Stocks To Watch: Adani Ports, UPL, Vedanta, SBI, Tata Power, Amara Raja

U.S. stocks fell as losses extended following mixed economic data that did little for investors expecting a jumbo hike by the Federal Reserve. Treasury yields rose.

The S&P 500 tumbled and Nasdaq 100 slid over 1%. U.S. factory production rose 0.1% in August even as inflation remains hot. Elsewhere, oil declined following the Department of Energy’s plan to restock emergency reserves. Gold fell and Bitcoin declined below $20,000.

Back home, India's stock benchmarks declined for the second day in a row, dragged by losses in information technology, pharma, realty stocks.

The local currency extended losses against the U.S. dollar for the second consecutive session.

Stocks To Watch

• UPL: The company has acquired 26% stake in Clean Max Kratos Pvt Ltd. that will develop and maintain a hybrid 28.05 MW of solar and 33.00 MW of wind power project. UPL will further invest Rs 39.6 crore in Clean Max Kratos.

• Vedanta: The company clarified that the proposed semiconductors business will be undertaken by its ultimate holding company - Volcan Investments.

• State Bank of India: The bank has clarified that it has not been identified as a nodal bank for handling Russia-related transactions. SBI noted that RBI has authorised all the banks in India to open Special Rupee Vostro account to promote invoicing in Indian Rupee. Accordingly, the bank is making necessary arrangements and processing requests received from various banks, including Russian banks, as per RBI guidelines and its own policies and procedures.

• Tata Power: Tata Power Solar Systems, wholly owned subsidiary of Tata Power Renewable Energy Limited received the Letter of Award of Rs 612 crore for setting up a 100 MW ground- mounted solar project for SJVN.

• Adani Ports & SEZ: The company has signed a concession agreement with Syama Prasad Mookerjee Port to develop berth no. 2 at Haldia Dock Complex in West Bengal for an estimated cost of Rs 298 crore. It will design, build, finance, operate, maintain, and manage the bulk terminal with capacity of 3.74 million tons per annum for a concession period of 30 years.

• MTAR Technologies: The company has received orders worth Rs 540 crores in clean energy segment including civil nuclear power.

• CSB Bank: The bank appointed Pralay Mondal as the Managing Director and Chief Executive Officer.

• Ester Industries: The company has completed the sale of its engineering plastics business to Radici Plastics India in an all-cash slump sales transaction worth Rs 289.33 crore. The sale proceeds will be used to support growth initiatives in Ester’s core film and specialty polymer businesses. 

• Escorts Kubota: The company’s board has approved the scheme of amalgamation for merging Escorts Kubota India and Kubota Agricultural Machinery India into and with Escorts Kubota. The board has also granted in-principal approval for purchase of rough terrain crane business, and sale of shares of Tadano Escorts India to Japan-based Tadano. 

• Amara Raja Batteries: High Court of Andhra Pradesh has extended the interim suspension order of closure orders by Andhra Pradesh Pollution Control Board for the company’s plants situated at Karakambadi, Tirupati and Nunegundlapalli in Andhra Pradesh until further orders. 

• Bharti Airtel: Adds net 5.13 lakh mobile subscribers in July, according to TRAI data.

• Reliance Industries: Jio adds 29.5 lakh mobile subscribers in July, according to TRAI data.

• Vodafone Idea: Loses 15.4 lakh mobile subscribers in July, according to TRAI data.

Pledge Share Details

• Max Financial Services: Promoter Max Ventures Investment Holdings created a pledge of 1.6 lakh shares between Sept. 13 and Sept. 14. 

Insider Trades

• The Ramco Cements: Promoter Group Nalina Ramalakshmi sold 75,000 shares on between Sept. 13 and Sept. 14. 

• Grauer & Weil (India): Promoter Group Vinod Haritwal sold 3,000 shares on Sept. 13. 

• Garnet International: Promoter Suresh Gaggar Huf sold 20,100 shares on Sept. 15. 

• Gujarat Poly Electronics: Promoter Gujarat Industrial Investment Corporation sold 28,772 shares between Sept. 5 and Sept. 13. 

• Patel Integrated Logistics: Promoter Asgar Shakoor Patel sold 18,396 shares and Promoter Group Patel Holdings bought 41,032 shares on Sept. 13. 

• Vaibhav Global: Promoter Group Brett Enterprises bought 4,000 shares on Sept. 14. 

• Sasken Technologies: Promoter Group Arti Mody bought 7,760 shares on Sept. 13. 

• Man Infraconstruction: Promoter Parag K Shah bought 2 lakh shares on Sept. 14. 

• Authum Investment & Infrastructure: Promoter Mentor Capital bought 25,865 shares on Sept. 14. 

• Valiant Organics: Hemchand Lalji Gala sold 5,000 shares on Sept. 14. 

Bulk Deals

•  Oriental Hotels: Parth Infin Brokers bought 10.07 lakh shares (0.56%) at Rs 75.08 apiece. 

•  PVR: Plenty Private Equity FII I sold 7.62 lakh shares (1.25%) at Rs 1,877.14 apiece, Plenty Private Equity Fund I sold 10.76 lakh shares (1.76%) at Rs 1,887.04 apiece, Gray Birch Investment sold 22.07 lakh shares (3.61%) at Rs 1,871.18 apiece.

Who’s Meeting Whom: 

• J.K. Cement: To meet investors and analysts on Sept. 20. 

• Godrej Consumer Products: To meet investors and analysts on Sept. 28. 

• eClerx Services: To meet investors and analysts on Sept. 16. 

• Meghmani Finechem: To meet investors and analysts on Sept. 16. 

• Pearl Global Industries: To meet investors and analysts on Sept. 16. 

• Themis Medicare: To meet investors and analysts on Sept. 20. 

• Punjab Alkalies & Chemicals: To meet investors and analysts on Sept. 16. 

• Ultratech Cement: To meet investors and analysts on Sept. 16. 

AGMs today:

• Coffee Day Enterprises 

• Electrosteel Castings 

• Godawari Power & Ispat 

• Gulf Oil Lubricants India 

• IRCON International  

Trading Tweaks

• Record-Date Dividend: Excel Industries, Puravankara, Indian Railway Finance Corporation, Vardhman Holdings 

• Record-Date Final Dividend: Zee Entertainment Enterprises, Puravankara, Prudent Corporate Advisory Services, Krsnaa Diagnostics, Indian Railway Finance Corporation, Housing & Urban Development Corporation, Capri Global Capital, Bharat Heavy Electricals 

• Ex-Date Final Dividend: Aarti Industries, Bharat Dynamics, Garden Reach Shipbuilders & Engineers, Honda India Power Products, JBM Auto, KDDL, Poly Medicure, Shyam Metalics and Energy, Suprajit Engineering, Vardhman Special Steels, Techno Electric & Engineering Company 

Research Reports

• Patanjali Foods - Well Positioned For Accelerated Growth, Value Creation: HDFC Securities Initiates Coverage

• Prestige Estates Projects - Has Emerged As The Largest Realty Company: Geojit Initiates Coverage

• Zensar Technologies - Valuations Offer A Cushion Against Macro Concerns: Motilal Oswal

• 3M India - Capacity Expansion May Reduce Procurement Dependence From Parent: ICICI Securities

• IndusInd Bank - Well Positioned In Core Domains, Liability Profile Supportive: Nirmal Bang