Stocks to Watch: Ambuja Cements, LTIMindtree, VA Tech Wabag, Restaurant Brands, JSW Energy, and more

Here’s a quick look at stocks likely to be in focus in today’s trade.

Ambuja Cements: Adani Group’s Ambuja Cements announced the amalgamation of its subsidiaries, Sanghi Industries Ltd (SIL) and Penna Cement Industries Ltd (PCIL), into the parent company. The integration will be facilitated through separate schemes of arrangement for both subsidiaries. Under the proposed scheme, Ambuja Cements will issue 12 equity shares of ₹2 each for every 100 equity shares of SIL with a face value of ₹10, as recommended by valuers and approved by the board.

LTIMindtree: LTIMindtree Ltd secured an interim stay from the Karnataka High Court in a legal dispute concerning a zero-rated supply benefit and a refund recovery for an input tax credit allegedly granted in error. The writ petition, filed on December 9, 2024, contests the validity of the order issued by the Union of India and the Principal Commissioner of Central Tax, Bengaluru East. During the hearing on December 17, 2024, the court stayed the proceedings based on the disputed order until the next hearing date.

Restaurant Brands Asia: Restaurant Brands Asia Ltd, the Burger King franchisee in India, announced that its board will meet on December 20, 2024, to discuss fundraising proposals. Potential methods include preferential issues, qualified institutions placements (QIPs), or other permissible avenues, pending necessary regulatory and statutory approvals.

Aurobindo Pharma: Aurobindo Pharma revealed that the US FDA completed an inspection of its Unit-V active pharmaceutical ingredient (API) manufacturing facility, operated by its subsidiary, Apitoria Pharma Private Ltd, in Telangana. The inspection, conducted from December 9-17, 2024, resulted in two procedural observations.

Muthoot Capital: Muthoot Capital Services Limited announced a meeting of its Debenture Issue and Allotment Committee scheduled for December 20, 2024. The agenda includes approving the issuance of non-convertible debentures (NCDs) on a private placement basis.

JSW Energy: South Korea’s LG Energy Solution and India’s JSW Energy are in advanced talks to establish a $1.5 billion joint venture for manufacturing electric vehicle and renewable energy storage batteries. The agreement outlines LG Energy Solution providing technology and equipment, while JSW Energy will invest capital.

Piramal Enterprises: Piramal Enterprises Ltd announced a meeting of its Administrative Committee on December 20, 2024, to approve a public issuance of non-convertible debentures (NCDs). This announcement follows the delegation of powers by the company’s board.

VA Tech Wabag: VA Tech Wabag reported the cancellation of its $317 million (approximately ₹2,700 crore) order for a 300 MLD Mega Sea Water Desalination Plant in Saudi Arabia. The Saudi Water Authority communicated the cancellation on December 16, 2024, citing internal administrative procedures. The company is engaging with the client to understand the rationale behind the decision.

Exide Industries: Exide Industries has invested ₹100 crore in its wholly-owned subsidiary, Exide Energy Solutions Ltd (EESL), through a rights issue of 2.77 crore equity shares. This move raises the total capital infusion into EESL to ₹3,152.24 crore. The investment will support EESL’s greenfield project in Bengaluru, focused on manufacturing lithium-ion battery cells, modules, and packs for the EV market.

BCL Industries: BCL Industries Ltd announced that its subsidiary, Svaksha Distillery Ltd, has received approval to establish a 75-kilolitre-per-day (KLPD) biodiesel plant at its Kharagpur facility. The project, which includes an oil extraction unit, is estimated to cost ₹150 crore. Additionally, the company has secured environmental clearance for a 150 KLPD ethanol manufacturing plant at its Bathinda distillery, with work expected to commence shortly.