Stocks to Watch: Adani Enterprises, Adani Power, Paytm, Tata Power, Union Bank of India
Adani Enterprises: Kempas Trade and Investment Ltd., a promoter of Adani group, has said that it increased its stake in the group's flagship Adani Enterprises buying a 2.22% stake in the company from the open market between 7 August and 18 August. The stake purchase could be worth ₹6,348.12 crore according to the volume weighted average price of Adani Enterprises during that period. With the latest purchase, Kempas Trade and Investment’s promoter stake in Adani Enterprises has risen to 69.87% from 67.65%.
Adani Power: Is targetting a total capacity of 21,110 MW by FY29. This includes proposed inorganic capacity at 1,100 MW, brownfield capacity of 3,200 MW, core existing capacity of 15,210 MW and committed brownfield capacity of 1,600 MW. It sees the net senior debt at ₹26,690 crore in FY24 vs ₹24,350 crore in FY23.
One97 Communications: The parent of fintech giant Paytm plans to invest in Al to build Artificial General Intelligence software stack, founder and chief executive Vijay Shekhar Sharma said in its annual report. He added that India can expect 500 million payment consumers and 100 million merchants "not very far in future". Tata Power: Subsidiary Tata Power Renewable Energy has signed a power purchase agreement (PPA) for 9MWp on-campus solar plant with Tata Motors' Pantnagar plant in Uttarakhand.
This unit will be the largest on-campus solar facility in Uttarakhand. The project will be commissioned within six months from the PPA execution date. Poonawalla Housing Finance: Care Ratings has downgraded the rating of Poonawalla Housing Finance by three notches, citing divestment by the promoter group.
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