Stocks To Watch Today: Network18, Reliance Industries, SREI Equipment Finance, Torrent Power, WPIL

Global stocks extended their declines Tuesday amid a surge in bond yields, as the spectre of steeper rate hikes to contain inflation loomed.

Stocks in Japan and South Korea shed over 1% each. In Australia, they fell more than 5%. US futures steadied in the wake of a three-day rout in the S&P 500. The Singapore-traded SGX Nifty -- an early barometer of India's benchmark Nifty 50 -- fell more than 0.5% to 15,689.5 points as of 6:30 am.

Traders are now pricing in a 75-basis-point rate hike by US Federal Reserve on Wednesday and a 200-basis-point increase in the current cycle. That when inflation in the world's largest economy has risen to a four-decade high.

Elsewhere, crude oil prices held above $120/barrel. The dollar hovered at a two-year high and the yen edged up from a 24-year low. The rupee fell below 78/dollar for the first time on Tuesday. Bitcoin fell 10% more.

Against that backdrop, here are the stocks to watch today:

• Network18, RIL: Viacom18, a unit of Reliance Industries-controlled Network18 Group, has won the rights to stream the Indian Premier League for the next five years.

• Torrent Power: The Gujarat-based firm has acquired a 50 MW solar power plant in Telangana from SkyPower Group at an enterprise valuation of Rs 416 crore.

• SREI Equipment Finance: An RBI-appointed administrator has found instances of fraud in the company. The administrator has filed an application with Kolkata NCLT against 14 respondents involved.

• WPIL: The company has received an order from the Government of West Bengal for execution of a turnkey project, comprising of commissioning of a clear water reservoir. The contract is valued at Rs 430.87 crore and the same will be completed over a period of 24 months.

• Dynamatic Technologies: The firm has won a contract to manufacture the escape hatch door for Airbus A220 aircraft.

• Bajaj Finance: Increased fixed deposit rates by 20 basis points.