 "Stocks to Watch, July 3:HDFC Bank, Zomato, Concor, RVNL, M&M Fin, Britannia")
Stocks to Watch on Wednesday, July 3, 2024: Indian equity markets are eyeing a gap-up start on Wednesday with GIFT Nifty trading over 100 points higher at 24,330 levels at 7:50 AM.
Globally, key indices across Asia-Pacific region were trading up to 0.6 per cent higher after US Federal Reserve Chair Jerome Powell noted there was progress on reining in inflation.
Here's a list of stocks to watch today, July 3. 2024:
HDFC Bank: The latest foreign ownership data, released on Tuesday, July 2, showed FII holding in the private bank falling to 54.83 per cent. This opens room for a weight increase in the MSCI index. Brokerages estimate an inflow of $3-4 billion in MSCI's August rejig.
Rail Vikas Nigam Ltd (RVNL): The railway company has bagged a Rs 132.6-crore order from Central Railways.
It has emerged as the lowest bidder for overhead equipment (OHE) modification work for upgrading the existing 1 x 25-kilovolt electric traction system to a 2 x 25-kilovolt AT feeding system in the Wardha-Ballarshah section of the Nagpur division of Central Railway to meet a loading target of 3,000 MT.
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Zomato: Food and grocery delivery major Zomato has pulled the plug on its plan to enter the lending business. Zomato Financial Services, a wholly-owned subsidiary of Zomato, has withdrawn its application for a non-banking financial company (NBFC) licence with the Reserve Bank of India (RBI), stating that the company does not have plans to pursue lending in the future.
Britannia Industries: Fast moving consumer goods (FMCG)-major Britannia Industries has approved the appointment of Sunil Siddharth Lalbhai and former RBI Governor Urjit Patel as the additional non-executive independent directors of the company, for a period of five years.
The appointments are subject to the approval of shareholders at the ensuing Annual General Meeting of the company scheduled to be held on August 12, 2024.
Container Corporation of India (Concor): The Centre is reportedly considering selling five to seven per cent stake in Concor, after the plans for a strategic sale to privatise the company met with lukewarm interest.
According to reports, the central government has put the divestment of Concor on hold indefinitely after failing to find potential buyers.
M&M Financial Services: The NBFC's disbursements in the month of June were Rs 4,370 crore, up 3 per cent Y-o-Y, taking the total disbursements for the quarter to Rs 12,730 crore (up 5 per cent Y-o-Y).
Asset quality has likely improved, with stage-3 assets estimated at about 3.6 per cent at the end of June, down from 4.3 per cent a year ago. Stage-2 assets were around 6.1 per cent, down from 6.4 per cent Y-o-Y.
Force Motors: The automobile company's total sales in June slipped 3 per cent Y-o-Y to 2,553 units.