Stocks to Watch: KFin Technologies, Tata Power, JSW Energy, UCO Bank, Airtel

KFin Technologies: Shares of KFin Technologies Ltd are going to hit the stock market today. As per the information available on the BSE website, effective from Thursday, December 29, 2022, the equity shares of KFin Technologies Limited shall be listed and admitted to dealings on the exchange in the list of ‘B’ group of securities. KFin Technologies’ share price will make its debut on both BSE and NSE in a special pre-open session.

Adani Transmission: Adani Transmission has formed a subsidiary, BEST Smart Metering Ltd (BSML), to undertake the smart meter business. BSML is incorporated in India and registered with the Registrar of Companies, Gujarat at Ahmedabad on 27th December 2022 and is yet to commence its business operations, a BSE filing stated. “Company has incorporated a wholly-owned subsidiary company in the name of BEST Smart Metering Ltd,” a BSE filing stated.

Bharti Airtel: Telecom operator Bharti Airtel has plans to invest ₹27,000-28,000 crore in telecom network with a focus on 5G rollout, a company official said on Wednesday. While the company is planning to increase capital expenditure by 10-15 per cent, it has no plans to charge a premium rate for 5G services as it has not worked in several countries that tried to do so. The official said that capex is being largely spent on radios (mobile antennas), fibre, broadband, enterprise technology data centres etc.

JSW Energy: JSW Energy on Wednesday said it has completed the acquisition of 700 MW Ind-Barath Energy (Utkal) for ₹1,047.60 crore through insolvency proceedings. “Pursuant to the NCLT (National Company Law Tribunal) approval order, the resolution plan has now been implemented and the acquisition of Ind-Barath Energy (Utkal) Ltd is complete. The resolution amount of ₹1,047.60 crore has been paid,” a BSE filing said.

Tata Power: Tata Power Renewable Energy (TPREL), a subsidiary of Tata Power, has received the “letter of award” (LoA) from Tata Power Delhi Distribution Ltd, a joint venture of Tata Power and the NCT of Delhi, for setting up a 255 MW hybrid (wind and solar) power project in Karnataka. “The project will be commissioned within 24 months from the PPA execution date. The letter was awarded through an e-reverse auction”, the company said in a statement.

UCO Bank: State-owned UCO Bank on Wednesday said it is planning to raise up to ₹1,000 crore by issuing debt securities. The bank’s board will consider the proposal for raising tier I capital in the form of additional tier I bonds in one or more tranches aggregating to ₹1,000 crore, UCO Bank said in a regulatory filing. The board is scheduled to meet on January 3, 2023, to take up the fundraising proposal.

Spandana Sphoorty Financial: Spandana Sphoorty Financial has approved the transfer of the stressed loan portfolio including written-off loans of ₹323.08 crore outstanding as on September 2022 to an Asset Reconstruction Company pursuant to Swiss Challenge Method for ₹95 crore, the company said in a filing with the exchanges. Under the Swiss Challenge Method, a bidder makes an unsolicited bid to the auctioneer for the asset. Once approved, the auctioneer seeks counterproposals against the original bidder.

Arihant Academy: Arihant Academy may be listed on the NSE today. Arihant Academy IPO subscribed 235.87 times overall. NII subscribed it 242.89 times and 228.85 times in retail. Arihant Academy IPO aims to raise around ₹14.72 Crores via IPO. The price band is fixed at ₹90 per equity share. The company is a Mumbai-based coaching institute for SSC, ICSE, Science & Commerce.

JK Lakshmi Cement: JK Lakshmi Cement on Wednesday said it has deployed LNG trucks for long-haul transportation of raw materials in the country. “…JK Lakshmi Cement has entered into a strategic partnership with Green Line Logistics for providing these LNG trucks for transportation. The LNG trucks are manufactured by Pune-based Blue Energy Motors,” the company said in a statement. With this, JK Lakshmi Cement became the first Indian cement company to use Green LNG trucks for transporting its products.

McLeod Russel India: As part of the restructuring with secured lenders, debt-laden McLeod Russel India Ltd is in the process of negotiating with “multiple investors” to monetise assets and infuse fresh capital, but these talks are still in the fluid stages and nothing has been finalised, an official with the bulk tea major said. The final third credit rating of the company, which was delayed due to the Covid pandemic, is likely to be submitted by January 10, the official said.