Stocks to Watch: Vodafone Idea, NHPC, Torrent Power, BEL, Bajaj Finserv, and more

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

Vodafone Idea: Vodafone Idea announced that its board had approved the issuance of up to 175.53 crore shares on a preferential basis to two Vodafone Group entities, aiming to raise ₹1,980 crore. The issue price has been pegged at ₹11.28 per equity share. The company also clarified that the relevant date for determining the floor price for the preferential issue was December 6, 2024. This fundraising is critical for the debt-ridden telecom operator as it navigates financial challenges.

NHPC: NHPC disclosed plans to revise its borrowing strategy for FY25, with a board meeting scheduled for December 12, 2024. The company intends to raise up to ₹2,600 crore by issuing unsecured, redeemable, taxable, non-convertible, and non-cumulative bonds through private placement. The revised borrowing plan is expected to strengthen the company’s financial position to support its ongoing and future projects.

Bharat Electronics: The state-run defence equipment manufacturer secured new orders worth ₹634 crore. These orders include maintenance of the Akash Missile System, telescopic sights for guns, communication equipment, jammers, and more. The company’s order book for FY24 has now reached an impressive ₹8,828 crore, underscoring its robust operational performance and sustained demand for defence equipment.

Torrent Power: Torrent Power announced that its ₹3,500 crore qualified institutional placement (QIP) issue was oversubscribed by four times, receiving bids worth ₹14,000 crore. The overwhelming response from domestic mutual funds, global investors, and insurance companies reflects strong confidence in the company’s fundamentals and the power sector in India.

Brookfield India REIT: Brookfield India Real Estate Trust’s board approved raising funds through an institutional placement of units, with the issue opening for bids on Monday. The floor price was set at ₹287.55 per unit. Shares of Brookfield India REIT ended at ₹290.49 on the NSE, a 1.25% increase from the previous close. The initiative follows the unitholders’ approval at a recent meeting on November 29, 2024.

Bajaj Finserv: Bajaj Finserv’s unlisted insurance subsidiaries, Bajaj Allianz General Insurance and Bajaj Allianz Life Insurance, reported strong premium performance for November 2024. Bajaj Allianz General Insurance achieved gross direct premiums of ₹1,364.67 crore for the month, contributing to ₹15,781.54 crore for FY24 to date. Meanwhile, Bajaj Allianz Life Insurance recorded new business premiums of ₹659.35 crore in November, aggregating ₹7,449.08 crore for April-November 2024.

JSW Steel: JSW Steel reported a 5 percent year-on-year increase in consolidated crude steel production for November 2024, producing 23.23 lakh tonnes compared to 22.04 lakh tonnes in the previous year. Its Indian operations saw a 7 percent growth with 94 percent capacity utilization, producing 22.53 lakh tonnes. However, US operations at JSW Steel USA-Ohio experienced a 22 percent decline, with production reducing to 0.70 lakh tonnes.

Metropolis Healthcare: Metropolis Healthcare announced the acquisition of Core Diagnostics, a Delhi-NCR-based diagnostic company, for ₹246.83 crore. The acquisition involves a mix of cash (55 percent) and equity swap (45 percent). The move is expected to enhance Metropolis’ diagnostic capabilities and market reach.

NHC Foods: NHC Foods launched a ₹47.42 crore rights issue on December 5, 2024, priced attractively at ₹1 per share, compared to its market price of ₹2.76 on December 6, 2024. The subscription period will close on December 18, 2024, offering shareholders an opportunity to strengthen their stakes.

Tiger Logistics: The logistics firm approved a fundraising plan of up to ₹400 crore through equity shares, convertible instruments, or other securities via a preferential issue. The fundraising will be executed in one or more tranches, subject to statutory approvals and regulatory compliance.

Datamatics Global Services: Datamatics Global Services announced that its subsidiary, Lumina Datamatics Ltd, would acquire a 100 percent stake in Chennai-based TNQ Tech Private Ltd. The acquisition will occur in two phases: an 80 percent stake valued at ₹336 crore will be acquired by December 31, 2024, while the remaining 20 percent will be secured by July 31, 2026, subject to EBITDA and other conditions.