Top Stocks to Buy and Watch Today

Mahindra CIE Automotive: Mahindra & Mahindra has sold 82,42,444 shares or 2.173% shareholding in associate company Mahindra CIE Automotive. The sale has been executed through a bulk deal window at a gross price of Rs 285 per share. After the sale, the shareholding of the company in Mahindra CIE has come down from 11.427% to 9.254%.
Bharat Heavy Electrical: The company has received order for setting up the 2x660 MW Talcher thermal power project Stage-III on EPC (engineering, procurement, and construction) basis from NTPC.
IFCI: The company said the board has approved the preferential issue of equity shares up to Rs 100 crore for FY23 to the Government of India. This is subject to the approval of the shareholders.
HG Infra Engineering: Subsidiary HG Khammam Devarapalle Pkg-1 Private Limited has received financial closure for the Greenfield highway project in Telangana, from the National Highways Authority of India.

Power Grid Corporation of India: The company has received board approval for the appointment of G Ravisankar, Director (Finance) as Chief Financial Officer (CFO).

Harsha Engineers makes a bumper listing with 36% premium

Harsha Engineers International clocked gains on listing as expected before rising further but most analysts advise booking profits amid market turmoil. The stock started off the first day's trade with a whopping 36 percent premium over issue price despite nervousness in equity markets. It climbed further six percent as the day progressed to take total gains to 43 percent over issue price.

Analysts said high premium at listing is justified with the IPO generating stronger than expected demand as qualified institutional investors' portion got subscribed over 178 times. Also, the ask price is fairly valued compared to industry peers.

"We recommend booking partial profits while remaining can be kept for the long term as the company is a comprehensive solution provider offering diversified suite of precision engineering products across geographies and end-user industries and has long-standing relationships with leading clientele," said Astha Jain, senior research analyst at Hem Securities.

Rajnath Yadav, research analyst at Choice Broking, urged investors to exit given the market volatility. Although Prashanth Tapse, senior vice president of research at Mehta Equities, sounded "very optimistic" on Harsha Engineers with its dominant position, he too advised booking profits in the current market scenario. "Risk takers can hold with a long-term perspective," he added.

Santosh Meena, head of research at Swastika Investmart, termed the company as a proxy play on India becoming a global manufacturing hub: "Those who applied for listing gains can maintain a stop loss at Rs 400. Our recommendation for investors is to hold the allotted shares and long-term investors can accumulate the stock on dips."

Harsha Engineers, which is the largest manufacturer of precision bearing cages in India, raised Rs 755 crore from the public issue with a strong 74.70 times subscription during September 14-16. Of the total issue size, Rs 455 crore was raised through fresh issuance which will be used in repayment of debts, capital expenditure towards the purchase of machinery, and existing production facilities.

Sensex was down 860.62 points or 1.48 percent at 57,238.30, and the Nifty down 285.50 points or 1.65 percent at 17041.80 following weak global cues. This is the fourth straight day of selling on Dalal Street.

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NCLAT dismisses Siemens' plea

 The corporate insolvency resolution process (CIRP) was commenced against MEL on November 7, 2019, after NCLT admitted the plea filed by the State Bank of India. Before the initiation of CIRP against MEL, the company had entered into two agreements in relation to the supply and erection of a 700 MW thermal plant with EDAC Engineering Ltd.

On December 26, 2014, a consortium of lenders including Rural Electrification Corporation sanctioned the term-loan facility for financing the project. The terms and conditions of these facilities were governed by a Common Loan Agreement (CLA), which provided for security by way of assignment of a performance guarantee.
EDAC Engineering appointed Siemens as the subcontractor for the completion of the 700 MW project, which issued two bank guarantees of Rs 9.41 crore and Rs 10.90 crore. Later, MEL issued two notices for the invocation to HDFC Bank on October 18, 2019 and on January 9, 2020 both were credited to the Trust Retention Account.
The National Company Law Appellate Tribunal (NCLAT) has dismissed an appeal by Siemens Ltd against the invocation of its bank guarantees by Meenakshi Energy.
Meenakshi Energy Ltd (MEL) which is presently facing insolvency proceedings, was setting up a 700 MW thermal plant, in which Siemens was a subcontractor for the project.
The appellate tribunal has upheld the earlier order of the Hyderabad bench of the National Company Law Tribunal (NCLT) in this regard and noted the bank guarantees were invoked by MEL on the ground that Siemens failed to perform its obligations in terms of the agreements. "... Also keeping in view that we do not find any material on record with respect to any fraud, we do not find any illegality or infirmity in the order of the Impugned Order (of NCLT)," said a two-member NCLAT bench.
The Resolution Professional of MEL had sought permission for the release of Rs 2.50 crore and permitted it to be utilised against the overall outstanding amount of Rs 13.06 crore to ensure MEL's plant is kept running. On this NCLAT said, "Having regard to all the aforenoted reasons, we hold that the amount may be utilised for the functioning of the Corporate Debtor' (MEL) as a Going Concern."
Earlier on December 11, 2020, NCLT had dismissed the plea of Siemens and allowed the Resolution Professional to continue with the process of invocation and encashment of Performance Bank Guarantees granted in favour of MEL. This was challenged by Siemens before the appellate tribunal NCLAT contending that guarantees were wrongfully invoked by MEL.

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NCLAT dismisses Siemens' plea against encashment of its guarantee in Meenakshi Energy

 The National Company Law Appellate Tribunal (NCLAT) has dismissed an appeal by Siemens Ltd against the invocation of its bank guarantees by Meenakshi Energy.
Meenakshi Energy Ltd (MEL) which is presently facing insolvency proceedings, was setting up a 700 MW thermal plant, in which Siemens was a subcontractor for the project.
The appellate tribunal has upheld the earlier order of the Hyderabad bench of the National Company Law Tribunal (NCLT) in this regard and noted the bank guarantees were invoked by MEL on the ground that Siemens failed to perform its obligations in terms of the agreements. "... Also keeping in view that we do not find any material on record with respect to any fraud, we do not find any illegality or infirmity in the order of the Impugned Order (of NCLT)," said a two-member NCLAT bench.
The Resolution Professional of MEL had sought permission for the release of Rs 2.50 crore and permitted it to be utilised against the overall outstanding amount of Rs 13.06 crore to ensure MEL's plant is kept running. On this NCLAT said, "Having regard to all the aforenoted reasons, we hold that the amount may be utilised for the functioning of the Corporate Debtor' (MEL) as a Going Concern."
Earlier on December 11, 2020, NCLT had dismissed the plea of Siemens and allowed the Resolution Professional to continue with the process of invocation and encashment of Performance Bank Guarantees granted in favour of MEL. This was challenged by Siemens before the appellate tribunal NCLAT contending that guarantees were wrongfully invoked by MEL.

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