Stocks to Watch Today: Hero MotoCorp Hit with ₹17.64 Crore Tax Demand, GMR Airports, SpiceJet, Adani Enterprises Also in Focus

Hero MotoCorp has received a tax demand notice from the GST department of the Delhi government, amounting to ₹17.64 crore. The company needs to pay ₹9.38 crore as tax under the Central GST Act, ₹7.32 crore in interest, and ₹93.86 lakh in penalties, according to its BSE filing on August 18, 2024.

Escorts Kubota:

The company is planning to invest up to ₹4,500 crore to set up a new manufacturing plant in Uttar Pradesh. Escorts Kubota has submitted a proposal to the state government for land acquisition. This greenfield facility will help expand its manufacturing capabilities, with investments made in stages, according to a recent filing.

GMR Airports Infrastructure Ltd.:

In July 2024, GMR Airports reported a 7.7% year-on-year increase in total passenger traffic, reaching 1.06 crore passengers. Domestic traffic grew by 7.1%, while international traffic rose by 9.3%. Aircraft movements also increased by 6% year-on-year. On August 14, GMR Airports announced plans to raise up to ₹5,000 crore through various methods, including qualified institutional placement (QIP) or foreign currency convertible bonds (FCCBs).

DEE Development Engineers Ltd.:

The company reported a profit after tax of ₹3.19 crore for Q1 FY2024, a significant improvement from the ₹4.58 crore loss in the same quarter last year. Total income for the quarter increased to ₹188.17 crore from ₹159.46 crore in Q1 FY2023. DEE Development Engineers’ order book stood at ₹803 crore as of June 30, 2024, with a newly secured international contract worth about ₹340 crore.

SpiceJet:

Facing financial difficulties, SpiceJet has appealed to the Delhi High Court to reverse an order requiring it to ground three leased engines. The original order, issued on August 14, directed the return and inspection of the engines leased from French companies due to SpiceJet’s unpaid rentals. The airline’s appeal comes after its proposal to pledge shares as collateral was rejected by the lessors.

Adani Enterprises:

The company’s management committee has approved the issuance of non-convertible debentures (NCDs) of up to ₹400 crore, with an option to increase the issuance by another ₹400 crore, bringing the total to ₹800 crore.

Jubilant Pharmova:

Jubilant Biosys, a subsidiary of Jubilant Pharmova, has offered to acquire an 80% equity stake in a new company to be incorporated in France, in partnership with Pierre Fabre Laboratories. The deal, valued at €4.4 million over two years, will allow Jubilant Biosys to establish a European center for biologics and Antibody Drug Conjugates (ADCs). The R&D facility acquired from Pierre Fabre in Saint Julien will help the company access a $500 million market.

Hindustan Zinc:

Promoter Vedanta is exercising the oversubscription option in Hindustan Zinc’s offer-for-sale (OFS), involving over 1.21 crore equity shares (0.29% stake). This is in addition to the 5.14 crore shares (1.22% stake) in the base offer size, bringing the total offer to 6.36 crore shares (1.51% stake). Around 63.6 lakh shares will be reserved for retail investors.

Samvardhana Motherson International:

The company is set to acquire a 34% stake in Motherson Auto Solutions Limited from Sojitz Corporation. This acquisition is subject to certain conditions being met by Samvardhana Motherson Innovative Solutions Limited, a subsidiary.

Caplin Point:

Caplin Steriles, a subsidiary of Caplin Point, received zero observations from ANVISA, Brazil’s drug regulator, after an inspection of its injectable and ophthalmic manufacturing facility in Gummidipoondi.