Stocks To Watch: RIL, UPL, Shriram Finance, Coal India, NTPC, PB Fintech, Wipro, Emami, JSW Steel, KRBL
Here are the stocks to watch before going into trade today.
Reliance Industries Ltd., Shriram Finance Ltd., UPL Ltd. and Coal India Ltd. will be among the major stocks to watch on Thursday.
Reliance Industries will merge its media business with Walt Disney company India unit to create a Rs 70,352 crore joint venture, while the National Stock Exchange, after its periodic review, has decided to replace UPL with Shriram Finance in its Nifty 50 Index.
Coal India signed a joint venture with BHEL for a coal-to-ammonium nitrate plant.
Share indices in Asia-Pacific region were trading lower in early trade on Thursday, taking cues from overnight losses on Wall Street as market participants await for U.S. Personal Consumption Expenditure and China's PMI data.
The Nikkei 225 was trading 173.48 points or 0.44% lower at 39,034.55, and the S&P ASX 200 was trading 3.10 points or 0.04% down at 7,657.30.
US PCE index, Federal Reserve's preferred inflation gauge, is scheduled for release later today, which will provide clues for the central bank's monetary policy going ahead.
China's official PMI reading is due to be released on Friday, which will provide further insight into the economy struggling to reel out of the pandemic's effect.
The S&P 500 Index and Nasdaq Composite fell by 0.17% and 0.55%, respectively on Wednesday. The Dow Jones Industrial Average fell by 0.06%.
Brent crude was trading 0.04% higher at $83.63 a barrel. Gold was flat at 2,034.07 an ounce.
The GIFT Nifty was trading 60.5 points or 0.28% lower at 21,893.00 as of 6:30 a.m.
India's benchmark equity indices closed over 1% lower on Wednesday as Reliance Industries Ltd. and bank stocks dragged the most.
The NSE Nifty 50 ended 247.20 points or 1.11%, down at 21,951.15 and the S&P BSE Sensex closed 790.34 points or 1.08%, lower at 72,304.88.
Overseas investors remained net sellers of Indian equities on Wednesday for the third consecutive session.
Foreign portfolio investors offloaded stocks worth Rs 1,879.2 crore; domestic institutional investors remained buyers and bought equities worth Rs 1,827.4 crore, the NSE data showed.
The Indian rupee weakened by 3 paise to close at 82.93 against the U.S. dollar.
Stocks to Watch
Reliance Industries: The company will merge its media business with the Walt Disney India unit to create a Rs 70,352 crore joint venture. The company holds a 16.34% direct stake and 46.82% through Viacom 18. Disney will own a 36.84% stake.
UPL, Shriram Finance: The National Stock Exchange, after its periodic review, has decided to replace UPL with Shriram Finance in its Nifty 50 Index. The changes will be effective on March 28.
Coal India: The company signed a joint venture with BHEL for a coal-to-ammonium nitrate plant. The company will hold a 51% stake in the joint venture, while BHEL will hold a 49% stake in the JV.
NTPC: The company's unit signed a joint venture agreement with Maharashtra State Power Generation Company for the development of renewable energy parks in the state of Maharashtra.
Punjab and Sind Bank: The board approved fundraising of up to Rs 2,000 crore in one or more tranches in any combination within 12 months.
PB Fintech: The Insurance Regulatory and Development Authority of India has granted a Certificate of Registration to the company’s unit, Policy Bazaar Insurance Brokers. With the grant of a new Certificate of Registration, the category has been changed from Direct Insurance Broker to Composite Insurance Broker.
Wipro: The company completed the migration of ManpowerGroup's largest data centre in Europe to Microsoft Azure.
IIFL Securities: As part of the internal restructuring, the company’s unit has executed an agreement to sell its Alternate Investment Funds business by way of a slump sale to IIFL Securities Alternate Asset Management.
JSW Steel: The company incorporated JSW Green Steel as a wholly owned subsidiary in Mumbai.
Emami: The company made an investment of Rs 1.95 crore in Cannis Lupus Services to acquire a 30% stake.
KRBL: The company’s India Gate Basmati Rice eyes Rs 200 crore revenue with regional rice revolution.
Kaveri Seeds Co: The company's buyback starts on Feb. 29 and closes on March 6 for an aggregate maximum amount not exceeding Rs 325 crore.
Cyient: The company incorporated Cyient Global Captive Solutions as a wholly owned subsidiary.
ICICI Securities: The Securities and Exchange Board of India issues an administrative warning to the company in connection with the inspection of books and records for merchant banking activities.
KSB: The company reported revenue of Rs 602.6 crore and net profit of Rs 54.9 crore for Q3.
Jubilant Foodworks: The company’s unit DP Eurasia shares got delisted from the London Stock Exchange.
Linde India: The company made an investment of Rs 41.09 crore in Zenataris Renewable Energy.
Mangalore Refinery & Petrochemical: The Petroleum Ministry has approved the appointment of Mundkur Shyamprasad Kamath as the managing director.
Venus Pipes and Tubes: The company announced its foray into the fittings business and announced capacity expansion for seamless and welded pipes and tubes. The company announced a capex of Rs 175 crore.
Spandana Sphoorty Financial: The company's board is to meet on March 4 to consider and approve the issue and offer of non-convertible debentures on a private placement basis.
Other Stocks: The Nifty Next 50 Index will, from today, include Adani Power, Indian Railway Finance Corporation, Jio Financial Service, Power Finance Corporation and REC. The companies will be replacing Adani Wilmar, Muthoot Finance, PI Industries, Procter & Gamble Hygiene & Health Care and Shriram Finance.
New Listing
GPT Healthcare: The company's shares will debut on the stock exchanges on Thursday at an issue price of Rs 186 apiece. The Rs 525.14 crore IPO was subscribed 8.52 times on its third and final day. Bids were led by institutional investors (17.30 times), non-institutional investors (11.02 times), retail investors (2.44 times).
IPO Offerings
Mukka Proteins: The company will offer its shares for bidding on Thursday. The price band is set from Rs 26 to Rs 28 per share. The Rs 224 crore IPO is a completely fresh issue. The company has raised Rs 67 crore from anchor investors.
Bharat Highways: The public issue was subscribed to 0.19 times on day 1. There are no bids by institutional investors and other investors bid 0.41 times.
Platinum Industries: The public issue was subscribed to 22.22 times on day 2. The bids were led by non-institutional investors (42.88 times), retail investors (25.56 times), and institutional investors (0.9 times).
Exicom Tele-Systems: The public issue was subscribed to 27.78 times on day 2. The bids were led by retail investors (64.79 times), non-institutional investors (54.39 times), and institutional investors (4.48 times).
Pledge Share Details
Jindal Steel and Power: Promoter Virtuous Trade Corp created a pledge of 39 lakh shares on Feb. 26.
Who’s Meeting Whom
Capri Global Capital: To meet analysts and investors on Feb. 29.
Dodla Dairy: To meet analysts and investors on March 5.
AAVAS Financiers: To meet analysts and investors on March 5.
Can Fin Homes: To meet analysts and investors on March 5.
Crompton Greaves and Electricals: To meet analysts and investors on Feb. 29.
AVG Logistics: To meet analysts and investors on March 3.
HDFC Bank: To meet analysts and investors on March 6.
Trading Tweaks
Price band revised from 10% to 5%: Tata Investment Corp.
Ex/record dividend: Jupiter Wagons.
Ex/record Buyback: Bajaj Auto.
Moved into short-term ASM framework: Data Patterns.
Moved out short-term ASM framework: Aegis Logistics, Dilip Buildcon, HPL Electric & Power, Natco Pharma, Nuvama Wealth Management.
F&O Cues
Nifty February futures down by 1.39% to 21,895 at a discount of 56.15 points.
Nifty February futures open interest up by 2.22%.
Nifty Bank February futures down by 1.75% to 45,772.75 at a discount of 190.4 points.
Nifty Bank February futures open interest down by 12.5%.
Nifty Options Feb. 29 Expiry: Maximum Call open interest at 22,200 and Maximum Put open interest at 21,500.
Bank Nifty Options Feb. 29 Expiry: Maximum Call Open Interest at 47,000 and Maximum Put open interest at 44,000.
Securities in ban period: Indus Tower, SAIL.
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