Stocks to Watch: Indigo, ONGC, PNB, Tata Power, RInfra, FMCG, Cement shares

Analysts expect under-performance by FMCG shares to continue

The markets are likely to open with a positive gap given the strong overseas cues. Rate sensitive stocks could be in focus ahead of the RBI policy meet tomorrow. As of 07:40 AM, the SGX December Nifty futures were quoted at 17,032, up nearly 80 points. Meanwhile, here the top stocks to focus in trade today.

InterGlobe Aviation: IndiGo promoters have called an extraordinary general meeting (EGM) on December 30 to scrap a clause in the company’s articles of association (AoA), which gives them the right of first refusal (RoFR) over acquisition of each other’s shares. A removal of the clause will allow either side to sell or transfer shares to a third entity without giving each other notice. READ MORE

Godrej Properties: The realty firm has entered into a joint venture (JV) with TDI group to to develop an ultra-luxury residential project in Connaught Place (CP), one of the most premium locations within the central business district of New Delhi".

FMCG stocks: Historically FMCG stocks have acted as a good hedge against volatility. However, since the end of September 2021 the NSE FMCG index has declined 9 per cent as against a 4 per cent fall in the benchmark Nifty50. Analysts see more underperformance by the sector going ahead. READ MORE

Muthoot Finance: Muthoot Microfin, a unit of Muthoot Pappachan Group, has received about Rs 375 crore as equity capital from institutional investor Greater Pacific Capital to support its business growth plans. There is an option for infusion of additional $34 million, subject to RBI approval.

Reliance Capital: The Mumbai bench of National Company Law Tribunal (NLCT) has admitted the petition moved by the RBI to initiate insolvency proceedings against the company under Section 227 of the Insolvency and Bankruptcy Code (IBC).

Reliance Infrastructure: Delhi Metro Rail Corporation (DMRC) has told the Delhi High Court that it would deposit Rs 1,000 crore within 48 hours in an escrow account towards an arbitral award of over Rs 4,600 crore in favour of Delhi Airport Metro Express Private Limited (DAMEPL). DMRC also suggested taking over the Reliance Infrastructure subsidiary's debt to the extent of the award money. READ MORE

Cement stocks: Cement companies expect demand and consumption to pick up from December as rains recede in western and southern India. Ravinder Reddy, director at Bharathi Cement, told Business Standard. “Heavy rains in Tamil Nadu, Kerala, Andhra Pradesh and parts of Maharashtra dragged cement volumes across sectors during festivals coinciding with peak season for the industry starting October until May.” READ MORE

PNB: Public sector lender Punjab National Bank (PNB) plans to raise up to Rs 2,000 crore via additional tier I (AT 1) bonds on Tuesday. This is likely to be followed by State Bank of India’s AT 1 bonds worth Rs 4,000 crore next week.

Tata Power: The company and and Indian Institute of Technology Madras (IIT-M) have signed a Memorandum of Understanding for collaboration in research and development (R&D), consultancy, policy advocacy and other sectors.

ONGC: The government has informed Parliament that Sudan owes ONGC Videsh (OVL) a total of $560 million in unpaid oil dues and cost of pipeline built by the Indian firm built for the African nation. OVL, the overseas arm of state-owned Oil and Natural Gas Corporation (ONGC), had a 25 per cent stake in Block 2A&4 in Sudan. Sudan had since 2011 not paid OVL and partners for oil it bought from the block. READ MORE

Tata Elxsi: The company has been ranked in the ‘Leadership Zone’ across multiple sectors in the latest ‘Zinnov Zones for ER&D Services – 2021’ ratings. Zinnov is a leading global management consulting and strategy advisory company, with core expertise in Product Engineering, Digital Transformation, and Globalization.  

Radhe Developers: The company’s board has approved to raise up to Rs 800 crore by way of rights issue of equity shares.

Hi-Klass Trading & Ivnestment: The company’s board has fixed December 24 as the record date for its proposed stock split for equity shares with face value of Rs 10 to Rs 5 each.

Bombay Rayon Fashions: The company’s September quarter net loss widened to Rs 105.96 crore for the quarter ended September 2021 as against a net loss of Rs 26.62 crore in the corresponding quarter a year ago. Total income, however, was up 7.9 per cent YoY at Rs 22.10 crore in the same period.  

Stocks in F&O ban: Indiabulls Housing Finance is the only stock in F&O ban today.