Stocks to Watch: Vedant Fashions, Escorts, CRISIL, Tech Mahindra, NBFCs

Shares of the Manyavar-brand owner Vedant Fashions to debut on the bourses on Wednesday.

The key benchmark indices are likely to start trade with marginal gains as global cues were encouraging this morning. As of 07:55 AM, the SGX Nifty futures quoted at 17,388, indicating a positive start of 30-odd points for the Nifty 50 index. Meanwhile, here are the top stocks in focus for trade on Wednesday.

Vedant Fashions: Shares of the Manyavar-brand owned company to debut on the bourses today. The issue was subscribed 2.57 times, and the final issue price was fixed at Rs 866 per share. The GMP (Grey Market Premium) indicated a likely tepid debut for the stock.

Q3 Performance: India Inc continued its good showing in the December 2021 quarter with combined net profits of 3,191 listed companies in the Business Standard sample up 26.9 per cent y-o-y and their net sales increasing 24 per cent. Growth in earnings was led by banks, NBFCs, Insurance, metals and mining companies. READ MORE

Future Retail: The Supreme Court has granted Future Retail the option to seek from the Delhi High Court permission to continue proceedings at the National Company Law Tribunal (NCLT) on its deal with the Reliance Industries group. High Court to hear 4 matters related to the case on February 24. READ MORE

Tech Mahindra: The company’s board approved a proposal to acquire 80 per cent stake in Geomatic.ai Pty through its Singapore based subsidiary for a consideration of Rs 32.24 crore.

SpiceJet: The low-cost airline posted a net profit after seven quarters. The company for the quarter ended December 2021 reported a net profit of Rs 42.5 crore as against a net loss of Rs 66.7 crore in the year ago period. Total income grew 33.8 per cent YoY to Rs 2,263 crore. READ MORE

NBFCs: The Reserve Bank of India (RBI) has given non-banking finance companies additional time till September 30, 2022 to have systems ready to implement rule wherein bad loans can be upgraded as ‘standard’ asset only when entire arrears of interest and principal are paid. The earlier deadline was March 31, 2022. READ MORE

CRISIL: The company’s Q3 consolidated net soared 53.2 per cent to Rs 168.63 crore in the quarter ended December 2021 when compared with Rs 110.04 crore in the corresponding quarter a year ago. Total income was up 17.5 per cent YoY at Rs 719.45 crore.

Escorts: The company’s board is scheduled to meet on February 18 to consider and approve the proposed allotment of equity shares to Kubota Corporation by way of preferential allotment. In November 2021, Japan-based Kubota had invested Rs 1,874 crore to acquire 9.66 mn shares through preferential route at Rs 2,000 per share in the company.

Compuage Infocomm: The company’s board is scheduled to meet today to consider and approve the proposal for raising funds by issuance of equity shares or convertible bonds or debentures or other securities.

Stocks in F&O ban: BHEL, Escorts, Indiabulls Housing Finance and SAIL are the only four stocks in the F&O ban period on Wednesday.