Stocks to Watch Today: Jio Financial Services Teams Up with BlackRock, SpiceJet’s Ajay Singh Sells Stake, Ola Electric Lock-In Ends & More

Jio Financial Services: Jio Financial Services and BlackRock Advisors Singapore have teamed up to form a new company called Jio BlackRock Investment Advisers Private Limited. According to a filing with the Bombay Stock Exchange on September 8, the company will focus on offering investment advice in India. Jio Financial Services plans to invest ₹3 crore to subscribe to 3 million equity shares at ₹10 each.

SpiceJet: SpiceJet’s Chairman and Managing Director, Ajay Singh, is expected to sell over 10% of his stake in the airline to raise funds. The deal is likely to be finalised by the end of September. The airline is currently facing financial challenges, legal issues, and aircraft groundings, and is looking for funds to stabilise its operations.

Vedanta: Vedanta is planning to split its business into separate companies. Chairman Anil Agarwal has announced that the demerger will divide Vedanta’s operations into independent companies focused on different sectors like aluminium, oil and gas, power, steel, and base metals. Vedanta Ltd. will still manage its zinc business and new ventures.

Punjab National Bank (PNB) and Bank of Maharashtra: Both banks have received approval to raise up to ₹5,000 crore each through qualified institutional placements (QIP) in the financial year 2025. This funding will help them meet public shareholding norms.

Ola Electric Mobility: The one-month lock-in period for Ola Electric’s shares ends today, September 9, making 18.18 crore shares available for trading.

PNB Housing Finance: The company plans to raise up to $125 million through External Commercial Borrowing (ECB) in the third quarter of FY25. PNB Housing already has ECB approval for $125 million and is considering raising an additional $100 to $125 million. The company aims to grow its retail loan book to ₹1 trillion by FY27 from its current ₹65,000 crore, with a growth target of 17% for FY25.

Deep Industries: The company has won a ₹1,402 crore contract from Oil and Natural Gas Corporation (ONGC) to boost production at ONGC’s Rajahmundry facility. As of June 30, 2024, Deep Industries had an order book worth ₹1,246 crore.

Suven Pharma: Suven Pharma’s subsidiary, Casper Pharma, has received a positive Voluntary Action Indicated (VAI) classification from the US FDA for its Hyderabad facility, successfully closing the inspection process.

Suzlon Energy: Suzlon Energy has acquired a 51% stake in Renom for ₹400 crore, making Renom a subsidiary of the company.

Mazagon Dock Shipbuilders: Mazagon Dock has received a ₹1,486 crore contract from ONGC for a subsea pipeline replacement project.