Reliance Infra to Discuss Fresh Fundraising as Markets Eye Big Moves – Stocks to Watch Today

Reliance Infrastructure: The board of Reliance Infrastructure will meet on September 19 to discuss raising funds through a preferential issue of shares. This comes after the company raised ₹550 crore in July 2021 through a similar issue, with ₹400 crore coming from the promoters and ₹150 crore from Varde Capital Partners.

Vedanta: Vedanta Aluminium is dealing with a breach at its process water storage pond at the Lanjigarh alumina refinery in Odisha. The breach, caused by heavy rains on September 15, has led to water overflow, affecting nearby agricultural land.

JK Tyre & Industries: JK Tyre has announced the merger of its subsidiary, Cavendish Industries Ltd., into the company. Under the merger plan, Cavendish shareholders will receive 92 JK Tyre shares for every 100 shares they own in Cavendish.

Sandur Manganese and Iron Ores: Sandur Manganese’s board has approved raising up to ₹1,000 crore by issuing equity shares via a Qualified Institutions Placement (QIP). The shares will have a face value of ₹10 each and will be issued in one or more tranches.

Indo Count Industries: Indo Count Global Inc., a US-based subsidiary of Indo Count Industries, has acquired an 81% stake in Fluvitex USA, Inc. for $19.63 million. Indo Count also has an option to purchase the remaining 19% within five years for $4.6 million.

India Shelter Finance Corporation: Nexus Ventures III and Nexus Opportunity Fund II have sold a combined 6% stake in India Shelter Finance. ICICI Prudential Life Insurance, SBI Life Insurance, and Goldman Sachs India have acquired a 2% stake in the company, while Patronus Research LLP bought 0.57%.

Adani Wilmar and Adani Enterprises: Adani Enterprises and Wilmar International are preparing to sell a 13% stake in their joint venture, Adani Wilmar, to comply with Indian shareholding rules. The sale is expected to bring in about $736 million, reducing their combined stake from 88% to 75% by February.

Strides Pharma: Strides Pharma Global Pte. Ltd., a subsidiary of Strides Pharma, has received approval from the US FDA to manufacture generic Fluoxetine tablets (60 mg) at its Puducherry facility.

Reliance Power: Reliance Power has won a significant contract from the Solar Energy Corporation of India (SECI) to develop a 500 MW/1000 MWh battery energy storage system. This contract is part of a larger 1000 MW/2000 MWh tender aimed at improving India’s energy storage infrastructure.

Poly Medicure: Poly Medicure plans to make acquisitions and new capital investments after raising ₹1,000 crore through a Qualified Institutions Placement (QIP). The company will allocate ₹250 crore for technology purchases and ₹250 crore for corporate expenses, with new capital projects set to begin by FY 2025-26.