Stocks to Watch: Vedanta, Infosys, Suzlon, Shree Renuka Sugars, REC
Vedanta: Moody's Investors Service downgraded Vedanta Resources' corporate family rating from Caa1 to Caa2 over elevated risks of debt restructuring over the next few months. With the current downgrade, the outlook remains negative for the parent company of Vedanta.. Infosys: The IT major is partnering Microsoft to enhance enterprise functions with AI-enabled solutions across multiple industries, according to a release.
Both organisations will bring together their respective artificial intelligence capabilities -- Infosys Topaz, Azure OpenAI Service and Azure Cognitive Services -- for transitioning to AI from digital. Shree Renuka Sugars: The company has inked a pact to acquire 100% stake in Anamika Sugar Mills for ₹235.5 crore, as per a regulatory filing. Shree Renuka will purchase around 5 crore shares for ₹47.05 apiece.
REC/Punjab National Bank: State-run REC has signed a memorandum of understanding with Punjab National Bank to jointly explore the possibility to fund the power sector and infrastructure & logistics sector projects under the consortium arrangement. REC and PNB will partner to co-finance loans amounting to ₹55,000 crore over next three years. Suzlon Energy: The agreement between Suzlon Energy and Dilip Shanghvi and Associates has been terminated.
Hiten Timbadia, the investor group's nominee director on the Suzlon Energy board, has also resigned. Suzlon said there will be no impact on the company's operations. Shyam Metalics: The integrated metal producer has unveiled plans to manufacture battery-grade aluminum foil, a critical component in lithium-ion cells, marking a significant step towards contributing to Aatmanirbhar Bharat initiative in the battery energy storage domain.
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