Stocks to watch: Religare Enterprises, SBI, REC, IREDA, NTPC and more

IREDA:The state-owned Indian Renewable Energy Development Agency (IREDA) has received government approval to acquire ₹4,500 crore by issuing equity shares through Qualified Institutional Placement (QIP). The government plans to dilute its stake in IREDA by 7 per cent after the issue in one or more tranches. This approval has been given by the Department of Investment and Public Asset Management (DIPAM) following the recommendations of a high-level committee.

REK:REC Ltd, a state-owned company, has signed contracts worth ₹$1.12 trillion to fund various renewable energy initiatives. The agreements reached at a recent industry meeting cover projects planned for implementation over the next five years. The memorandums of understanding (MoUs) cover a wide range of green energy projects, including solar-wind hybrids, 24/7 (RTC) solar-wind power, floating solar plants, ultra-mega renewable energy parks and green hydrogen production. Other areas of focus include hydroelectric projects, battery energy storage systems (BESS) and solar cell production.

Religare Enterprises: The Delhi High Court has issued notices to the Registrar of Companies (RoC) and Religare Enterprises Ltd after MB Finmart, part of the Burman family, challenged the RoC’s decision to extend Religare’s annual general meeting (AGM) by three months. The AGM, originally scheduled for September 30, was postponed to December without assigning any reason. MB Finmart argued that the extension violated Section 96(1) of the Companies Act, which allows extension only in “exceptional circumstances”. The court listed the next hearing for October 21.

Aurobindo Pharma:Aurobindo Pharma announced plans to acquire remaining 49 per cent stake in GLS Pharma Ltd. ₹22.5 crore, making it a wholly owned subsidiary of the company. The company had entered into a binding agreement on September 18, 2024, with GLS Pharma and its promoters for purchase of 5,90,361 equity shares ₹381.12 per share. This acquisition will give Aurobindo Pharma full ownership of GLS and the transaction is expected to be completed by December 31, 2024.

SBI:State Bank of India (SBI) has raised ₹7,500 crore by issuing Basel III compliant Tier 2 bonds to qualified institutional bidders. The issue attracted overwhelming bids, exceeding 3 times the base issue size ₹4,000 crore. A wide range of investors included pension funds, mutual funds and banks. SBI Chairman CS Setty noted that the strong participation reflected investor confidence in India’s largest bank.

NTPC: NTPC will be a key stock to watch as it prepares to list its renewable energy subsidiary. The company aims to raise around ₹10,000 crore in green energy IPOs and the draft documents for listing have already been filed.

BHEL, PFC:BHEL paid final dividend of ₹55 crore to the government, while Power Finance Corporation (PFC) reported a record dividend payout of ₹4,455 crore for 2023-24, out of ₹462 crore goes to the government.

Zee Entertainment Companies:Star India is seeking $940 million in damages from Zee Entertainment after the ICC TV Rights deal ended. The arbitration process is ongoing, with Zee contesting the claims.