 "Stocks to Watch today, Aug 17: Auto, M&M, Railway, IRFC, Cipla, Nava, SAIL")
Stocks to Watch on Thursday, August 17, 2023: Domestic equity markets are likely to start Thursday’s trade on a bearish note tracking sharp losses in global peers.
Overnight, the US benchmarks slipped up to 1.2 per cent after Fed minutes revealed that most officials see an elevated inflation risk. Closer home, major Asian markets were down over a per cent each, with Hang Seng leading the fall with a 2.2 per cent dip.
At 07:40 AM, the GIFT Nifty futures quoted at 19,399, indicating a likely gap-down of around 100-odd points on the Nifty 50 this morning.
Meanwhile, these stocks are likely to be on investors radar on Thursday.
Auto: Shares of electric bus manufacturers such as Eicher Motors, Ashok Leyland and Olectra Greentech are likely to be in focus as the union cabinet approved ‘PM-eBus Sewa’ project for providing 10,000 e-bus across cities. The total cost of the scheme has been pegged at Rs 57,613 crore, out of which Rs 20,000 crore will be provided by the Centre. READ MORE
Rail-related: In a major boost for railway infrastructure, the Cabinet Committee on Economic Affairs approved seven multi-tracking projects at an estimated cost of Rs 32,500 crore on Wednesday, under the PM Gati Shakti National Master Plan.
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Adani Power: Australia-listed investment firm GQG Partners on Wednesday invested $1.1 billion (Rs 9,000 crore) in Adani Power by buying an 8.1 per cent stake from the Adani family via multiple block deals.
Mahindra & Mahindra (M&M): The auto major expects electric vehicle production at its upcoming Chakan plant to hit peak production of 2 lakh units per annum between 2027 and 2029, said company President for Automotive Sector Veejay Nakra. Earlier in January M&M had received an approval from the Maharashtra government to set up a Rs 10,000 crore electric vehicle plant in Chakan near Pune.
JSW Energy: According to the block deal data from BSE, JSW Investments offloaded 2.10 crore shares, amounting to a 1.27 per cent stake in JSW Energy, for Rs 717 crore via open market transactions on Wednesday. GQG Partners, Washington State Investment Board, AustralianSuper, Reliance Trust Institutional Retirement Trust Series Twelve among others were the buyers. READ MORE
IRFC: The government is planning to sell a part of its holding in state-owned Indian Railway Finance Corp (IRFC) through an offer for sale (OFS) in the current fiscal, in order to comply with Sebi's minimum public shareholding (MPS) norm. The government currently holds 86.36 per cent stake, and will have to dilute up to 11.36 per cent in IRFC.
Cipla: The Konkan division of the Foods and Drugs Administration (FDA) has suspended the FDA licence of the company’s Patalganga unit for 10 days in December 2023 for non-conformance of good manufacturing practices.
Vodafone Idea: According to the company's Chief Executive Officer Akshaya Moondra, the teleco anticipates a reduction in payment liabilities starting from the third quarter of FY23. Moondra reassured that Vodafone Idea will launch 5G services once the funding issue has been resolved. READ MORE
Religare Enterprises: The Burman family acquired 7.5 per cent stake in the firm for Rs 534 crore via open market transactions.
Nava: The company has temporarily suspended production of ‘silico’ manganese at its Odisha plant owing to an accidental damage in the raw material handing system.
Aptech: The company’s Managing Director and CEO Anil Pant passed away on Tuesday, the company said in a regulatory filing. Pant had taken charge in July 2016. On July 18, 2023, Aptech's Board had considered and approved the appointment of Anuj Kacker as interim CEO as Pant had pursued for an indefinite leave from June 19 owing to health conditions.
Stocks in F&O ban: Balrampur Chini, Chambal Fertilisers, Delta Corp, GNFC, Granules India, Hindustan Copper, Indiabulls Housing Finance, India Cements, Manappuram Finance, SAIL and Zee Entertainment are the 11 stocks in F&O ban period on Thursday.