Stocks to Watch: Vedanta, HDFC Bank, Zomato, HPCL, Gravita India, and more

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

Vedanta: The board of Anil Agarwal-owned Vedanta has approved its fourth interim dividend of ₹8.5 per share. The announcement was made after market hours on Monday, December 16. Earlier, on December 12, Vedanta had notified the stock exchanges about the board meeting to discuss the dividend. Promoters, who hold a 56.38 percent stake in the company, are set to receive a total payout of ₹1,874 crore from this interim dividend. The dividend reaffirms Vedanta’s commitment to delivering shareholder value as the mining conglomerate continues to focus on rewarding its investors.

HDFC Bank: Private sector lender HDFC Bank revealed that it has received an administrative warning letter from the Securities and Exchange Board of India (SEBI) for alleged non-compliance with disclosure norms under the SEBI Listing Regulations. The issue pertains to the bank’s disclosures related to the resignation of senior management employee Arvind Kapil. While the bank has acknowledged receipt of the letter, it did not elaborate on specific actions being taken to address the matter.

Zomato: Zomato is expected to see inflows of approximately $513 million next week as the food delivery company prepares to join the BSE Sensex 30-share index on December 23, according to brokerage firm Nuvama. This inclusion will make Zomato the first new-age tech stock to feature in the frontline index. As part of the planned rejig, shares of JSW Group will exit the index to make way for Zomato.

Wipro: IT services giant Wipro announced the acquisition of Applied Value Technologies, Inc., along with its affiliates in Singapore and the Netherlands. The acquisition deal, valued at up to $40 million, involves a cash purchase consideration with a deferred earnout based on achieving specific performance metrics. The acquisition is aimed at strengthening Wipro’s application services capabilities and creating new growth opportunities. This move aligns with Wipro’s strategy to enhance its portfolio of digital transformation offerings in key markets.

Religare Enterprises: Religare Enterprises stated that its material subsidiary, Care Health Insurance Ltd (CHIL), has received a letter of advice and a show-cause notice from the Insurance Regulatory and Development Authority of India (IRDAI). The notice follows an IRDAI inspection conducted from August 30, 2021, to September 9, 2021, and subsequent submissions by CHIL. It outlines several alleged non-compliances with IRDAI’s regulatory framework, including operational and corporate governance issues and lapses in protecting policyholder interests.

Hindustan Petroleum Corporation Limited (HPCL): HPCL announced the approval of a lube modernisation and bottoms upgradation project at its Mumbai refinery. The project, with a total investment of ₹4,679 crore, is expected to enhance the facility’s production capacity and quality significantly. The initiative will increase the production of lube oil base stocks (LOBS) from 475 kilotonnes per annum (KTPA) to 764 KTPA. The upgraded facility will also produce superior-grade Group II+ and Group III LOBS, aligning with global standards for lubricant production.

Godavari Biorefineries: Godavari Biorefineries, a leading player in ethanol and bio-based chemicals, announced plans to invest ₹130 crore in setting up a 200 KLPD (kilo litres per day) corn and grain-based ethanol distillery. The new facility, which will feature a dual-feedstock system, aims to boost the company’s ethanol production and operational flexibility. The investment will be financed through a mix of internal accruals and debt, with commissioning scheduled for Q4 FY2026.

Gravita India: Recycling company Gravita India has launched a Qualified Institutional Placement (QIP) to raise ₹750 crore, with an option to increase the issue size. Shareholders have approved raising up to ₹1,000 crore through the offering. The indicative issue price for the QIP is ₹2,096.2 per share, representing a 6.1 percent discount to the closing price and a 5 percent discount to SEBI’s floor price. The QIP is expected to result in an equity dilution of 5.2 percent, providing Gravita India with the resources to expand its operations further.



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