 "Stocks to Watch: L&T, ONGC, Shemaroo, Mazagon Dock, Landmark Cars, Tejas")
Equity benchmark indices Sensex and Nifty may start with small gainso on Friday as the G-20 summit kicks off in New Delhi. At 7:45 am, the Gift Nifty futures were 15 points higher at 19,785.
Here are some stocks to watch:
After a mixed handover from US markets overnight, wherein Dow gained 0.17 per cent and S&P 500 and Nasdaq lost 0.32-0.89 per cent, Asian equities were also weak in early trade. Nikkei led losses with a 1 per cent slide, Kospi and Strait times slipped 0.4 per cent each. Hang Seng was flat.
Here are some stocks to watch:
L&T: As per a Business Standard report, the engineering conglomerate has secured a multi-billion-dollar contract from Saudi Aramco. A West Asian business intelligence website estimated the total value of the order at $3.9 billion.
According to MEED (formerly Middle East Economic Digest), L&T is one of the three contractors to win different packages for Saudi Aramco’s $10 billion expansion at its Jafurah unconventional gas production project in Saudi Arabia. READ
ONGC: State-owned ONGC will infuse about Rs 15,000 crore in OPaL as part of a financial restructuring exercise that will see gas utility GAIL being edged out of the petrochemical firm. ONGC currently holds 49.36 per cent stake in ONGC Petro-additions Ltd (OPaL), which operates a mega petrochemical plant at Dahej in Gujarat. GAIL (India) Ltd has 49.21 per cent interest and Gujarat State Petrochemical Corp (GSPC) has the remaining 1.43 per cent. READ
HCLTech: HCLTech has signed a multiyear agreement with Siemens AG to provide the German high-tech giant with cloud services and modernise its information technology (IT) systems worldwide. HCLTech said on Thursday the deal will focus on automating the public cloud environment for Siemens. Financial details of the deal were not disclosed.
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Samvardhana Motherson International: The company has inaugurated its new wiring harness facility located in Ras Al Khaimah Economic Zone (RAKEZ). His Highness Sheikh Saud bin Saqr Al Qasimi, UAE Supreme Council Member and Ruler of Ras Al Khaimah formally inaugurated Motherson’s facility in the Emirate of Ras Al Khaimah (UAE).
Exide Industries: The company has invested Rs 100 crore in its wholly owned subsidiary, Exide Energy Solutions, by subscribing to its equity share capital on rights basis. Exide Energy Solutions manufactures battery cells of advanced chemistry and form factor, including but not limited to cylindrical, pouch, and prismatic, as well as manufacturing, assembling, and selling battery modules, battery packs, and other related activities.
Landmark Cars: The company has signed a Letter of Intent with Mahindra and Mahindra for opening a dealership in Howrah, West Bengal. This dealership will be established in one of the wholly owned subsidiary of Landmark Cars, namely Landmark Mobility Private Limited. This business will include sales and after-sales of Mahindra’s Personal, Pickup and Supro range of vehicles in the areas of Howrah, Hooghly, Kolkata, North 24 Parganas and South 24 Parganas.
Tejas Networks: The company has received the mobilization advance of Rs 750 crore from Tata Consultancy Services, towards the supply of Radio Access Network equipment for BSNL’s Pan-India 4G/5G network.
LTIMindtree: The company has launched two industry solutions, AdSpark and Smart Service Operations, to accelerate the time-to-market for businesses on the Salesforce platform.
Oricon Enterprises: The company has entered into agreements for sale of assets of its Petrochemical unit situated at village Niphan and Anandwadi, District Raigarh, Maharashtra with Narendra Plastochem for a consideration of Rs 19 crore.
Shemaroo Entertainment: Three officials of of the company--CEO Hiran Gada, joint managing director Atul Maru and chief financial officer Amit Haria--were arrested on Thursday by the Central Goods and Services Tax (CGST) department for fraudulently claiming Input Tax Credit (ITC) of Rs 70.25 crore. They were later released on bail. The CGST and Central Excise Department had carried out search operation at the premises of the company on September 05, 2023. The company is contesting allegations in accordance with the due process of law.
Cochin Shipyard: The company will participate in the “Antique Defence Conference” organized by Antique Institutional Equities Investment Trust of India (ITI Group) on September 08, 2023.
Mazagon Dock Shipbuilders: The company has signed a Master Ship Repair Agreement with the US government. The agreement is expected to open up voyage repairs for US Navy ships at the company.
Hitachi Energy: The company said it has won a contract from Ayana Renewable Power to provide a grid connection solution for their upcoming 300-megawatt solar photovoltaic power plant in Bikaner. The company will provide an engineering, procurement and construction management package that collects all the power generated by the plant and transfers it into the national transmission system.
PowerMech Project: The company has won a large order worth Rs 625 crore.
United Breweries: United Breweries Limited (UBL), part of the Heineken Company, has appointed Vivek Gupta as managing director and chief executive officer effective from 25 September, the company announced in a release.
Wardwizard Innovations & Mobility: The company sold 1,496 units of low-speed and high-speed electric two-wheelers in August '23. Furthermore, the company recorded a growth of 48 per cent compared to July '23 when it sold 1,012 units of electric two-wheelers.
Patel Integrated Logistics: The board has approved raising of funds of up to Rs 10 crore by way of offer and issue of equity shares/ reissue of forfeited shares to the existing and eligible shareholders of the company on a right basis (Rights Issue) for the purpose of complying with SEBI.