In the wake of Tuesday’s trading losses, investors are eyeing the opening of the BSE Sensex and Nifty on Wednesday, with several stocks poised to draw significant attention. Among the prominent names under scrutiny today are State Bank of India (SBI), Vedanta, Suzlon, ITC, Vodafone, Kotak Mahindra Bank, and Ambuja Cements. Here’s a rundown of what’s happening with these companies and what investors should watch out for:
1. ITC: British American Tobacco (BAT) Offloads Stake
British American Tobacco (BAT) has concluded a block deal to sell a 3.5 percent equity stake in ITC to institutional investors. This move has the potential to raise up to Rs 16,775 crore, according to reports. The transaction is likely to impact ITC’s market dynamics significantly.
2. SBI: Compliance with Electoral Bond Disclosure
In adherence to a Supreme Court directive, the State Bank of India (SBI) has furnished details of electoral bonds to the Election Commission of India (ECI). The apex court mandated the ECI to make this data publicly available on its website by March 15, 2024, bringing transparency to political funding through electoral bonds.
3. Vedanta: Sebi Orders Payment to Cairn UK
The Securities and Exchange Board of India (Sebi) has directed Vedanta to pay Rs 78 crore to Cairn UK for a delay in dividend payment. Failure to comply within 45 days could lead to further regulatory action. This ruling stems from Vedanta’s acquisition of Cairn Energy PLC’s majority stake in Cairn India Ltd in 2011.
4. Vodafone: Surrender of Spectrum
Vodafone Idea has surrendered partial spectrum in the 900 and 1800 Mhz bands, slated for renewal in 2024. The move, affecting regions like UP East and West Bengal, underscores the telecom operator’s efforts to optimize operational efficiency amidst its financial challenges.
5. Suzlon: Expansion Plans in Karnataka
Suzlon, a major player in the wind power segment, has expressed interest in establishing units in Karnataka’s Vijayapura district. With plans to invest Rs 30,000 crore, Suzlon aims to bolster its renewable energy portfolio, adding to its existing capacities in Anantapur and Jaisalmer.
6. Kotak Mahindra Bank: Stake Divestment in KFin Technologies
Kotak Mahindra Bank recently divested a 2 percent stake in KFin Technologies for Rs 208 crore through an open market transaction. This strategic move aligns with the bank’s broader financial objectives and portfolio optimization strategies.
7. Ambuja Cements: Stake Sale in Compliance with Regulations
To comply with minimum public shareholding norms, Ambuja Cements is set to sell up to a 4 percent stake in Sanghi Industries. This divestment, scheduled from March 13, 2024, to February 6, 2025, aims to ensure regulatory compliance and maintain the company’s market standing.
As markets open today, investors are closely monitoring these developments, anticipating their impact on stock performances and broader market sentiment.
