Top Stocks to Watch Today: Big Moves from IndiGo, Paytm, Reliance, and More

Here’s a quick overview of the stocks that are expected to be in the spotlight today:

1. IndiGo (InterGlobe Aviation):
   Rakesh Gangwal, co-founder of IndiGo, plans to sell up to 14.7 million shares, or a 3.8% stake, through a block deal. This sale, valued at around $804 million, will lower the Gangwal group’s ownership in the airline from 19.38% to 15.58%. The shares are being sold at ₹4,593 each, which is a 5.5% discount to the last closing price.
   
2. Paytm (One97 Communications):
   Paytm’s subsidiary, Paytm Payments Services Ltd (PPSL), received approval from the finance ministry to make a new investment. This allows PPSL to reapply for a payments aggregator license, which is a positive step amid ongoing regulatory challenges.
   
3. Finolex Cables:
   The National Company Law Appellate Tribunal (NCLAT) supported the decision made by shareholders of Finolex Cables to not reappoint former executive chairman Deepak Chhabria at the AGM in September 2023.
   
4. Adani Ports and SEZ (APSEZ):
   APSEZ plans to set up a 2-million-tonne cement grinding unit in Guna and a propellant production facility in Shivpuri, Madhya Pradesh, with an investment of ₹3,500 crore.
   
5. Reliance Industries (RIL):
   The Competition Commission of India (CCI) has approved a merger between Disney Star and Reliance’s Viacom18, creating an $8.5 billion entertainment network. Additionally, Reliance’s Annual General Meeting (AGM) is scheduled for today.
   
6. Tata Motors DVR:
   Tata Motors’ Differential Voting Rights (DVR) shares will stop trading after August 29, as these shares will be converted into ordinary shares. For every 10 DVR shares, shareholders will receive 7 ordinary shares.
   
7. PolicyBazaar (PB Fintech):
   Tencent is selling a 2.1% stake in PB Fintech, valued at ₹1,610 crore, through a block deal at ₹1,660.2 per share, a 4.4% discount to the last closing price.
   
8. Tata Steel:
   Moody’s has given a stable outlook for Tata Steel, expecting the company’s earnings to improve over the next two years. Tata Steel also acquired shares in T Steel Holdings Pte for $280 million (₹2,347.81 crore).
   
9. Vodafone Idea:
   Vodafone Idea CEO Akshaya Moondra mentioned that reducing the company’s debt will take time. Debt reduction can only begin once their cash earnings (EBITDA) exceed financing costs and capital expenditures.
   
10. Vedanta:
    Vedanta’s Board will consider a third interim dividend for FY25 in a meeting scheduled for September 2, 2024.
    
11. Procter & Gamble Hygiene and Health Care:
    The company reported a 46.40% drop in net profit for the June 2024 quarter, with earnings at ₹81.06 crore, due to higher spending. This is a decline from ₹151.24 crore profit in the same quarter last year.
    
12. KEC International:
    KEC International has won new orders worth ₹1,171 crore for projects in the UAE and Saudi Arabia in its Transmission and Distribution business.

These stocks could see significant movement today based on these developments.