Stocks to Watch: L&T, Tata Group companies, Cyient, telecom stocks, HG Infra, PNB Housing

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

Larsen & Toubro: Larsen & Toubro announced that the Bombay High Court has nullified a GST demand of ₹2,237 crore imposed on the company. The demand was related to a service tax dispute involving an erstwhile subsidiary, for which the company had already paid taxes post-demerger. L&T had filed a writ petition in the Bombay High Court, leading to the cancellation of this demand, according to the company's exchange filing.

Tata Group Companies: S&P Global Ratings announced an upgrade of various Tata Group companies on August 20, reflecting improved support from the group's parent. Tata Motors and its British subsidiary Jaguar Land Rover (JLR) were raised to investment grade BBB with a Stable outlook. Tata Steel was upgraded to BBB from BBB-, and Tata Power was upgraded to BBB with a Positive outlook, reflecting stronger financial expectations.

Cyient and Cyient DLM: IT firm Cyient announced the sale of a 14.5 percent stake in its subsidiary Cyient DLM through a block deal, with the floor price set at ₹748.65 per share, a 5 percent discount from the previous close. The sale, expected to close by August 21, 2024, will help Cyient meet capital requirements and reduce debt.

HG Infra Engineering: Promoters of HG Infra Engineering sold shares worth ₹281 crore through open market transactions. Harendra Singh Family Trust, Vijendra Singh Family Trust, and Girishpal Singh Family Trust offloaded a total of 17,96,154 shares at an average price of ₹1,566.5 per share. Aditya Birla Sun Life Mutual Fund and Societe Generale acquired stakes in the company.

Telecom Stocks: New customer additions by Reliance Jio and Bharti Airtel pushed India's telecom subscriber base past 120.5 crore in June, according to a Trai report. The wireless subscriber base grew slightly to over 117 crore, while wireline connections increased to 3.51 crore. Reliance Jio added 19.11 lakh new wireless subscribers, and Bharti Airtel added 12.52 lakh. However, Vodafone Idea, BSNL, MTNL, and Reliance Communications saw subscriber losses, resulting in a net wireless segment addition of 15.73 lakh.

PNB Housing Finance: General Atlantic Singapore Fund FII Pte is expected to sell a 5.1 percent equity stake in PNB Housing Finance through a block deal, according to CNBC-TV18 sources. The deal's floor price is likely set at ₹775 per share, with an estimated offer size of ₹1,032.7 crore.

GE T&D India: Promoters GE Grid Alliance BV and Grid Equipments are reassessing their shareholding structure in GE T&D India. As part of this review, they are exploring the possibility of selling a minority stake in the company to simplify the ownership structure.

Genus Power Infrastructures: Genus Power Infrastructures' wholly-owned subsidiary has secured three Letters of Award (LOA) worth ₹3,608.52 crore. These contracts are for appointing advanced metering infrastructure service providers (AMISPs) and involve the design, supply, installation, and commissioning of approximately 4.26 million smart prepaid meters and related systems on a DBFOOT (Design, Build, Finance, Own, Operate, Transfer) basis.

Exide Industries: Exide Industries has invested an additional ₹75 crore in its subsidiary, Exide Energy Solutions, through a rights issue. This brings the total investment in the subsidiary to ₹2,652.24 crore, without changing the company's shareholding percentage.

Ola Electric Mobility: Ola Electric's scooters, S1 X 3 kWh and S1 X 4 kWh, have received certification under the Production Linked Incentive (PLI) scheme for the automobile and auto components industry. Both models have met the 50 percent localization criteria mandated by the Ministry of Heavy Industries.