 "Stocks To Watch: Jupiter Wagons, REC, Tata Motors, NTPC, Infosys")
Stocks To Watch, Wednesday, September 18, 2024: Indian benchmark equity indices were most likley to start on a flat to positive note on Wednesday, as indicated by GIFT Nifty futures, ahead of crucial policy rate decisions by the US Federal Reserve later in the day here.
At 6:55 AM, GIFT Nifty futures were at 25,451, nearly in-line with Nifty futures' last close at 25,449.80.
Markets in the Asia-Pacific region opened mixed on Wednesday, following gains on Wall Street that saw both the S&P 500 and the Dow Jones Industrial Average hit new record highs.
South Korea and Hong Kong markets would be closed today, while markets in mainland China will resume after a three-day holiday. That apart, Australia’s S&P/ASX 200 opened 0.09 per cent lower.
Japan’s Nikkei 225 rose 1.22 per cent and the broad-based Topix was up by 0.9 per cent. Futures for mainland China’s CSI 300 stood at 3,163, slightly higher than their Friday close of 3,159.25.
Meanwhile, here are a few stocks likely to be in focus today:
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REC: The company has signed non-binding memorandums of understanding worth approximately Rs 1.12 trillion ($13.37 billion) with renewable energy developers, that involve projects in solar, wind, hydroelectric, battery energy, and green ammonia sectors. REC plans to increase its renewables loan book to over Rs 3 trillion by 2030, aiming for renewables to make up 30 per cent of its portfolio by then.
Tata Motors: The vehicle manufacturer is making strides in the used electric vehicle (EV) market, collaborating with online marketplaces like Spinny to facilitate the resale and exchange of EVs. The company has already started listing used Tata Nexons on these platforms. Additionally, Tata Motors and Jaguar Land Rover (JLR) are set to manufacture electric vehicles in India for global markets, with production expected to start at the Sanand facility.
Oil stocks: WIth the central government withdrawing windfall tax on domestically produced crude oil, stocks of oil marketing companies will be in focus.
Hindalco Industries: The company is planning to enter the solar module manufacturing sector with a new plant in Mundra, Gujarat. The company, a leading aluminium producer, is evaluating a five-year plan for this venture. The plant would mark Hindalco’s first move into green energy components manufacturing.
NTPC: Nuclear Power Corporation of India Limited (NPCIL) and NTPC have been approved to establish a joint venture, ASHVINI, to build four 700 MWe nuclear power plants at Mahi Banswara, Rajasthan. This joint venture aims to enhance India’s nuclear power capacity as a part of the country’s goal to achieve 22,800 MW of nuclear power by 2031-32.
Tata Power: The company plans to invest up to $9 billion to expand its renewable energy capacity to over 20 GW over the next five to six years. Tata Power aims to increase its renewable energy capacity from 5 GW to more than 20 GW by 2030, with a goal of achieving 100 per cent clean power generation by fiscal year 2045.
Jupiter Wagons: The company has announced a Rs 2,500 crore capacity expansion plan to build a new facility in Odisha for producing forged wheelsets. The expansion will increase production capacity from 20,000 to 100,000 wheelsets per year and is expected to be operational by 2027.
Torrent Power: The company has received a letter of intent for a 1,500 MW pumped hydro storage project from Maharashtra State Electricity Distribution Co Ltd (MSEDCL). The project, which will supply power for 40 years, is part of Torrent Power’s strategy to enhance energy storage capabilities.
Network18 Media & Investments: The company, owned by Reliance Industries, has received a three-month extension to convene its Annual General Meeting (AGM) for FY24. This extension comes as Reliance moves forward with plans to merge Network18 with The Walt Disney Co India.
SpiceJet: The company has set a floor price of Rs 64.79 per share to raise up to Rs 3,000 crore through a qualified institutional placement (QIP). Additionally, the airline is facing financial difficulties and it said it has substantial unpaid statutory dues. Funds from the QIP are intended to address various financial obligations and expand the airline's fleet.
Infosys: The IT services company has announced a long-term collaboration with Metro Bank to digitise its operations using Infosys Topaz, its AI-first offerings. The partnership aims to enhance Metro Bank’s digital capabilities, improve automation, and save costs, targeting annualised savings of 80 million pounds.
DCM Shriram Industries, Life Insurance Corporation: LIC has reduced its stake in DCM Shriram Industries from 6.68 per cent to 4.66 per cent over three years, selling shares at an average price of Rs 110.072. DCM Shriram Industries is engaged in the production and sale of sugar, alcohol, and industrial fibers.
EaseMyTrip: The online travel portal has entered the medical tourism sector with acquisitions totaling Rs 90 crore. The company has acquired a 49 per cent stake in Pflege Home Healthcare and a 30 per cent stake in Rollins International, expanding its offerings to include medical and wellness services.
RattanIndia Enterprises: Revolt Motors, owned by RattanIndia, has launched its first electric motorcycle, the RV1, priced at Rs 84,990. The company also introduced a premium variant, RV1+, at Rs 99,990. This move marks Revolt’s entry into the commuter e-motorcycle segment, aiming to expand its product line over the next five years.