Stocks to Watch: IndiGo, IDBI Bank, Dish TV, BHEL, SpiceJet, Airtel

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Here are the top 10 stocks that could be in focus in today’s trade:

InterGlobe Aviation: IndiGo Airlines board of directors have approved an additional purchase of 10 A320 NEO family aircraft from French aircraft maker Airbus. The order for ten more aircraft adds to the already placed order for 300 aircraft, as per the company filing. IndiGo in 2019 had placed a record order of over 300 Airbus A320 NEO family aircraft worth around $33 billion at notional catalogue prices with France’s Airbus. Notably, the delay in delivery of the A320 NEO family aircraft has been due to issues with Pratt & Whitney (P&W) engines.

IDBI Bank: The government has invited bids to engage an asset valuer for the strategic disinvestment of IDBI Bank. The government and the LIC are selling about 61% stake in IDBI Bank and multiple expressions of interest (EoI) for the same have been received. The Department of Investment & Public Asset Management (DIPAM), on behalf of the government and LIC, on Monday floated a request for proposal (RFP).

Dish TV: The Bombay High Court (HC) on Monday rejected an interim plea by Dish TV India Ltd promoter entity World Crest Advisors, seeking to prevent Yes Bank Ltd and JC Flowers Asset Reconstruction Pvt. Ltd from transferring or encumbering Dish TV shares. World Crest, which has a 0.05% stake (950,000 shares) in Dish TV, had filed a plea before the court seeking ownership of over 440 million shares of Dish TV.

BHEL: State-owned BHEL on Monday said it has bagged an order from NHPC for its 2,880 MW Dibang multipurpose project in Arunachal Pradesh. The order for the electro-mechanical (E&M) work for the project has been bagged against stiff competition under international competitive bidding, BHEL said in a statement. It however did not share the order value. BHEL’s scope in the contract includes design, engineering, manufacture, supply, erection and commissioning of the E&M package.

SpiceJet: Low-cost carrier SpiceJet has announced the allotment of 4.81 crore of equity shares on a preferential basis to nine of its aircraft lessors to clear outstanding 231 crore dues, the company announced through a statement filed with BSE today. Reportedly, the allotment committee of the board of directors of the company at its meeting passed several resolutions, including a 2,500 crore fundraiser and a preferential issue of shares to lessors at an issue price of 48 each to clear its outstanding dues.

Bharti Airtel: Telecom operator Bharti Airtel on Monday said that it will purchase 23,000 MWh of renewable energy by the March quarter of this fiscal for its data centre firm Nxtra. As part of its commitment to reducing its carbon footprint, Airtel will acquire stakes in the renewable energy project companies established by Continuum Green India Pvt Ltd and Vibrant Energy Holdings Pte. Ltd. to power six of Nxtra’s Edge data centre facilities.

Cipla: Drug major Cipla on Monday said its unit has inked a pact to acquire South Africa-based Actor Pharma. Cipla South Africa, a wholly-owned subsidiary of the Mumbai-based drug major, has inked a binding term sheet with Actor Holdings (Pty) Ltd to acquire 100 per cent of the issued ordinary shares of Actor Pharma, the drug major said in a regulatory filing. This development underpins Cipla’s commitment and investment in its over-the-counter (OTC) business and supports its journey to be a leading healthcare player in South Africa, he added.

State Bank of India: The broking arm of State Bank of India, SBICAP Securities Ltd., on Monday appointed Suresh Shukla as its chief business officer. This comes at a time when stock broking, deal-making activities and secondary market transactions are making a comeback. Shukla, previously with Kotak Securities Ltd., will be at the helm of driving the company’s business operations and play a “strategic” role in spearheading the next level of growth at SBICAPS, said the company in a statement.

Power Finance Corporation: State-owned Power Finance Corporation (PFC) on Monday signed a pact to provide 1,229 crore term loan to Assam Petrochemicals to implement a 500 tonnes per day methanol plant at Namrup and 200 tonnes per day formalin plant at Boitamari in Assam. The 500 TPD Methanol Plant, including 11 MW CPP, was inaugurated by the Prime Minister on April 14, 2023, on completion. The project, including the 200 TPD Formalin Plant, is scheduled to commence commercial operation by March 31, 2024.

NHPC/Tata Power/Adani Green Energy/JSW Energy: NHPC Ltd, Tata Power Ltd, Adani Green Energy Ltd and JSW Energy Ltd are among companies that have proposed to build pumped storage projects (PSPs) totalling 39GW in the country, an official aware of the development said, potentially attracting investments of as much as 3.12 trillion. Several energy companies have plans to set up PSPs in India, adding to the country’s installed PSP capacity of 4.7GW. Mint earlier reported that NHPC was planning PSPs totalling 20,000-22,000MW.

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