Stocks to watch: Tata Power, NBCC, Vedanta, Tata Motors, Jio Financial, GAIL & ZEE

Domestic stock indices are likely to open on a muted note on Wednesday, tracking weakness across Asian markets. A host of stocks including NBCC, Tata Power, Tata Motors, Jio Financial Services (JFS), ZEE Entertainment Enterprises (ZEE) and GAIL will be in focus during the session amid corporate developments.

Tata Power, Tata Motors

Tata Motors and Tata Power Renewable Energy (TPREL), a subsidiary of Tata Power, have entered into a Power Purchase Agreement (PPA) to develop a new 12 MWp on-site solar project at Tata Motors’ Pune commercial vehicle manufacturing facility. The installation is collectively expected to generate 17.5 million units of electricity every year, which will meet nearly 17.2 per cent of the annualised requirement, potentially mitigating over 12400 tonnes/kWh of carbon emission each year.

NBCC

Shares of NBCC will be in focus as the company signed an MoU with Kerala State Housing Board (KSHB) for the development of 17.9 acres land parcel of Kerala State Housing Board at Marine Derive, Kochi for an estimated value of Rs 2,000 crore. The project is for development, project management and marketing consultancy, the company said in a BSE filing.

Jio Financial Services

Shares of Jio Financial Services Ltd (JFS) will be in focus on Wednesday, as the stock will be excluded from Nifty and other NSE indices from September 7. The stock did not hit the price band on two consecutive trading days and, therefore, the index maintenance sub-committee of NSE indices decided to remove it from various indices effective Thursday. To recall, the JFS stock was excluded from Sensex and other BSE indices from September 1.

GAIL 

Shares of GAIL Ltd will be in focus on Wednesday morning after Central Bureau of Investigation (CBI) arrested an executive director and a chief general manager of GAIL, along with three others, in an alleged bribery case of Rs 50 lakh in which favours were granted to a Vadodara-based company in two pipeline projects. In a filing to BSE, post market hours, GAIL said no impact can be ascertained or estimated at this stage.

ZEE Entertainment Enterprises

Shares of ZEE Entertainment Enterprises Ltd (ZEE) will be in focus on Wednesday after the company told stock exchanges that it has been served with an appeal on behalf of IDBI Bank Ltd before the NCLAT, Delhi, challenging the order dated August 10, passed by NCLT Mumbai bench, approving the composite scheme of arrangement amongst ZEE, Bangla Entertainment and Culver Max Entertainment (formerly known as Sony Pictures Networks India).

Vedanta

Parent Vedanta Resources (VRL) is in discussions with Standard Chartered Bank for a loan of $1.2 billion to $1.3 billion against brand fee receivables without any restructuring pre-conditions, ET reported. The loan deal, if sealed, will take care of debt repayments until January without the need to restructure the bonds, the report added.

Power Grid Corporation of India

Power Grid Corporation of India Ltd (Power Grid) has been declared as successful bidder under tariff based competitive bidding to establish inter-state transmission system project. The Letter of Intent (LoI) has been received by Power Grid. The project comprises establishment of a new 765/400kV substation at Dausa, one 765kV D/C Transmission Line, LILO of both circuits of one 765kV D/C Line and LILO of both circuits of one 400kV D/C line at new 765/400kV substation in the state of Rajasthan and associated bay extension works, Power Grid said.

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