 "Stocks to watch, Aug 21: Ola Electric, Cyient DLM, PNB Housing Fin, L&T, Vi")
Stocks to watch on Wednesday, August 21: Indian Equities are looking at a flat opening on Wednesday, tracking weakness from global peers. The GIFT Nifty futures suggest a muted start, as they quoted only 16 points lower than Nifty50 futures 24,695 levels.
Asia-Pacific markets were trading lower on Wednesday, tracking Wall Street’s decline after the S&P 500 and Nasdaq Composite rested their eight-day winning streaks. The S&P 500 dropped 0.2 per cent, the Nasdaq Composite fell 0.33 per cent, and the Dow Jones was down 0.15 per cent.
In Japan, July trade data showed exports rising by 10.3 per cent year-on-year and imports increased 16.6 per cent. Economists had expected exports to grow by 11.4 per cent and imports by 14.9 per cent.
Following the trade data release, Japan's Nikkei 225 slipped 1.57 per cent, with the broader based Topix index dropping 0.58 per cent.
South Korea's Kospi also fell 0.16 per cent, while the Kosdaq declined by 1.16 per cent. Australia's S&P/ASX 200 was down by 0.45 per cent. Hong Kong’s Hang Seng index plummeted by 1.01 per cent at 17,333 levels.
Meanwhile, domestically below are the hot stocks to watch on Wednesday:
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PNB Housing Finance: According to reports, General Atlantic Singapore Fund FII Pte plans to divest a 5.1 per cent equity stake in PNB Housing Finance through a block deal, with a floor price of Rs 775 per share. The transaction is expected to total Rs 1,032.7 crore.
Exide Industries: Exide Industries has invested an additional Rs 75 crore in its subsidiary Exide Energy Solutions on a rights basis, bringing the total investment to Rs 2,652.24 crore. This investment does not alter the company's shareholding percentage in the subsidiary.
Larsen & Toubro: The Bombay High Court has quashed a show-cause notice issued by GST authorities to Larsen & Toubro. The notice related to a service tax demand of Rs 2,237 crore on an erstwhile subsidiary, for tax already paid post-demerger.
Reliance Industries: Reliance Jio added 1.91 million subscribers in June, a decrease from the 2.19 million added in May. The market share for Reliance Jio stood at 40.71 per cent as of June 2024.
Bharti Airtel: Bharti Airtel added 1.25 milion subscribers in June, slightly up from the previous month. Its market share was 33.23 per cent as of June 2024.
Vodafone Idea: Vodafone Idea lost 0.86 million subscribers in June 2024, an improvement from the 0.92 million lakh loss in May. The company’s market share was 18.56 per cent as of June 2024.
Ola Electric Mobility: Ola's scooters, S1 X 3 kWh and S1 X 4 kWh, have received certification under the Production Linked Incentive (PLI) scheme for the automobile and auto components industry. Both models have met the 50 per cent localization criteria set by the Ministry of Heavy Industries.
Cyient DLM: Cyient is set to sell a 14.5 per cent stake, equating to 1.15 crore equity shares, in Cyient DLM through block deals on August 21. The deal, valued at Rs 860.9 crore, will have a floor price of Rs 748.65 per share. Following the transaction, Cyient's stake in Cyient DLM will decrease from 66.66 per cent to 52.16 per cent.
Tata Chemicals: SES ESG Research has assigned Tata Chemicals an Environmental, Social, and Governance (ESG) Score of 69.4 (Grade B) based on FY24 data. The company did not engage SES for this rating, which was independently prepared from publicly available information.
GE T&D India: Promoters GE Grid Alliance BV and Grid Equipments are reviewing their shareholding structure in GE T&D India to simplify it. They are considering the possibility of a minority stake sale in the company.
Genus Power Infrastructures: Genus Power Infrastructures' wholly-owned subsidiary has secured three Letters of Award (LOA) worth Rs 3,608.52 crore for advanced metering infrastructure services.
NHPC: A landslide at NHPC's 510 MW Teesta-V Power Station in Sikkim has affected the TRT gate hoist structure and part of the GIS building. The power station is currently non-operational and undergoing restoration following the October 2023 flash flood.
Shriram Finance: The Competition Commission of India (CCI) has approved Mango Crest Investment Ltd's acquisition of shareholding in Shriram Housing Finance Ltd.
Apollo Hospitals Enterprise: The CCI has approved the proposed combination involving Advent’s acquisition (through Rasmeli) in Apollo Healthco, Apollo Healthco's acquisition of Keimed, and the merger of Keimed into Apollo Healthco.
Indostar Capital Finance: A subsidiary of Indostar Capital Finance has been granted a Certificate of Registration by IRDAI to act as a Corporate Agent (Composite).
Weizmann: The company has approved a buyback of shares for an aggregate amount not exceeding Rs 5.84 crore at a price of Rs 160 per equity share.
Updater Services: The company has acquired a 22.3 per cent stake in Denave India for Rs 52.57 crore.
Petronet LNG: Petronet LNG has signed a Memorandum of Understanding (MoU) with Sri Lanka’s LTL Holdings to supply LNG to its dual-fuel power plants in Colombo. The LNG will be supplied from Petronet's Kochi LNG terminal using ISO tank containers, with an initial five-year term extendable by mutual agreement.