Stocks to Watch: Adani Enterprises, Adani Power, Paytm, Tata Power, Union Bank of India

New Delhi: Here are the stocks that could be in focus in today's trade:

Adani Enterprises: Kempas Trade and Investment Ltd., a promoter of Adani group, has said that it increased its stake in the group's flagship Adani Enterprises buying a 2.22% stake in the company from the open market between 7 August and 18 August. The stake purchase could be worth ₹6,348.12 crore according to the volume weighted average price of Adani Enterprises during that period. With the latest purchase, Kempas Trade and Investment’s promoter stake in Adani Enterprises has risen to 69.87% from 67.65%. 

Adani Power: Is targetting a total capacity of 21,110 MW by FY29. This includes proposed inorganic capacity at 1,100 MW, brownfield capacity of 3,200 MW, core existing capacity of 15,210 MW and committed brownfield capacity of 1,600 MW. It sees the net senior debt at ₹26,690 crore in FY24 vs ₹24,350 crore in FY23.

One97 Communications: The parent of fintech giant Paytm plans to invest in Al to build Artificial General Intelligence software stack, founder and chief executive Vijay Shekhar Sharma said in its annual report. He added that India can expect 500 million payment consumers and 100 million merchants "not very far in future".

Tata Power: Subsidiary Tata Power Renewable Energy has signed a power purchase agreement (PPA) for 9MWp on-campus solar plant with Tata Motors' Pantnagar plant in Uttarakhand. This unit will be the largest on-campus solar facility in Uttarakhand. The project will be commissioned within six months from the PPA execution date.

Poonawalla Housing Finance: Care Ratings has downgraded the rating of Poonawalla Housing Finance by three notches, citing divestment by the promoter group. Care has downgraded ratings on long-term bank facilities, non-convertible debentures of Poonawalla Housing Finance from Care AAA to Care AA-. In a report issued on 18 August, Care Ratings said the rating downgrade has been due to “disassociation with Cyrus Poonawalla Group post the sale of 99% stake in the HFC (housing finance company) to private equity player TPG’s affiliate Perseus.”

Welspun Enterprises: The infrastructure development arm of Welspun World has completed the acquisition of 50.10% stake in EPC firm Michigan Engineers (MEPL), from existing shareholders for ₹137.07 crore. With this, MEPL is now a subsidiary of Welspun Enterprises and and will help expand the company's expansion in water and tunnelling solutions segment in India.

Wockhardt: Shareholders of Wockhardt have rejected a proposal to raise ₹1,600 crore from a promoter entity, according to a regulatory filing. The board of the pharma company had sought shareholder approval for a related party transaction with Khorakiwala Holdings and Investments Pvt Ltd (KHIPL) to raise up to ₹1,600 crore for a period of five years. KHIPL is a Reserve Bank of India-registered NBFC.

Union Bank of India: The lender on Monday said it will raise up to ₹5,000 crore through qualified institutional placement. A Committee of Directors on Raising Capital Funds has, at its meeting held on Monday approved the raising of funds for an amount not exceeding ₹5,000 crore through the issue of equity shares through Qualified Institutions Placement (QIP), Union Bank said in a regulatory filing. The floor price of the issue is ₹91.10 per equity share, while the date of opening of the issue is Monday.

ABB India: Has bagged an order from Reliance Life Sciences to automate control solutions for their new biosimilars and plasma proteins manufacturing facilities in its 160-acre plant at Nashik, Maharashtra. 

Jet Airways: The National Company Law Appellate Tribunal (NCLAT) on Monday reserved its order in a plea by Jalan-Kalrock Consortium seeking more time to make payments to the lenders of the bankrupt Jet Airways. The consortium had emerged as the winning bidder for the airline, which stopped flying in April 2019 and later underwent an insolvency resolution process. The consortium is to pay ₹350 crore to the lenders by 31 August but has sought an extension for making the payment. An NCLAT bench said it will pass the order on next Monday and has granted three days' time to the parties to file their written submissions.

Coffee Day Enterprises: The National Financial Reporting Authority has imposed fines worth ₹1.10 crore on three entities, including two individual auditors, in connection with lapses in auditing of Tanglin Developments Ltd (TDL), a subsidiary of Coffee Day Enterprises Ltd. Besides, auditing firm Sundaresha & Associates, and two auditors--C Ramesh and Chaitanya G Deshpande--have been barred from taking up auditing work for varying periods. The case pertains to the diversion of funds worth ₹3,535 crore from seven subsidiary companies of Coffee Day Enterprises Ltd. to Mysore Amalgamated Coffee Estate Ltd (MACEL). NFRA found lapses in auditing of the books of TDL for 2019-20.