Stocks in Focus Today, March 6: Zomato, Coal India, Samvardhana Motherson, and Adani Green Energy

Several stocks are likely to be in focus on the stock market today, including Zomato, Coal India, Samvardhana Motherson, and Adani Green Energy. Among these, Zomato has been making headlines due to a potential stake sale by Antfin Singapore Holdings Pte, a subsidiary of the China-based Ant Group.

Zomato stake sale by Antfin Singapore Holdings Pte

According to reports, Antfin Singapore Holdings Pte is planning to sell up to 2% stake or 17.64 crore shares in Zomato, which is expected to be worth ₹2,800 crore. The transaction will be conducted through a block deal, with the floor price set at ₹159.4 per share, indicating a 4% discount on Zomato’s current market price. The block deal is expected to take place on Wednesday, March 6.

Coal India’s Gevra Mine expansion

Other stocks that may be in focus today include Coal India, which has been granted environmental clearance to expand the production capacity of its Gevra mine in Chhattisgarh to 70 million tons per year from the current 52.5 million metric tonnes. This expansion will make the Gevra mine the largest coal mine in Asia.

Wipro acquires stake in SDVerse LLC

In other news, Wipro, an IT services company, has acquired a 27% stake in SDVerse LLC to strengthen its positioning as a leader in software-defined vehicle and cloud car engineering services. The transaction is expected to be completed before the end of March 2024.

NHPC’s Jalaun Ultra Renewable Energy Power Park

NHPC, a state-run power company, has started developing the 1,200-MW Jalaun Ultra Renewable Energy Power Park in Jalaun, Uttar Pradesh, with an investment of ₹796.96 crore. The park is proposed to be set up in 24 months from the investment approval and will generate about 2,400 MUs of electricity every year.

Tata Technologies appoints COO, Bharti Airtel equity allotment

Tata Technologies, a Tata Group company, has appointed S Sukanya as chief operating officer with effect from March 6, 2024, while Bharti Airtel has approved the allotment of 56,81,733 fully paid-up equity shares at a conversion price of ₹518 per equity share to FCCB holders.

Other stocks in focus

Samvardhana Motherson, an automotive component manufacturer, and Adani Green Energy, a renewable energy company, are also expected to be in focus on the stock market today.

As the stock market opens today, investors will be closely watching these stocks for potential opportunities and developments.