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Stocks to Watch on Thursday, February 22, 2024: Despite yesterday’s sharp fall, a swift recovery in late deals in the US is likely to lift the market mood back in India Thursday morning.
At 07:30 AM, Gift Nifty futures quoted around 22,135, suggesting a likely gap-up of 50-odd points on the Nifty 50 index.
In Asia, Nikkei soared 1.5 per cent. Taiwan jumped 1 per cent, and Kospi added 0.5 per cent.
Overnight, the Dow Jones and the S&P 500 recouped losses and finished higher after Fed FOMC minutes reiterated that the officials will be in no hurry to start cutting rates, while signaling a likely peak in the tightening cycle.
The US 10-year bond yield continued to quote around 4.3 per cent level. Brent Crude Oil futures were also more or less unmoved around $83 per barrel level.
Meanwhile, these are the stocks that are likely to be in focus on Thursday.
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Reliance Industries (RIL): A consortium backed by Mukesh Ambani’s RIL and India’s top engineering schools aim to launch its first ChatGPT-style service in March. The BharatGPT group offered a sneak peek of the large language model on Tuesday.
LTIMindtree: Inked a Memorandum of Understanding (MoU) with European insurance major Eurolife FFH to establish Generative Artificial Intelligence (GenAI) and digital hubs in Athens, Greece, along with other dedicated facilities in Poland, Europe and India.
Zee Entertainment: The Securities Appellate Tribunal (SAT) will on Thursday hear an appeal filed by Subhash Chandra, chairman of Essel group, against an order passed by the market regulator in the alleged fund diversion matter.
Meanwhile, reportedly mutual funds (MFs) have pared their holdings in Zee by 40 per cent in January after the planned $10 billion merger with the Sony Group got called off. At the end of January, MF schemes were holding 173 million equity shares as against 243 million held by them at the end of December 2023.
Axis Bank: Global rating agency Moody’s on Wednesday affirmed private lender Axis Bank’s ‘Baa3’ long-term deposit ratings, reflecting a diversified loan portfolio and above-industry average profitability to support internal capital generation and its strong solvency. It maintained a stable outlook on the ratings.
NBCC (India): Received an in-principle approval from the Greater Noida Authority to develop five Amrapali projects, valued at approximately Rs 10,000 crore.
Maruti Suzuki: The Directorate of Revenue Intelligence has initiated an inquiry against the company over incorrect HSN (Harmonized System of Nomenclature) code of an imported component. Also, IGST (Integrated Goods and Services Tax) has been paid on few automobile parts at the rate of 18 per cent whereas the correct IGST was 28 per cent.
Hero MotoCorp: Has seen a decline in its market share in rural areas since 2018, losing ground to TVS Motor Company, Bajaj Auto, and Honda Motorcycle, according to data from JATO Dynamics reviewed by Business Standard.
Sugar companies: The government on Wednesday hiked the sugarcane FRP by Rs 25 to Rs 340 per quintal for the 2024-25 season starting October. Fair and Remunerative Price (FRP) is the minimum price that mills have to pay to sugarcane growers.
Bank of Baroda (BoB): Raised Rs 2,500 crore through its second tranche of Basel III compliant Tier 2 Bond at a coupon rate of 7.57 per cent, surpassing market expectations of 7.63 per cent to 7.65 per cent. The bonds are issued for a tenor of 10 years.
JSW Steel: Plans to borrow $750 million for capital expenditure purposes as it targets a major capacity expansion, said sources.
Jubilant FoodWorks: To open four Popeye stores within a week in Delhi-NCR and expects it to become the fastest quick-service restaurant brand to reach Rs 1,000 crore in India in the next three to four years.
Motilal Oswal: The alternative investments arm of the brokerage firm said it successfully closed the first tranche of its sixth real estate fund, India Realty Excellence Fund VI (IREF VI) and has secured commitments of approximately Rs 1,250 crore.
Stocks in F&O ban today: Ashok Leyland, Balrampur Chini, Bandhan Bank, Biocon, Canara Bank, GMR Infra, GNFC, Hindustan Copper, India Cement, Indus Towers, National Aluminium, Piramal Enterprises, PVR Inox, RBL Bank and Zee Entertainment are the 15 stocks in futures & options ban period on Thursday.
