Stocks to Watch: Adani stocks, Zomato, RVNL, CESC, HDFC Life, RITES, and more

Here’s a quick look at stocks likely to be in focus in today's trade.

Adani Group: The Adani Group continues to face scrutiny as its Founder and Chairman, Gautam Adani, along with his nephew Sagar Adani, has been summoned to clarify their position on allegations made by the U.S. Securities and Exchange Commission (SEC). The SEC claims that the Adani leadership facilitated bribes amounting to USD 265 million (approximately ₹2,200 crore) to secure high-value solar power contracts.

Zomato: Zomato's shareholders have approved a significant capital-raising initiative, with plans to generate ₹8,500 crore through a Qualified Institutions Placement (QIP). This move was sanctioned through a special resolution passed via a postal ballot with remote e-voting. Zomato stated in a regulatory filing that the funds are intended to bolster its balance sheet during a pivotal phase of its business.

CESC: Eminent Electricity Distribution, a wholly-owned subsidiary of CESC, has received a Letter of Intent (LOI) for the acquisition of a 100 percent stake in an electricity distribution company operating in the Union Territory of Chandigarh. The deal, valued at ₹871 crore, is expected to be finalized within the next 30 days, marking a strategic expansion for CESC in electricity distribution and retail supply.

Rail Vikas Nigam Limited (RVNL): RVNL has secured a Letter of Acceptance (LoA) from Eastern Railway for a major infrastructure project involving earthwork, bridge construction, and railway track laying. This project is valued at ₹837.67 crore. RVNL, which leads the project with a 74 percent stake through its joint venture with SCPL, is expected to execute the work efficiently in line with its robust project management standards.

HDFC Life Insurance Company: Private general insurer ICICI Lombard General Insurance has acquired a 0.19 percent equity stake in HDFC Life Insurance Company. The stake, purchased for ₹233 crore, was transacted in cash during market hours on November 22, 2024, highlighting ICICI Lombard's strategic interest in HDFC Life’s long-term growth potential.

RITES Limited: RITES Limited has announced revised cost estimates for its ongoing railway electrification project in the Lumding-Badarpur (LMG-BPB) section under Northeast Frontier Railway (NFR). The revised project cost is now estimated at ₹531.77 crore, excluding GST, reflecting a significant increase from the original ₹288.44 crore. This revision underscores the scale and importance of the project in enhancing railway connectivity in the region.

Cochin Shipyard Limited (CSL): Cochin Shipyard Limited has entered into a Memorandum of Understanding (MoU) with Seatrium Letourneau USA, Inc. (SLET) for the design and provision of critical equipment for jack-up rigs tailored to the Indian market. This partnership combines Cochin Shipyard’s expertise in ship construction and engineering with SLET’s specialized capabilities in offshore drilling technology.

VST Industries: VST Industries has successfully completed the sale of a prime property located in Panjagutta, Banjara Hills, Hyderabad, to ViNS Bioproducts Ltd and other parties. The transaction, valued at ₹101.7 crore, includes approximately 2.7 acres of land along with existing structures, reflecting the company’s strategic move to monetize its assets.

HG Infra Engineering: HG Infra Engineering has been awarded a Letter of Award (LoA) by NTPC Vidyut Vyapar Nigam Ltd as part of a tariff-based global competitive bidding process. Under the agreement, HG Infra will manage 185 MW/370 MWh of capacity for a tariff rate of ₹2,38,000 per MW per month. The project, valued at approximately ₹1,110 crore, is set for completion within 1.5 years, highlighting the company's capability in managing large-scale infrastructure projects.

Prakash Industries: Prakash Industries has finalized the mining lease for the Bhaskarpara commercial coal mine located in Surajpur district, Chhattisgarh. The lease, granted by the state government and registered on November 22, 2024, provides coal mining rights for 30 years. Operational activities, including overburden removal, are set to begin next month, with coal extraction expected to commence in the subsequent quarter.