Stocks to watch: Paytm, Adani, TCS, SpiceJet, L&T, NHPC

Here is the list of the top 10 stocks that will be in the spotlight today

One97 communications: Shareholders of One97 Communications, which operates under the Paytm brand, have approved the reappointment of Vijay Shekhar Sharma as Managing Director and Chief Executive Officer of the company, according to the scrutineer’s report filed by the company on Sunday. Investor advisory firm IiAS had spoken out against Sharma’s reappointment and several other resolutions that were on the agenda of the 22nd annual general meeting held on Friday. IiAS had said that Sharma had made several commitments in the past to make the business profitable, but these did not materialize.

Adani Company: The Adani Group is expected to launch an open offer next week worth 31,000 crores to acquire a 26% stake each in the two listed Indian entities of the Swiss company Holcim, Ambuja Cements and ACC, from public shareholders. In May this year, the Adani Group announced that it had reached an agreement to acquire a majority stake in Holcim Ltd’s business in India for $10.5 billion. Market regulator Sebi approved the open offer this week. The open supply is estimated at more than 31,000 crore if fully subscribed.

CDS: Tech giant, Tata Consultancy Services (TCS) has likely delayed variable compensation payments to certain employees for the June 2022 quarter by about a month. his employees. The Tata Group-backed company is said to have yet to finalize the variable payout for these selected employees and is expected to pay by the end of the month. IT companies have increased salaries for their employees, which impacted their margins in the June 2022 quarter. However, they are continuing with their hiring and salary increase plan.

L&T: Larsen & Toubro (L&T) on Saturday announced the commissioning of a green hydrogen plant at its AM Naik heavy engineering complex in Hazira, Gujarat. Shrikant Madhav Vaidya, Chairman of Indian Oil Corporation Limited, inaugurated the plant. Production of green hydrogen based on an alkaline electrolysis process has begun, Larsen & Toubro said in a statement. The plant will produce 45 kg of green hydrogen per day, which will be used for captive consumption in the company’s Hazira manufacturing complex.

IIFL Finances: CDC Group Plc, the UK government-owned development finance institution, on Friday sold a 3.56% stake in IIFL Finance Ltd for 453 crores via an open market transaction. According to wholesale trading data available from the National Stock Exchange (NSE), CDC Group Plc sold 1,35,01,587 shares of the company. The shares were sold at an average price of 335.64 each, valuing the transaction at 453.16 crores.

Adani Power: Adani Power Limited on Friday announced that it has agreed to acquire DB Power Limited, which owns and operates a 2×600 MW thermal power station in Janjgir Champa district of Chhattisgarh, for 7,017 crores. “This is to inform that Adani Power Limited has agreed to acquire DB Power Limited, which owns and operates a 2×600 MW thermal power plant in Janjgir Champa district of Chhattisgarh,” Adani Power said in a regulatory filing to the stock exchanges.

NHPC: State-owned hydropower giant NHPC on Friday announced plans to develop two 750 MW and 450 MW hydropower projects in Nepal, for which it signed a pact on Thursday in Kathmandu. “NHPC Ltd has signed a Memorandum of Understanding with Investment Board Nepal (IBN) to develop 750 MW West Seti and 450 MW SR-6 hydropower projects in Nepal,” a company statement read.

SpiceJet: The Directorate General of Civil Aviation (DGCA) has suspended the Captain’s License (PIC) of a SpiceJet flight for 6 months after ignoring the entry of the co-pilot on board a Boeing B737 on May 1 from Mumbai to Durgapur encountered severe turbulence during the descent, ANI reported citing sources. A SpiceJet Boeing B737 operating flight SG-945 from Mumbai to Durgapur encountered severe turbulence during descent which injured some passengers.

CGSB: The state-owned Oil and Natural Gas Corporation (ONGC) is preparing for a third interim chairman, a record, as no full-time director of India’s most profitable company has yet been selected in 17 months since that the post became vacant, sources said. ONGC has not had a regular chairman and chief executive since April 2021. Subhash Kumar, the company’s longest-serving director and chief financial officer, was named official chief after Shashi Shanker retired on March 31, 2021. And when Kumar retired on December 31, 2021, Alka Mittal, Director of Human Resources, was assigned an additional charge.

Wockhardt: Pharmaceutical company Wockhardt said on Saturday it has teamed up with various partners to roll out products to the U.S. market, with its Illinois-based manufacturing facility ready to ease all workers in a phased manner as part of the restructuring of the company in the American market. The Mumbai-based company said it has engaged several US Food and Drug Administration (USFDA) approved manufacturing partners in the US market, after thorough due diligence and inspection of their facilities, to manufacture various products for sale in the United States and North America.

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