Buzzing Stocks to Watch on September 24
Market Overview: As we head into the trading day on September 24, the Sensex and Nifty indices are projected to open higher. GIFT Nifty signals a potential gain of approximately 57 points for the Nifty index. With positive market indicators and significant corporate news, several stocks are expected to experience notable movements today. Let’s explore 10 key stocks that may capture investor attention based on recent developments.
1. Punjab National Bank (PNB)
The Punjab National Bank has initiated its Qualified Institutions Placement (QIP) on September 23, setting a floor price of Rs 109.16 per share. The base size of the QIP is targeted at Rs 2,500 crore, with an option to upsize by an additional Rs 2,500 crore. This strategic move aims to bolster the bank’s capital base and facilitate its growth plans in a competitive banking landscape.
2. Coal India
Coal India has announced a significant joint venture agreement with Rajasthan Rajya Vidyut Utpadan Nigam Limited (RRVUNL) to construct a 2×800 MW brownfield thermal power project at the Kalisindh thermal power station. Coal India will maintain a 74% stake in the venture while RRVUNL will hold the remaining 26%. This collaboration underscores Coal India’s commitment to expanding its operational footprint in the energy sector.
3. Oil and Gas Sector: Reliance Industries, ONGC, Vedanta, and Oil India
In a major development in India’s oil and gas sector, four bidders, including state-owned ONGC and Oil India, along with Vedanta, participated in the country’s largest oil and gas bidding round. Reliance Industries and BP Plc jointly placed their first bid for a block in the offshore region of Gujarat. Nearly all blocks offered in the OALP-IX bidding round attracted bids, indicating a competitive interest in oil and gas exploration opportunities.
4. Pondy Oxides and Chemicals
Pondy Oxides and Chemicals aims to raise up to Rs 250 crore through a Qualified Institutions Placement (QIP). The fundraising initiative intends to enhance the company’s growth and meet its capital requirements, positioning it strategically for expansion in the industrial sector.
5. Thangamayil Jewelery
The board of Thangamayil Jewelery is scheduled to convene on September 26 to deliberate on potential fundraising options, including the issuance of equity shares or bonds. This financial maneuvering reflects the company’s proactive approach to optimizing its capital structure, aiming to support future growth initiatives.
6. Firstsource Solutions
Firstsource Solutions UK, a subsidiary of RP-Sanjiv Goenka Group, has finalized a share purchase agreement to acquire 100% ownership of Ascensos, a UK-based company, for £42 million. This acquisition aligns with Firstsource’s strategy to enhance its service offerings in customer service and business process management, further expanding its international presence.
7. Power Grid Corporation of India
Power Grid Corporation of India has secured a significant order to implement an inter-state transmission system in Gujarat. The project, which involves the installation of STATCOM and associated expansion work at Khavda Pooling Stations 1 and 3, was awarded to the company after it submitted the lowest bid. This project will contribute to improving the electricity distribution network in the region.
8. GR Infraprojects
GR Infraprojects has received a contract worth Rs 903.53 crore from Maharashtra Metro Rail Corporation in Nagpur. The order entails designing and constructing an elevated metro viaduct, an essential component in enhancing the urban transport infrastructure in Maharashtra.
9. AstraZeneca Pharma
AstraZeneca Pharma has been granted approval by the Central Drugs Standard Control Organization to import, sell, and distribute Durvalumab Solution for Infusion (Imfinzi) in India. This drug, which is crucial for treating bile duct cancer (BTC), signifies AstraZeneca’s commitment to providing advanced therapeutic solutions to patients in need.
10. Reliance Power
The Board of Reliance Power has sanctioned the issuance of 46.2 crore equity shares and/or warrants convertible into equity shares at a price of Rs 33 per share, amounting to Rs 1,524.60 crore through a preferential allotment. This initiative is a strategic move to strengthen its financial position and support the execution of its upcoming projects.
The corporate developments outlined above point to a dynamic trading session ahead as investors and market analysts closely evaluate these pivotal stocks for potential opportunities in the market.
