Stocks to watch: ONGC, Hero MotoCorp, PNB, LTTS, IndiGo, Adani Group

Major benchmarks are likely to start trading with strong gains amid hopes of an end to the Ukraine war. Russia pledged on Tuesday to scale back military operations around Kyiv and northern Ukraine as a confidence-building step, in the most tangible sign yet of progress toward negotiating an end to the war.

Global markets rebounded overnight, taking cues from the same, SGX Nifty as of 07:00 AM hinted at solid gains of more than 200 pips on the NSE Nifty 50 at the opening bell. Meanwhile, here are the stocks to focus on in trading on Wednesday.

ONGC: The government will sell 1.5 per cent of its stake in the oil producer through an Offer for Sale (OFS) on Wednesday, a move that is expected to boost the position’s liquidation receipts by more than Rs 3,000 crore. OFS opens to non-institutional investors on Wednesday, while an offer to sell an additional 94.3 million, or 0.75 percent, will open to retail investors on Thursday. The minimum sale price was set at Rs 159, a discount of approximately 7 per cent from the share closing price of Rs 171 on Tuesday. Read more

Hero Motocorp: The Income Tax (IT) department has learned that it has discovered that two-wheeler maker Hero MotoCorp has made more than Rs 1,000 crore in “mock” expenses and an unexplained cash transaction of Rs 100 crore relating to property allegedly owned by a promoter of the company.

Meanwhile, the company said it plans to increase the prices of its motorbikes and scooters by up to 2,000 rupees from April 5, to offset the rise in commodity prices. Read more

Tata Consumer Products: On Tuesday, the company announced a reorganization of its businesses in India and abroad. The company also proposed to buy a 10.15 percent minority stake in its British subsidiary, TCP UK, from Tata Enterprise (Overseas), Switzerland, (TEO). Read more

IL & FS: The decision from IL&FS Group is expected to reach 61,000 crore out of a total debt of 99,355 crore, which is roughly 62 per cent, said Uday Kotak, who was appointed by the government as the company’s non-executive chief in October 2018 after replacing the board at the time. . Read more

Adani group: The Gautam-Adani-led group has completed the financing of the first phase of the Navi Mumbai International Airport project by raising a Rs 12,770 crore loan from the State Bank of India. Plans to start operating the airport in 2024.

Indigo: The low-cost airline has appointed Gaurav Negi as its chief financial officer and is giving additional responsibilities to Chief Strategy and Revenue Sanjay Kumar after two high-profile exits. Negi takes over from Jiten Chopra who is leaving the airline to pursue other interests, and is the airline’s third CFO in several years. Read more

SBI life: The Canda Pension Plan Investment Board (CPPIB) on Tuesday sold 0.56 per cent of its stake in the company for Rs 597 crore. It sold 5.58 million shares at Rs 1068.35 each. Buyers included the Aditya Birla Sun Life Mutual Fund, Avendus, ICICI Prudential MF, Singapore’s GIC and Goldman Sachs.

L&T Technology Services (LLTS): L&T Group’s Pure Game Engineering Services unit is betting big on Meta. The company is creating a center of excellence for the Metaverse as well as creating a business unit for Meta. The Center of Excellence will be launched from July to August. Read more

IDBI Bank: The private lender will offload its 25 percent balance of its stake in Ageas Federal Life Insurance Company (AFLI) to Ageas Insurance International NV. The Board of Directors has approved the sale of IDBI Bank’s entire 200 million equity interest in AFLI to Ageas pursuant to the exercise of Ageas’ Call Option. In December 2020, IDBI sold a 23% stake in a joint insurance venture to Ageas Insurance International JV for Rs 507 crore.

Furthermore, IDBI is planning to raise capital up to Rs 3,000 crore through additional Tier 1 (AT-1) bonds in 2022-23 (FY23) to meet regulatory standards and business growth. It will also raise up to Rs 1,000 crore via infrastructure bonds to finance projects and affordable housing.

Punjab National Bank: The board of directors of the state-run bank has approved a proposal to raise Rs 12,000 crore by issuing bonds to finance business growth. The Board of Directors approved the capital increase by issuing Basel III compliant AT-1 bonds up to Rs 5,500 crore and Tier 2 bonds up to Rs 6,500 crore, in one or more tranches, according to a filing.

Stocks in F&O Ban: PVR, Sun TV and Vodafone Idea are the only stocks in the F&O ban period on Wednesday.

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