Stocks to Watch- Adani Green Energy, State Bank of India, HDFC Bank, Power Grid Corporation

Stocks to Watch: Adani Green Energy, State Bank of India, HDFC Bank, Power Grid Corporation

Stocks in Focus: GIFT Nifty traded up 22 points or 0.10% at 21,021.5, indicating a positive opening for domestic indices NSE Nifty 50 and BSE Sensex on Tuesday. Previously, on Tuesday, the NSE Nifty 50 advanced 168.50 points or 0.81% to settle at a record high of 20,855.10, while the BSE Sensex jumped 431.02 points or 0.63% to 69,296.14.

“Markets scaled fresh record highs on the back of impressive gains led by power, oil & gas and banking stocks, as investors continue to bet big on India growth story with fresh election victory for the ruling party in recent state elections further aiding the sentiment. Helping investors’ sentiments were hopes that the US Federal Reserve will initiate rate cuts in the coming year. Technically, Nifty has support at 20,647-20,407 levels and resistance is at 21,001-21,331,” said Prashanth Tapse, Senior VP (Research), Mehta Equities.

State Bank of India

The Executive Committee of the Central Board (ECCB) of the Bank has accorded final approval for the acquisition of 20% stake in SBI Pension Funds currently held by SBICAPS (wholly owned subsidiary of SBI). All regulatory approvals in this regard have been obtained. acquisition of 20% stake in SBI Pension Funds Pvt Ltd currently held by SBICAPS (wholly owned subsidiary of SBI). All regulatory approvals in this regard have been obtained, the Bank said in a regulatory filing.

HDFC Bank

The private sector lender has sought approval from shareholders for the reappointment of M. D. Ranganath as an Independent Director of the Bank, the re-appointment of Sandeep Parekh as an Independent Director of the Bank and the re-appointment of Sashidhar Jagdishan as the Managing Director & Chief Executive Officer of the Bank.

Power Grid Corporation

The company has been declared as successful bidder under Tariff Based Competitive Bidding to establish Inter-State Transmission System Project for ‘Transmission system for evacuation of additional 7 GW of RE power from Khavda RE park under Phase III Part B’ on Build, Own Operate and Transfer (BOOT) basis.

Indian Hotels Company

The Tata Group-backed Indian Hotels Company (IHCL) has already achieved almost all the initiatives under the plan rolled out a strategy – ‘Ahvaan 2025’ – to restructure its entire portfolio of hotels and is in a much-advanced stage to complete the rest. The strategy which was launched in May 2022, included becoming a zero net debt firm and clocking 33% EBITDA margin by FY26. The operator of Taj brand of hotels also intended to restructure its portfolio to achieve a 50:50 mix between its owned-leased and managed hotels.

(With agency inputs.)