SBI, KFin Tech, Tata Power, JSW Energy, M&M stocks in focus | The Financial Express

SBI, KFin Tech, Tata Power, JSW Energy, M&M stocks in focus

SGX Nifty signals a weak start for the Indian equity indices on Thursday.

stock in focus on 29 december
SBI, KFin Tech, Tata Power, JSW Energy, M&M stocks in focus

Indian benchmark indices are likely to open with losses, signaled SGX Nifty on Thursday. Nifty futures traded lower at 18,050 level on the Singapore Exchange. In the previous session, BSE Sensex fell 17 points to 60,910, while NSE Nifty 50 dropped 9 points to 18,015. “Market wavered between gains and losses with investors taking their position around the flatline as mixed global cues troubled them to take a firm one-sided move. US stocks were weak as the trade deficit data suggested strength in the economy, raising concerns about the Fed’s tightening stance. However, steps toward reopening the Chinese economy increased the prospect of demand recovery,” said Vinod Nair, Head of Research, Geojit Financial.

Stocks in focus on 29 December, Thursday

SBI: The country’s largest lender will have a board meeting next week to consider taking “approval for raising of Infrastructure Bonds up to an amount of Rs 10,000 crore through a public issue or private placement during FY23”, the bank stated in a regulatory filing.

KFin Technologies: The stock is going to debut on the bourses today and was oversubscribed 2.59 times prior to its listing. The issue raised Rs 1,500 crore through a complete offer for sale by one of the promoters, General Atlantic Singapore Fund, which will receive all the issue proceeds. The company will not receive any funds from the IPO.

Tata Power: The firm’s subsidiary Tata Power Renewable Energy (TPREL) recently announced they received a “letter of award” for setting up a wind and solar power (hybrid) project for Tata Power Delhi Distribution, which is a joint venture between Tata Power and the NCT of Delhi. The project will be commissioned within 24 months from the PPA execution date.

M&M: The company will acquire a 100% stake in M.I.T.R.A. Agro Equipment, raising their shareholding from the current 47.33% (on a fully diluted basis). As a result of the acquisition, MITRA will become a wholly owned subsidiary of M&M.

JSW Energy: The firm, through insolvency proceedings, has completely acquired 700 MW Ind-Barath Energy (Utkal) for Rs 1,047 crore. “Pursuant to the NCLT (National Company Law Tribunal) approval order, the resolution plan has now been implemented and the acquisition of Ind-Barath Energy (Utkal) Ltd is complete. The resolution amount of Rs 1,047.60 crore has been paid,” said the company in a filing with the exchanges.

Tata Steel: The Tata Group company acquired additional shares of subsidiary Tata Steel Advanced Materials Limited (TSAML). The firm acquired “1,15,45,667 equity shares of ₹10/- each at an issue price of Rs 12.81 per share of Tata Steel Advanced Materials Limited for an amount aggregating to approximately Rs 14.80 crore, as stated in a filing.

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First published on: 29-12-2022 at 08:21 IST