Stocks to watch on September 18: REC, Reliance Power, Infosys, Biocon, and More

Indian stocks to keep an eye on this Monday, September 18, include some key developments in energy, infrastructure, IT, and healthcare. Here’s a detailed look at the companies making headlines:

REC

REC has signed a non-binding financial commitment to significantly expand its renewables loan portfolio, aiming to surpass Rs 3 lakh crore by 2030. This would raise the share of renewables in its loan book from 8% to 30%, contributing to India’s green energy push. Additionally, REC received a Letter of Intent from Maharashtra State Electricity Distribution Co. for a 1,500 MW energy storage capacity procurement from a pumped hydro storage project, which will run for 40 years. The company’s robust long-term strategy places it as a key player in India’s renewable energy sector.

Reliance Power

Reliance Power’s obligations as a guarantor for Vidarbha Industries Power have been fully settled, with the release of a corporate guarantee and associated debt of Rs 3,872.04 crore. The company has also reached a settlement with CFM Asset Reconstruction, clearing all outstanding disputes. This development is a significant relief for Reliance Power, positioning the company better for future growth.

Infosys

Infosys has entered into a long-term collaboration with the UK’s Metro Bank to digitally transform the bank’s IT and support functions, while enhancing its business operations. This partnership aligns with Infosys' continued efforts to expand its digital transformation capabilities globally.

Biocon  

LIC increased its stake in Biocon, purchasing an additional 5 lakh shares, raising its holding from 4.982% to 5.023%. This development reflects increasing confidence from large institutional investors like LIC in Biocon’s growth prospects.

Reliance Infrastructure  

Reliance Infrastructure has agreed to a one-time settlement with Edelweiss Asset Reconstruction Company, worth Rs 385 crore, related to non-convertible debentures. The settlement is expected to be completed by September 30, 2024, providing financial clarity for the company as it looks to streamline its operations.

GR Infraprojects  

GR Infraprojects has successfully transferred its wholly-owned subsidiary, GR Aligarh Kanpur Highway, to Bharat Highways InvIT for Rs 98.60 crore. This move is part of the company’s ongoing strategy to focus on asset monetization and capital recycling.

Mankind Pharma

Mankind Pharma’s Board is set to meet on September 20 to discuss raising funds through the issuance of non-convertible debentures, commercial papers, and other debt instruments. This capital raise will likely be aimed at fueling future growth initiatives.

Zodiac Ventures & Vakrangee

Both Zodiac Ventures and Vakrangee have upcoming Board meetings on September 24 to consider fund-raising proposals. Zodiac Ventures is exploring equity issuance, while Vakrangee will deliberate on potential funding strategies, alongside its recent partnership with Star Health Insurance to expand health insurance offering.

SKF India

SKF India’s parent company, AB SKF, has initiated a global separation of its automotive business. SKF India’s Board has begun reviewing the process, which could result in the listing of its automotive business on Nasdaq Stockholm by 2026.

Utkarsh Small Finance Bank

The Reserve Bank of India has approved the variable and fixed remuneration of Utkarsh Small Finance Bank’s Managing Director & CEO, ensuring the company’s leadership is aligned with its strategic objectives for FY24 and FY25.