Stocks to Watch Today: Religare Enterprises, SBI, REC, NTPC, IREDA, and Aurobindo Pharma in Focus

IREDA: The Indian Renewable Energy Development Agency (IREDA), owned by the government, got approval to raise ₹4,500 crore by selling shares through a Qualified Institutional Placement (QIP). The government plans to reduce its stake in IREDA by 7% in stages. This decision came from the Department of Investment and Public Asset Management (DIPAM) after recommendations from a high-level committee.

REC: REC Ltd, a government-owned company, signed deals worth ₹1.12 trillion to support renewable energy projects over the next five years. These projects include solar and wind hybrids, solar and wind power for round-the-clock (RTC) supply, floating solar plants, mega renewable energy parks, and green hydrogen production. Other projects involve hydroelectric power, battery storage systems, and solar cell manufacturing.

Religare Enterprises: The Delhi High Court sent notices to the Registrar of Companies (RoC) and Religare Enterprises after MB Finmart, part of the Burman Family, challenged the RoC’s decision to extend Religare’s annual general meeting (AGM) by three months. The AGM, initially set for 30 September, was moved to December without explanation. MB Finmart argued that the extension violated Section 96(1) of the Companies Act, which only allows extensions in “exceptional circumstances.” The next hearing is scheduled for 21 October.

Aurobindo Pharma: Aurobindo Pharma is set to acquire the remaining 49% stake in GLS Pharma Ltd for ₹22.5 crore, making GLS Pharma its wholly-owned subsidiary. The company signed a binding agreement to purchase 5,90,361 shares at ₹381.12 per share. The deal is expected to close by December 31, 2024.

SBI: The State Bank of India (SBI) raised ₹7,500 crore by issuing Tier 2 bonds under Basel III guidelines. The bond issue received strong interest, with bids exceeding three times the base size of ₹4,000 crore. SBI’s chairman, C S Setty, said the high demand showed the trust investors have in India’s largest bank.

NTPC: NTPC is preparing to list its renewable energy division through an IPO that could raise ₹10,000 crore. The company has already submitted the draft papers for the listing.

BHEL, PFC: BHEL paid a final dividend of ₹55 crore to the government, while Power Finance Corporation (PFC) announced a record dividend payout of ₹4,455 crore for 2023-24, of which ₹462 crore will go to the government.

Zee Entertainment Enterprises: Star India is seeking $940 million in damages from Zee Entertainment after terminating a TV rights deal with the ICC. The arbitration process is still ongoing, with Zee contesting Star’s claims.