-2 in Gurugram’s Sector-25A. The project will follow an Item Rate/BOQ model, with GST and labour cess applicable separately.
Godawari Power
Godawari Power and Ispat (GPIL) said its subsidiary Godawari New Energy has issued 12.49 crore preference shares. These shares, priced at Rs 10 each, amount to Rs 124.95 crore. This follows GPIL’s earlier approval to increase its investment in the subsidiary.
JK Tyre
JK Tyre’s subsidiary JK Tornel has sold 40 lakh shares of Cavendish Industries to SMMS Trust. The deal is valued at Rs 130.64 crore. Despite the sale, Cavendish Industries will continue to remain a subsidiary of JK Tyre.
Dabur
Dabur India received partial relief after the Income Tax Appellate Tribunal cancelled Rs 59 crore of its earlier tax demand. The remaining Rs 50.96 crore is still under appeal with the tax authorities.