The Indian stock market on Tuesday, December 17, 2024, is set to witness significant action driven by a mix of corporate developments, from major public offerings to new project wins. Key stocks in focus include Ola Electric, Rail Vikas Nigam Limited (RVNL), NBCC (India) Ltd, Glenmark Pharmaceuticals, Waaree Energies, Protean eGov Technologies, and NSDL Payments Bank.
Ola Electric's Mega IPO Opens for Subscription
The most prominent event driving market sentiment is the opening of the initial public offering (IPO) for Ola Electric Mobility Ltd. The company, led by founder Bhavish Aggarwal, has set a price band of ₹1,042 to ₹1,085 per share for its public issue. This IPO represents a significant milestone as it is one of the first major electric vehicle (EV) manufacturers to tap the public markets in India. The offering is a combination of a fresh issue of equity shares worth up to ₹5,500 crore and an offer for sale (OFS) of up to 9.51 crore shares by existing stakeholders. The subscription window will remain open until Thursday, December 19, 2024.
Rail and Infrastructure Stocks Gain Momentum
In the infrastructure sector, Rail Vikas Nigam Limited (RVNL) has secured a substantial new order. The company announced it received a Letter of Acceptance (LOA) from the Madhya Pradesh Metro Rail Corporation Limited for the construction of an elevated viaduct, ramp, and five elevated stations for the Indore Metro Rail Project. The project is valued at approximately ₹543 crore, and the work must be completed within 1,092 days. This order is expected to positively impact RVNL's order book and future revenue.
Similarly, state-owned construction giant NBCC (India) Ltd has been declared the lowest bidder for a major project. The company has emerged as the L1 bidder for the redevelopment of the General Pool Residential Accommodation (GPRA) colony at Srinivaspuri in New Delhi. This project, undertaken for the Central Public Works Department (CPWD), is estimated to be worth around ₹2,500 crore. Securing this project reinforces NBCC's dominant position in the government redevelopment space.
Pharmaceutical and Renewable Energy Developments
In the pharmaceutical space, Glenmark Pharmaceuticals is in the spotlight following a regulatory filing. The company's board is scheduled to meet on Wednesday, December 18, 2024, to consider a proposal for raising funds. This could involve issuing equity shares or other securities through various permissible methods. The market will be keenly awaiting the details of this fundraising plan and its intended purpose.
The renewable energy sector also sees activity with Waaree Energies Ltd. The solar panel manufacturer has announced that its board will meet on December 19 to consider and approve the raising of funds via a Qualified Institutions Placement (QIP) or other methods. This move indicates the company's plans to secure capital for expansion in the rapidly growing solar energy market.
Other Notable Corporate Updates
Protean eGov Technologies Ltd, a specialist in IT-enabled services for governments, has informed the exchanges about a change in its leadership. The company's board has approved the appointment of Suresh Sethi as its Managing Director (MD) and Chief Executive Officer (CEO). This leadership change could signal a new strategic direction for the company.
Furthermore, NSDL Payments Bank Limited has received a crucial approval from the Reserve Bank of India (RBI). The central bank has granted the payment bank a final Certificate of Authorisation, allowing it to officially commence banking operations. This regulatory green light marks a significant step for the entity in the competitive digital banking landscape.
Investors are advised to monitor these developments closely as they are likely to influence the trading patterns and share prices of the respective companies throughout the trading session on December 17 and in the coming days.
