Tata Power, Reliance Industries, BEL, Zydus, Adani Enterprises, Axis Bank, NTPC stocks in focus

Indian benchmark indices are likely to open on a lower note, hinted SGX Nifty. Zydus, Adani Enterprises, Axis Bank, NTPC stocks in focus

share markets
Tata Power, Reliance Industries, BEL, Zydus, Adani Enterprises, Axis Bank, NTPC stocks in focus on Wednesday.

Indian benchmark indices are likely to open on a lower note, hinted SGX Nifty. On the Singapore Exchange, Nifty futures were in the red, down 33 points, at the 17,366 level. Nifty had broken & closed below 200 DMA and the support level of the budget day low of 17,353. “Global investors’ interest in the equity market is weakening due to the slowdown in the economy, led by high inflation and contractionary monetary policy. Inflows are being diverted to safe assets, and corporate earnings growth is dropping, affecting the performance of the stock market and demanding downgrade in valuation. The double whammy for India is that it is expensive compared to other EMs, resulting in underperformance among the global market,”  said Vinod Nair, Head of Research, Geojit Financial Services.

Stocks in focus on 1 March, Wednesday


Reports suggest that SoftBank might offload a 3.4% stake in the company through a block deal at a 3% discount to the current market price. Supposedly, the deal size is worth $100 million and the floor price of the deal has been set at Rs 335.1 per equity share. SoftBank retains the option to upsize as well. 


Vedanta Resources, the parent company of Indian mining major Vedanta, is in advanced stages to tie up fresh loans of $1 billion from a syndicate of banks. The company is also close to finalizing $750-million bilateral facilities, and is confident of meeting its maturities for Q1FY23. “The remaining liquidity requirements can be addressed internally,” the company said in its filing with Singapore Exchange.

Axis Bank

Completed acquisition of Citibank’s India Consumer Business NBFC Consumer Business on 1 March. The cash consideration for the acquisition stands at Rs 11,603 crore.

Reliance Industries

Incorporated a wholly owned subsidiary named Reliance SOU to develop properties for commercial use and invested Rs 1,00,000 in the equity shares of RSOUL.


Completed the transfer of 15 renewable energy assets to NTPC Green Energy, a wholly owned subsidiary of NTPC. The company also transferred 100% equity shareholding held in NTPC Renewable Energy Limited, a wholly owned subsidiary of NTPC, to NTPC Green Energy.

Adani Enterprises

Mundra Aluminium, a subsidiary, was declared as preferred bidder for a mineral bauxite block in Odisha, following which, the Government of Odisha issued the company a Letter of Intent. 

Centrum Capital

Centrum Housing Finance, a subsidiary, completed the acquisition of the housing finance business of National Trust Housing Finance.

Vodafone Idea

Completed the issuance and allotment of 16,000 Optionally Convertible Debentures, with face value of Rs 10,00,000 each to ATC Telecom Infrastructure Private Limited.

Power Grid

Has been declared as the successful bidder and received a Letter of Intent for “Establishment of Khavda Pooling Station-3 (KPS3) in Khavda RE Park” on a build, own, operate and transfer basis.


Received final approval from the USFDA for 2.5 mg and 5 mg Apixaban Tablets.

Bharat Electronics

Signed a Frame Supply Agreement with Thales Reliance Defence Systems for the manufacture and supply of TR Modules, Radar Line Replaceable Units and Micro Modules used in Rafael fighter aircrafts.

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First published on: 01-03-2023 at 07:14 IST
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