Stocks to Watch, August 29: RIL, IndiGo, Jio Financial Services, NALCO, Coal India, NTPC, Tata Steel, and more

With the latest sale, the cumulative divestment by Rakesh Gangwal, along with his wife Shobha Gangwal and their family trust -- the Chinkerpoo Family Trust -- stood at ₹39,532.79 crore, translating to around $4.51 billion.

Since 2022, the Gangwals and their family trust have offloaded a 28.32% stake in IndiGo, according to an analysis by PTI.

Singh told reporters that the Navaratna company will set up a 1,080 MW power plant in Angul, Odisha, for its smelter unit.

"This power plant will be set up in Angul, Odisha, where our smelter unit will be there ...for the power plant, we have appointed a consultant who will make DPR, and in parallel, we are going to negotiate for a JV agreement with maybe two or three parties," Singh said.

Both the power plant and the smelter unit are part of its long-term expansion plans, Singh said.

For divisions at Jamshedpur, including tubes, an amount of ₹152.44 crore of the total payout will be distributed as an annual bonus among 11,446 employees, the steelmaker said.

According to the memorandum of settlement signed with Tata Workers' Union (TWU), the total payout for eligible employees of all applicable divisions and units on account of the annual bonus for the year 2024-25 will be ₹303.13 crore, the company, in a statement, said.

The minimum (at full attendance) and maximum (at actual attendance) annual bonus payable for 2024-25 will be ₹39,004 and ₹392,213, respectively, it said.

Addressing shareholders at the annual general meeting, Jio Financial Services' managing director and chief executive, Hitesh Sethia, said the company, which has partnered with global brands like BlackRock for asset management and Allianz for insurance in the past, will be entering more "strategic tie-ups" to expand its portfolio.

The Jio Payments Bank was serving over 25 lakh customers and had a deposit base of over ₹358 crore as of June this year. Payment banks are primarily aimed at offering payments and remittances to customers and have restrictions, including a ₹2 lakh cap on the maximum permissible deposits.

The rate cut comes at a time when calls are being made to look at boosting credit growth, which will help in the economic expansion. With an eye on inflation, the Reserve Bank of India (RBI) has been holding on to rates, and the money markets have also seen hardening of yields.

The move was aligned with the onset of the festive season, Bank of Baroda said in a statement.

In the home loan market, some major banks have been complaining about lending happening at "irrational" rates by rivals, which is forcing them to slow down book expansion.

Under the agreement, the building will be developed by Aurean Eskar and subsequently handed over to SAMHI for fit-outs and branding. The estimated development cost for SAMHI’s scope of work is ~%1,250 mn—%1,430 mn.

Aurean Eskar has recently completed and fully leased One Golden Mile, a premium commercial tower spanning ~500,000 sq. ft featuring a curated mix of boutique offices and high-street retail, located in the Business District of Kokapet, Hyderabad.

"The solution’s seamless integration with Infosys Finacle, part of EdgeVerve Systems, a wholly owned subsidiary of Infosys, will play a key role in creating an efficient pathway for financial institutions to access Mastercard Move's cross-border capabilities in a fraction of the typical implementation time and without the intensive resourcing traditionally needed for integration projects," the company said.