Stocks to Watch, Dec 17: Protean eGov Tech, Kaynes Tech, Ola Electric, Indian Overseas Bank, ITC, ABREL, Vedanta, Glenmark Pharma

Several stocks are expected to be active in trading today.

Protean eGov Technologies is focusing on developing banking technologies for the future. According to a company filing, the collaboration aims to create scalable and widely applicable technologies for the financial sector. Protean's official statement highlights that this investment supports its long-term strategy to establish reliable digital infrastructure for a large population.

Indian Overseas Bank (IOB) announced that the government plans to sell up to 38.51 crore shares, representing 2% of the base offer size. There's also an option to sell an additional 19.25 crore shares, which accounts for 1% of the total equity. A successful offloading of up to 3% stake in IOB could generate approximately ₹2,100 crore for the government at the current market price.

Ola Electric's promoter pledges are not anticipated to increase. The existing pledge was made to initially fund AI startup Krutrim, which has since become a cloud infrastructure player with positive cash flow.

ITC's acquisition of ABREL's pulp and paper unit in Lalkuan, Uttarakhand, is proceeding. ABREL's board had approved the business transfer agreement for the divestment earlier this year in March. The Competition Commission of India (CCI) has already given its approval for the proposed deal.

S&P has revised IIFL's outlook, citing the company's growing market share in gold financing after the Reserve Bank of India lifted restrictions on fresh gold loans. S&P anticipates that IIFL will maintain strong capitalization over the next year. Furthermore, S&P expects IIFL's credit costs to decrease due to portfolio adjustments and reduced microfinancing exposure, with credit costs peaking in the fiscal year ending March 31, 2026.

Saregama India plans to invest in BPPL by subscribing to 9,960 compulsory convertible preference shares (CCPS), expected to be completed by February 14, 2026, pending standard conditions. Following the conversion of the CCPS, Saregama India's shareholding in BPPL is projected to be between 28% and 49.9% by 2028 on a fully diluted basis. Saregama also retains the option to acquire additional stakes in stages, potentially reaching 51% ownership by 2030.

Kaynes Tech has secured an order from IIT Mandi worth ₹332.99 crore. The project involves providing project management consultancy services for planning, designing, and constructing academic buildings, faculty housing, a student activity center, and a sports complex. These collaborations are expected to contribute significantly to India's goal of becoming a global semiconductor hub.

Glenmark Speciality SA, a subsidiary of Glenmark Pharma, has entered into an exclusive agreement with Hansoh Pharma for Aumolertinib, a third-generation epidermal growth factor receptor tyrosine kinase inhibitor, covering licensing, collaboration, and distribution.