Adani Enterprises, Bharat Electronics, GAIL, RIL, Gland Pharma, Tata Steel, L&T, IOCL and Brightcom Group among top stocks to watch today

Stocks to watch: On Friday, Indian benchmark indices closed in the red, tracking weakness in the global markets. Both indices closed over 0.50 per cent lower. BSE Sensex slipped 365.83 points, or 0.56 per cent, at 64,886.51, and the NSE Nifty cracked 121 points, or 0.62 per cent at 19.265.8.

At around 8:00 a.m. on Monday, August 28, the GIFT Nifty traded 48.9 points lower, or 0.25 per cent at 19,272.5, suggesting a positive market opening. 

Here is a list of stocks that will be in focus today, August 28:

Adani Enterprises 

The Securities and Exchange Board of India (SEBI) has filed a status report with the Supreme Court in the Adani-Hindenburg case. SEBI submitted an interim investigation report in two cases and is waiting for an external agency report in these two cases. Action will be taken based on the findings of the report. The case will be heard in the Supreme Court on August 29.

Bharat Electronics 

The company received new defense and non-defense sector orders worth Rs 3,289 crore. Total order inflow in FY24 so far: Rs 11,380 crore.

Gland Pharma 

The US Food and Drug Administration, or USFDA, conducted a pre-market inspection of the company's Pashamylaram facility in Hyderabad and issued two objections with Form 483. The objections were filed to the product's Abbreviated New Drug Application to Manufacture Pen Device in Facility, which was tested between August 23 and August 26.

Tata Steel 

ACME Group signed a land agreement with the company's subsidiary, Tata Steel Special Economic Zone. The agreement was signed for a green hydrogen and green ammonia project on 343 acres of land. Project to come up in Gopalpur Industrial Park of Odisha, Tata Steel SEZ. ACME Group to commission 1.3 MTPA green ammonia production facility. The total investment plan is Rs 27,000 crore for the project.

GAIL 

The board approved the increase in capacity of the Gurdaspur Jammu Natural Gas Pipeline. The approval is to increase 2.66 MMSCMD capacity in three years with an investment of Rs 522 crore. The growth will be financed through debt and equity.

Larsen & Toubro and Indian Oil Corporation

The company has formed a new joint venture company named GH4India Pvt Ltd. Indian Oil, L&T, and ReNew Pvt Ltd formed a joint venture company. The formation of a joint venture for the development of a green hydrogen business. The company holds a 33.33 per cent stake in the joint venture.

Bajaj Electricals 

The company received a demand notice for Rs 19.72 crore from the Income Tax Department. The demand notice was sent by the Deputy Director, CPC of Income Tax (Bengaluru), for AY 2022–23. The company had paid a reduced corporation tax rate under Section 115BAA of the IT Act for AY 2022–23,  which is effective for domestic companies from AY 2020–2021. The company is in the process of filing an application with the IT authority.

Brightcom Group 

The Enforcement Directorate (ED) issued a press release on raids conducted on August 23, 2023. The report said that there were violations of the Foreign Exchange Management Act probed after the SEBI order. The violation of Rs 868 crore in impairment in foreign subsidiaries The preliminary investigation revealed that the company financed its own preferential issue worth Rs 300 crore in loans given to subsidiaries. Jewellery worth Rs 9.3 crore was recovered along with Rs 3.3 crore in cash from Auditor P. Murli Mohan Rao's house. Suresh Reddy's house was sealed. 

Vedanta 

The company got an arbitration award of Rs 9,545 crore in the Rajasthan block case. The company challenged the government's demand for additional benefits. Under the terms of the production-sharing contract, the company could not provide additional benefits.

Reliance Industries 

The 46th AGM of Reliance Industries will be conducted today. 

Jio Financial Services

Motilal Oswal Mutual Fund bought 3.72 crore shares (0.6 per cent) at Rs 202.8 apiece. 

BHEL 

The company received orders worth Rs 2,242 crore from NHPC for various works related to electro-mechanical works. The order is to be completed in 75 months. 

CCL Product

A major equipment broke down at Ngon Coffee Company in Vietnam, due to which there will be a halt in production during the quarter. There can be a six- to 10 per cent impact on normal net profit on a consolidated basis.

Sugar stocks

Sugar prices rose by more than two per cent in the last trading session and have increased by about 37 per cent in the last month.

G R Infraprojects / Patel Eng

M/s Dibang Power received an order from NHPC on August 25 for the project worth Rs 3,637 crore. The order received is for civil works of the Dibang Multipurpose Project in Arunachal Pradesh. M/s Dibang Power is a 50:50 joint venture of GR Infra and Patel Engineering. The company was declared the L1 bidder for the project on March 22, 2023.

Indostar Capital

The company sold a significant portion of its legacy corporate loan book to Phoenix Arc. The company has sold tagged accounts in stage two, whose total outstanding dues are Rs 915 crore.

Globus Spirits 

Motilal Oswal Midcap Fund (non-promoter) sold 89,447 shares (0.31 per cent) stake, a reduction from 3.36 per cent to 3.05 per cent.

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