Stocks to Watch: L&T Wins Big in Court, Tata Group Companies Get Ratings Boost, and Cyient Sells Major Stake

Here’s a quick look at the key stocks that might be in focus today:

• Larsen & Toubro (L&T): L&T had a major win as the Bombay High Court canceled a ₹2,237 crore GST demand against the company. This demand was related to a service tax issue from a former subsidiary, but the court ruled in L&T’s favor after they filed a petition.
  
• Tata Group Companies: S&P Global Ratings upgraded several Tata Group companies due to stronger support from the parent group. Tata Motors and Jaguar Land Rover moved up to investment grade BBB with a Stable outlook, while Tata Steel and Tata Power also received upgrades.
  
• Cyient: IT firm Cyient is selling a 14.5% stake in its subsidiary, Cyient DLM, through a block deal. The sale will help Cyient raise funds and reduce debt, with the deal expected to close by August 21, 2024.
  
• HG Infra Engineering: The company’s promoters sold shares worth ₹281 crore. Major buyers included Aditya Birla Sun Life Mutual Fund and Societe Generale.
  
• Telecom Stocks: Reliance Jio and Bharti Airtel continued to add new customers, boosting India’s telecom subscriber base to over 120.5 crore in June. However, companies like Vodafone Idea and BSNL saw subscriber losses.
  
• PNB Housing Finance: General Atlantic Singapore Fund is likely to sell a 5.1% stake in PNB Housing Finance through a block deal, with a floor price of ₹775 per share.
  
• GE T&D India: Promoters are reviewing their shareholding in the company and might sell a minority stake to simplify the ownership structure.
  
• Genus Power Infrastructures: The company’s subsidiary secured contracts worth ₹3,608.52 crore for installing smart prepaid meters.
  
• Exide Industries: Exide Industries invested an additional ₹75 crore in its subsidiary, Exide Energy Solutions, bringing their total investment to ₹2,652.24 crore.
  
• Ola Electric Mobility: Ola Electric’s scooters have received certification under the Production Linked Incentive (PLI) scheme, meeting the localization criteria set by the government.