Stocks to Watch: Adani Group, HDFC, Glenmark, Vedanta, IOC, Coal India

Stocks to Watch: Adani Group, HDFC, Glenmark, Vedanta, IOC, Coal India
Here is the list of the top 10 stocks that will be in focus today: Adani Group : Executives of the embattled Adani Group told investors in a call that they will address deadlines to repay debt with options including private placement notes and cash from operations. The management will come up with a plan to refinance Adani Green Energy Ltd. ’s bonds due in 2024 by the end of June, according to people familiar with the matter.
The bonds rallied the most ever after the comments. The debt will likely be refinanced with long-term private placement notes, with a potential maturity of 15 years, said the people, who spoke to Bloomberg on the condition of anonymity. TRENDING STORIES See All Premium Adani crisis to spark democracy revival in India, says .
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The fundraising comes in the run-up to its merger with the banking arm of HDFC Bank. It has raised ₹ 25,000 crore in non-convertible debentures carrying a coupon of 7. 97%.
This translates to a spread of 49 basis points over Wednesday’s closing of the 10-year government security yield. According to HDFC, as soon as the bids opened, there was a wide participation from investors across insurance companies, pension funds, provident funds, banks and mutual funds. Glenmark : The Subject Expert Committee (SEC) of the Drugs Controller General of India (DCGI) has rejected Mumbai-based Glenmark’s nasal spray—FabiSpray— for covid, citing a lack of strong evidence that it can prevent covid.
The expert panel said, “The committee did not recommend for approval of Nitric Oxide Nasal Spray due to lack of strong evidence for the proposed indication," stated the Committee. Queries sent to health ministry spokespeople did not elicit a response. The company is studying the recommendations and will respond to the drug regulator.
Indian Oil Corporation : Indian Oil Corp. has taken to Twitter in an unusual move to clarify its involvement in an Adani Group company gas import terminal. The state-run refiner sent a series of tweets late Wednesday to detail a deal with Adani Ports & Special Economic Zone Ltd.
involving a proposed liquefied petroleum gas terminal on the nation’s east coast. Indian Oil said there was no take-or-pay liability or binding agreement in place. The response followed a tweet from opposition lawmaker Mahua Moitra, who accused Indian Oil of not following a proper tender process for the agreement.
Coal India : Coal India arm NCL on Thursday said that it is eyeing the removal of 410 million cubic metres (MCuM) of overburden (OB) material from its various coal mines in the current fiscal. OB is the rock material which needs to be removed for faster extraction of coal. Northern Coalfields Ltd (NCL) has so far removed 400.
56 M CuM OB with remarkable year-on-year growth of 28. 30 per cent, the company said in a statement. During the current fiscal till date, NCL has produced 114.
48 million tonnes (MT) of coal, registering a growth of 9. 50%, and dispatched 117. 66 MT of coal, clocking a 7.
70% growth. Schaeffler India : Industrial and automotive parts maker Schaeffler India on Thursday announced a 21 per cent growth in net profit at ₹ 231 crore in the fourth quarter of 2022. The company had posted a net profit of ₹ 190.
64 crore in the same quarter of the preceding calendar year, according to a regulatory filing. Schaeffler India follows the calendar year (January-December period) for financial reporting. The revenue from operations for the quarter under review stood at ₹ 1,794.
70 crore, up 17. 8 per cent from ₹ 1,523. 22 crore in the same quarter of 2021.
Vedanta : Vedanta Ltd on Thursday said it had been declared as the preferred bidder for nickel, chromium and associated platinum group elements block in Chhattisgarh. In October last year, the Chhattisgarh government conducted an auction for a grant of composite license for the said block. Under the composite licence (prospective-cum-mining), a preliminary exploration of the areas is done but further exploration is required by mining companies.
"The company had submitted its bid in an electronic auction for a grant of composite license. MINT PREMIUM See All Premium How to profit from India's lithium discovery Premium Nifty IT index could offer upside in the near term Premium Is it time for a World Bank president from India? Premium Bad news awaiting tech grads entering the job market Bharat Forge : State-owned HAL and Bharat Forge Limited have signed an agreement for the development and production of aerospace-grade steel alloys. The Memorandum of Understanding (MoU) was signed at the ongoing Aero India show in Bengaluru on Thursday, the two entities said in a joint statement.
"Hindustan Aeronautics Limited (HAL), Foundry & Forge (F&F) Division, Saarloha Advanced Materials Pvt Ltd (Saarloha) and Bharat Forge Limited (BFL), signed an MoU for collaboration in the development and production of aerospace grade steel alloys," it said. Hindustan Zinc : Hindustan Zinc is planning to get in touch with the mines ministry to resolve the differences over the acquisition of overseas assets of holding company Vedanta Ltd, Hindustan Zinc CEO Arun Misra said. Valuation of the assets is among several concerns flagged by the government, which holds a 29.
54 per cent stake in Hindustan Zinc Ltd (HZL) which was privatised more than two decades ago. According to a source, the objections to the proposal were raised by all three government directors in the nine-member HZL board. Cochin Minerals and Rutile : During Q3FY23, the company posted revenue from operations of ₹ 119.
04 crore, up 34. 09% from ₹ 88. 78 crore recorded in Q3FY22.
The company recorded a net income of ₹ 120. 75 Cr in the quarter ended December 2022 compared to ₹ 88. 93 Cr recorded in the quarter ended December 2021, representing a YoY growth of 35.
78%. The company's net expenses reached ₹ 100. 32 Cr in Q3FY23 against ₹ 88.
42 Cr in the year-ago quarter. The company posted a profit before tax (PBT) of ₹ 20. 44 Cr in Q3FY23 compared to ₹ 0.
52 Cr in Q3FY22, representing a YoY growth of 3,830. 76% Know your inner investor Do you have the nerves of steel or do you get insomniac over your investments? Let’s define your investment approach. Take the test Catch all the Business News , Market News , Breaking News Events and Latest News Updates on Live Mint.
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