Stocks to Watch Today: RIL Wins ₹3,620 Cr Battery Storage Contract, Adani Enterprises, Axis Bank, Canara Bank in Focus

Reliance Industries Ltd has won a big contract to develop a 10 GWh battery storage project as part of the government’s production-linked incentive (PLI) scheme. This project is an important step for India in becoming self-reliant in battery manufacturing. The Ministry of Heavy Industries announced that seven companies, including Reliance Industries, placed bids for this 10 GWh Advanced Chemistry Cell (ACC) manufacturing project, which has a budget of ₹3,620 crore.

Adani Enterprises

Adani Enterprises Ltd. made a strong debut with its first-ever bond issue aimed at individual investors. The company raised nearly ₹720 crore on the first day, almost hitting the target of ₹800 crore. The retail portion was fully subscribed, with ₹250 crore worth of bids coming in, surpassing the reserved ₹240 crore for retail investors.

Canara Bank

Canara Bank raised $300 million through a five-year bond issue, its first in more than five years. The bonds were sold through the bank’s GIFT International Financial Services Centre, and the offer was oversubscribed by more than 2.5 times. The bonds, priced at 125 basis points above the five-year US Treasury, have a semi-annual coupon rate of 4.89% and were particularly popular among Asian investors.

Sona BLW Precision Forgings

Sona BLW Precision Forgings, also known as Sona Comstar, has set the floor price for its qualified institutional placement (QIP) at ₹699.01 per share, which is about 3% lower than the previous day’s closing price of ₹721.50. The company may offer a further discount of up to 5% on the floor price.

Axis Bank

Axis Bank has raised ₹3,925 crore by selling 10-year infrastructure bonds. This helps the bank secure long-term capital to support strong loan demand while deposit growth slows. The bonds were issued at a 7.45% interest rate, with strong investor demand pushing the total size to ₹3,925 crore, including a greenshoe option.

Vedanta

Vedanta, one of India’s top metal companies, has received a credit rating upgrade from ICRA Ratings, based on an expected improvement in its financial health. The upgrade follows successful fund-raising efforts, including a $1 billion qualified institutional placement (QIP) in July 2024 and an additional $400 million raised from an offer for sale (OFS) in Hindustan Zinc Limited (HZL) in August 2024.

General Insurance Corporation of India (GIC Re)

The government is selling part of its stake in GIC Re through an offer for sale (OFS). On the first day, nearly ₹2,300 crore worth of bids were placed, representing about 58 million shares. The government is aiming to sell up to 6.78% of its stake, but the final figure might be closer to 3.4%, meaning more sales will be needed to meet the regulatory requirement of 25% public shareholding.

Prestige Estates Projects

Prestige Estates has raised ₹5,000 crore through a Qualified Institutional Placement (QIP). The company issued almost 30 million equity shares at ₹1,674 per share, which is a 4.62% discount from the floor price.

Allied Blenders and Distillers (ABDL)

ABDL, known for its popular liquor brands, has received board approval to acquire an 80% stake in a new joint venture with actor Ranveer Singh. The venture will focus on luxury and premium spirits, with ABDL investing up to ₹70 crore.

Mastek

Capital Group has sold a 5.6% stake in IT services company Mastek, raising over ₹475 crore. Meanwhile, ICICI Prudential Mutual Fund bought shares in Mastek, showing confidence in the company’s growth potential.