Stocks to Watch: Jio Fin, PNB Housing, SpiceJet, Mazagon, Ola Electric

Jio Financial Services has formed a joint venture with BlackRock Advisors Singapore to provide investment advisory services.

Stocks to Watch, September 9, 2024: Markets in India were likley to start in the red on Monday as indicated by the GIFT Nifty futures, after the sharp sell-off in the US markets on Friday, when the S&P 500 notched its worst week since March 2023. The tech-heavy Nasdaq Composite also recorded its worst week since March 2022.

During Friday’s session, the broad index slid 1.73 per cent while the Nasdaq slid 2.55 per cent. The Dow Jones Industrial Average fell 1.01 per cent.

In India, at around 6:50 AM, GIFT Nifty futures were at 24,828, around 100 points behind Nifty futures last close at 24,906.

 

That apart, markets in the Asia-Pacific region fell on Monday, Japan’s Nikkei 225 was leading the losses in the region, following the weaker-than-expected US jobs report on Friday.

The Nikkei lost 3 per cent while the broad-based Topix fell 2.79 per cent. 

South Korea’s Kospi fell 1.99 per cent while the small cap Kosdaq was down 1.72 per cent. Meanwhile, Australia’s S&P/ASX 200 declined 0.6 per cent and Hong Kong's Hang Seng index futures were at 17,443, lower than the HSI’s last close of 17,444.3. 

That apart, here are a few stocks likely to be in focus on Monday:
 

Jio Financial Services: The company has formed a joint venture with BlackRock Advisors Singapore to provide investment advisory services. It has made an initial investment of Rs 3 crore for 3,000,000 equity shares in the JV company. It aims to launch home loans and other financial products such as loans against property and loans on securities.

Punjab National Bank, Bank of Maharashtra: Both the banks have received approval to raise up to Rs 5,000 crore each through their respective qualified institutional placements (QIP) in FY25. This funding aims to help meet public shareholding norms.

SpiceJet: The company's promoter Ajay Singh may offload up to 15 per cent stake in the airline as part of a funding round. The airline is looking to raise Rs 3,200 crore through QIP, warrants, and promoter infusion. The company plans to utilise the funds for fleet expansion, liability settlement, and other purposes.

Adani Group: The group has established Adani Energy Resources (Shanghai) Co. in Shanghai to provide supply chain solutions and project management services in the country. 

Ola Electric Mobility: The one-month lock-in period for Ola Electric’s shares ends on September 9, making 18.18 crore shares eligible for trading. 

PNB Housing Finance: The company is planning to raise up to $125 million through External Commercial Borrowing (ECB) in Q3FY25. Currently, PNB Housing Finance has an ECB sanction of $125 million and is considering another between $100 million and $125 million. The company aims to grow its retail loan book to Rs 1 trillion by FY27, while its current loan book stands at Rs 65,000 crore with a target growth of 17 per cent in FY25.

Deep Industries: The company has secured a Rs 1,402 crore order from Oil and Natural Gas Corporation to enhance production operations at ONGC's Rajahmundry facility. The company's current order book stood at Rs 1,246 crore as of June 30, 2024. 

Suzlon Energy: The company has acquired a 51 per cent stake in Renom for Rs 400 crore, making it a subsidiary of Suzlon Energy.

Mazagon Dock Shipbuilders: The company received an order worth Rs 1,486 crore from Oil and Natural Gas Corporation for a subsea pipeline replacement project.

Suven Pharma: The company's subsidiary Casper Pharma’s Hyderabad facility has been classified as Voluntary Action Indicated (VAI) by the US FDA, following which the inspection by the US drug regulatory body has been closed.