 "Stocks to Watch today, Aug 16: IndiGo, ITC, SBFC, Infy, Voda Idea, M&M, Zee")
Stocks to Watch on Wednesday, August 16, 2023: The equity markets are likely to start Wednesday’s trade on a gloomy note, amid weak cues from the overseas counterpart and higher-than-expected CPI inflation print.
The Consumer Price Index (CPI)-based inflation rate jumped to 7.44 per cent in July, as against RBI expectation of 6.4 per cent.
At 07:40 AM, the GIFT Nifty futures quoted at 19,392 as against the spot Nifty 50 close of 19,434 on Monday.
Meanwhile, these stocks are likely to be in focus on Wednesday.
SBFC Finance: The grey market premium indicates a likely bullish debut for the stock, with gains up to 50 per cent over the issue price of Rs 57 per share. The Rs 1,025 crore IPO had received a strong response, and was subscribed more than 74 times during the offer period.
IndiGo: Co--founder's Rakesh Gangwal and wife Shobha Gangwal are likely to sell up to 4 per cent stake in the company worth Rs 3,730 crore in block deals on Wednesday. As per the term sheet, the offer floor price is set at Rs 2,400 per share. READ MORE
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ITC: The company reported a 16.29 per cent YoY rise in Q1 consolidated net profit for the quarter ended June 2023 at Rs 5,104. 93 crore when compared with Rs 4,389.76 crore in the corresponding quarter a year ago. Consolidated revenue from operations, however, declined 6 per cent to Rs 18,639.48 crore.
Infosys: The IT major has signed a multi-year deal with Liberty Global, a London-based converged video, broadband and communications firm. As part of the expanded collaboration agreement, Infosys will provide services to Liberty Global estimated at $1.64 billion over the initial 5-year term and at $2.5 billion if the contract is extended to eight years.
HCL Technologies: The company said it won a new deal to improve and support Cricket Australia’s digital platform with automation and artificial intelligence (AI). The firm will implement automation, analytics, and develop tools to ensure that the Cricket Australia Live and PlayCricket apps maintain their popularity among fans. Financial details of the deal were not disclosed.
Adani Green Energy: Gautam Adani's renewable energy company is targeting to set up 45 gigawatts (GW) of renewable energy capacity by 2030, as it looks to cut emissions and help India meet its carbon neutrality target. The company has 8.3 GW of operational renewable energy capacity and another 12.12 GW either nearing construction or under execution, sources said.
Mahindra & Mahindra (M&M): The company’s tractor division, Mahindra Tractors on Tuesday launched the Mahindra OJA tractor range. This new tractors were priced at Rs 5.64 lakh for OJA 2127 and Rs 7.35 lakh for OJA 3140 in Pune.
Vodafone Idea (VIL): The telecom company’s Q1 net loss widened to Rs 7,837 crore for the June quarter as against a net loss of Rs 7293.3 crore. Total income, however, was up 1.9 per cent YoY at Rs 10,610.4 crore.
ONGC, Oil India: The government hiked special additional excise duty on crude petroleum to Rs 7,100 per tonne with effect from August 15.
Zee Entertainment: Sebi said it will complete the investigation in the alleged fund diversion matter within eight months. And till such time, it has barred promoters Subhash Chandra and Punit Goenka from holding a directorship or key managerial positions in any of the merged or demerged company as well. READ MORE
Minda Corporation: Phi Capital Growth Fund-I (PCGF-I) has sold its entire stake in in the company to a consortium of institutional investors, valued at Rs 329 crore. This exit marks Phi Capital's second such sale after a previous partial exit in Krsnaa Diagnostics.
SpiceJet: Akasa Air widened its gap with SpiceJet in July in terms of domestic passengers flown per month. The new airline carried 618,000 domestic passengers in June and 624,000 in July. In contrast, SpiceJet transported 555,000 and 504,000 passengers in June and July, respectively.
IdeaForge: The firm sealed a deal worth Rs 88 crore to provide surveillance quadcopters and essential accessories to one of the forces under the Ministry of Defence.
Ashok Leyland: The Hinduja Group company’s board approved the complete acquisition of Ohm Global Mobility Private (OHM) from OHM International Mobility for a nominal consideration of Rs 1 lakh. Ashok Leyland said it will invest up to Rs 300 crore as equity in OHM for operationalising the company.
Rajesh Exports: The company’s Q1 consolidated net rose 13.8 per cent to Rs 309.36 crore for the quarter ended June 2023 when compared with Rs 271.74 crore in the quarter a year ago. Total income surged by 73.1 per cent YoY to Rs 85,700.67 crore.
Easy Trip Planners: The company’s Q1 net profit declined by 22 per cent to Rs 26.19 crore for the quarter ended June 2023 when compared with Rs 33.68 crore in the corresponding quarter a year ago. Total income, however, was up 20.2 per cent YoY at Rs 105.46 crore.
Brightcom Group: The company’s Q1 consolidated net rose 14 per cent to Rs 124.35 crore for the quarter ended June 2023 when compared with Rs 109.08 crore in the quarter a year ago. Total income was up 14.4 per cent YoY at Rs 1,690.48 crore.
Sadbhav Engineering: The company reported a net profit of Rs 1.05 crore for the quarter ended June 2023 as against a net loss of Rs 22.31 crore in the quarter a year ago. Total income increased by 46.7 per cent YoY to Rs 422.06 crore.
Nagarjuna Fertilizers: The company’s Q1 net loss widened to Rs 805.45 crore for the quarter ended June 2023 as against a net loss of Rs 142.32 crore in the quarter a year ago. Total income dipped by 28.6 per cent YoY to Rs 1,074.86 crore.
Steel Exchange India: The company reported a net loss of Rs 5.43 crore for the quarter ended June 2023 as against a net profit of Rs 8.13 crore in the quarter a year ago. Total income declined by 31 per cent YoY to Rs 252..16 crore.
Stocks in F&O ban: Balrampur Chini, Chambal Fertilisers, Delta Corp, GNFC, Granules India, Indiabulls Housing Finance, India Cements, Manappuram Finance and Zee Entertainment are the nine stocks in F&O ban period on Wednesday.