Overview of Market Activity
On September 16, Indian stock markets opened positively, with the Nifty experiencing an increase of 30 points and the Sensex gaining around 110 points. Investors are closely monitoring stocks that are likely to see significant movement today. Below, we spotlight ten stocks making headlines today, including those of JSW Energy, EIH Limited, and SpiceJet.
Stocks to Watch
1. JSW Energy
JSW Renew Energy Two Limited, a wholly-owned subsidiary of JSW Energy, has successfully commissioned a wind power capacity of 300 MW as part of a 450 MW ISTS-connected wind power project in Thoothukudi, Tamil Nadu. This significant development further solidifies the company’s position in the renewable energy sector.
2. Adani Green Energy and Adani Power
Adani Green Energy announced a long-term power purchase agreement (PPA) with Maharashtra State Electricity Distribution Company Limited (MSEDCL) for the supply of 5 GW of solar power. Concurrently, Adani Power will enter a long-term power supply agreement to provide 1,496 MW of net thermal power to Maharashtra, generated from its new 1,600 MW ultra-supercritical thermal project.
3. Royal Orchid Hotels
The arbitration court has awarded Royal Orchid Hotels a refund of ₹2.14 crore and damages of ₹25 lakh from Rock Reality Pvt Ltd. This decision was pronounced on September 10, 2024, potentially improving the company’s financials.
4. EIH Limited
In a recent board meeting, EIH Limited approved investing ₹972 crore to develop a mixed-use project in Pune, highlighting its commitment to expand its portfolio in real estate.
5. Avenue Supermarts
Avenue Supermarts continues its expansion with the inauguration of a new store in Sagar, Madhya Pradesh, bringing its total store count to 376. This growth strategy is crucial for increasing its market footprint.
6. GMR Airports
GMR Airports reported a year-on-year increase of 9% in passenger traffic for August, reaching over 1.06 crore. Domestic passenger traffic rose by 7.4%, indicating a robust recovery in the aviation sector post-pandemic.
7. SpiceJet
SpiceJet’s market share dipped to 2.3% in August, marking the fifth consecutive month of decline from 3.1% in July. The airline carried 302,000 passengers last month. Despite these challenges, SpiceJet has secured approval from shareholders to raise ₹2,500 crore via a Qualified Institutional Placement (QIP) and ₹736 crore through warrants and promoter contributions.
8. Zydus Lifesciences
Zydus Lifesciences has entered into an exclusive licensing and supply agreement with Vivit Pharmaceuticals via its subsidiary, Zydus Lifesciences Global FZE. This deal involves two gadolinium-based MRI contrast agents aimed at the US market, enhancing their product offerings.
9. Exide Industries
Exide Industries has committed ₹100 crore to its subsidiary, Exide Energy Solutions Limited (EESL), through a rights issue. This investment now totals ₹2,752.2 crore, reflecting Exide’s strategy to retain full ownership of EESL.
10. Dixon Technologies
Dixon Technologies’ subsidiary, Padget Electronics, has signed a memorandum of understanding (MoU) with ASUS to manufacture notebooks in India. This partnership signifies the company’s intent to bolster its presence in the electronics manufacturing sector.
Conclusion
The excitement in the Indian stock market today reflects positive developments across diverse sectors, from renewable energy and real estate to aviation and technology. Investors should keep an eye on these stocks as they may present opportunities for gains in the evolving market landscape.
