Stocks To Watch: PNB, Reliance Power, G R Infraprojects, M&M, Power Grid

Punjab National Bank, Reliance Power, G R Infraprojects, Mahindra and Mahindra, and Power Grid Corporation of India are among the stocks in focus as markets open on Tuesday.

Punjab National Bank, the country's second-largest state-run lender, on Monday announced the launch of its qualified institutional placement to raise up to Rs 7,500 crore.

Power Grid Corp. on Monday said it emerged as the successful bidder under tariff-based competitive bidding to establish an interstate transmission system for the Khavda renewable energy project in Gujarat. The company received the letter of intent for the system on a build, own, operate and transfer basis, according to an exchange filing.

Reliance Power Ltd. on Monday approved raising Rs 1,525 crore through preferential issue of shares and warrants to support the company’s participation in the renewable energy sector. The company has approved issuance of up to 46.20 crore equity shares at an issue price of Rs 33 per share, aggregating Rs 1,524.60 crore through preferential allotment, as per an exchange filing.

G R Infraprojects Ltd. on Monday emerged as the lowest bidder for a metro construction project worth Rs 904 crore. The project is being undertaken by Maharashtra Metro Rail Corporation Ltd., Nagpur.

Reliance Power To Raise Rs 1,525 Crore Via Preferential Issue

The NSE Nifty 50 and BSE Sensex reached their highest closing levels for the third consecutive session, driven by gains from Bharti Airtel and HDFC Bank Ltd. The indices also achieved new intraday highs for four straight days.

The Nifty 50 closed up 148.10 points, or 0.57%, at 25,939.05, while the Sensex increased by 384.30 points, or 0.45%, to finish at 84,928.51.

Analysts suggest that while the current market sentiment is bullish, temporary overbought conditions may lead to range-bound activity in the near term. Analysts also noted key support zones for the Nifty at 25,800-25,850 and for the Sensex at 84,500-84,700 for day traders.

Immediate resistance levels for the Nifty are seen at 26,050–26,100, while the Sensex faces resistance at 85,300–85,500.

Analysts also indicated that the recent strong rally has left the index overheated in the short term.

Here Are The Stocks To Watch On Tuesday

• Punjab National Bank: The company plans to raise up to Rs 7,500 crore via QIP at a floor price of Rs 109.16 per share, which marks a discount of 2.1% as against the stock’s current market price of Rs 111.51.

• Reliance Power: The company approved raising Rs 1,525 crore via preferential issue of shares and warrants.

• G R Infraprojects: The company emerges as the lowest bidder for Nagpur metro construction work worth Rs 904 crore.

• Mahindra and Mahindra: The company clarified on reports of mulling to buy Skoda Auto VW India. The company and VW Group continue exploring multiple opportunities to expand collaboration potential. The company already informed exchanges about the supply agreement with Volkswagen.

• Power Grid Corporation of India: The company emerged as a successful bidder for the Khavda project to establish an inter-state transmission system.

• Shriram Properties: An FIR has been filed against a former Tamil Nadu Minister that includes the company’s arm, Gateway Office Parks. The FIR alleges involvement of Rs 28 crore payments in 2016, implicating former director KR Ramesh and several other parties. However, the allegations do not pertain to the company’s businesses or joint ventures.

• BGR Energy Systems: The Chennai water board terminated the Rs 440 crore construction order given to the company.

• Coal India: The company is in a 74-26 joint venture pact with Rajasthan Rajya Vidyut Utpadan Nigam for a 2×800 MW brownfield thermal project.

• Bharti Airtel: The company rapidly expanded its network in Gujarat and deployed eight new cellular towers every day to bolster coverage across the state.

• Spandana Sphoorty Financial: The company approved the sale of the stressed loan portfolio, including the written-off loans pool, with an outstanding value of Rs 304.41 crore as of June 30, 2024, to an Asset Reconstruction Company for a consideration amounting to Rs. 16.74 crore.

New Listing

• WesternCarriers (India): The company’s shares will debut on the stock exchanges on Tuesday at an issue price of Rs 172 apiece. The Rs 492.88-crore IPO was subscribed 30.57 times on its third and final day. Bids were led by non-institutional investors (44.71 times), institutional investors (27.99 times), and retail investors (25.95 times).

• Arkade Developers: The company’s shares will debut on the stock exchanges on Tuesday at an issue price of Rs 128 apiece. The Rs 410 crore IPO was subscribed 106.83 times on its third and final day. Bids were led by institutional investors (163.16 times), non-institutional investors (163 times), retail investors (51.39 times), and employee reserved (50.49 times).

• Northern Arc Capital: The company’s shares will debut on the stock exchanges on Tuesday at an issue price of Rs 263 apiece. The Rs 777 crore IPO was subscribed 110.91 times on its third and final day. Bids were led by institutional investors (240.79 times), non-institutional investors (142.41 times), retail investors (31.08 times), and employee reserved (7.33 times).

Punjab National Bank Launches QIP To Raise Up To Rs 7,500 Crore

Research Reports

• Manba Finance IPO – Issue Details, Financials, Strengths, Risks, Peer Comparison, Valuation: Anand Rathi

• Skipper – Riding On The T&D Capex Wave; Axis Securities Initiates Coverage With A ‘Buy’ Rating

• Bharat Heavy Electricals – Holding All The Aces: ICICI Securities

• Birla Corp – Long Term Outlook Remains Positive; Retain Buy: Axis Securities

• ICICI Bank – Focus On Micro Market, Ecosystem Strategy For Deposits Growth: Nirmal Bang

• NTPC – A Lot Riding On Renewable Energy; Key Takeaways From NGEL’s DRHP: ICICI Securities

• GAIL India – Fueled By Gas: HDFC Securities

• Dr. Lal Pathlabs – Status Quo On Volumes Implies No Change In Stance: Yes Securities

• Aavas Financiers – Positive Growth Outlook; Focus On Granularity Intact: Nirmal Bang

• JK Cement – Strategic Expansions Aiding Growth: Motilal Oswal

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