GIFT Nifty indicated that Indian equity indices BSE Sensex and NSE Nifty 50 may see a positive opening on Monday. Here’s a look at the key stocks to watch in trade.
Stocks in Focus: GIFT Nifty traded flat as the index was up 105.50 points or 0.48% at 21,955.50 indicating a positive opening for domestic indices NSE Nifty 50 and BSE Sensex on Monday. Previously, on Friday, the NSE Nifty 50 gained 64.55 points or 0.30% to settle at 21,782.50, while the BSE Sensex closed 167.06 points or 0.23% higher to 71,595.49.
Stocks to Watch on February 12, 2024
JSW Steel
The Chennai bench of the Customs, Excise, and Service Tax Appellate Tribunal has held that a mine lease holder will be liable to pay service tax on minerals auctioned and not the buyer, which in turn grants relief to JSW Steel. The revenue department had claimed that since JSW had received services from the monitoring committee, it was liable to pay service tax under the reverse charge mechanism.
One97 Communication
One97 Communications, the parent firm of Paytm, has received support from merchants, and it assured them of continuity of services without any disruption, the company said in a blog on Sunday.
Also, the company said that the Board of Directors has formed a Group Advisory Committee which will be chaired by former Sebi Chairman M Damodaran to further strengthen compliance and regulatory matters. The aforesaid committee includes MM Chitale, former president of the Institute of Chartered Accountants of India and a former governing council member of the Banking Codes and Standards Board of India nominated by the RBI. This committee also has banking experts like Ramachandran, former chairman and managing director of Andhra Bank.
Delhivery
Delhivery is on a roll. The integrated logistics player delivered its first profit in the September quarter, posting an adjusted operating profit of Rs 92 crore and a net profit of Rs 16 crore on annualised revenue growth of 20%. The company is a clear frontrunner in the third-party express parcel delivery service space commanding a share of 40%.
Voltas
Tata Group firm Voltas is facing a major headwind in Qatar as around Rs 750 crore has been stuck due to delays in the realisation of overdue receivables and execution timelines, said its MD and CEO Pradeep Bakshi.In some projects, bank guarantees were “unethically” encashed by some contractors, which was an “uncalled” action to make quick money, derailing the international project business of Tata Group firm in the December quarter, he added.
ONGC
The company reported a decline of 7.9% in its consolidated net profit to Rs 10,748.5 crore in Q3FY24 compared with Rs 11,665 crore in the corresponding quarter last fiscal, as revenue fell. The profit fell by a sharper 35% on a sequential basis from Rs 16,553.32 crore in Q2FY24.
Also, Oil and Natural Gas Corporation aims to start the drilling operations in its Andaman wells by May, the company’s director-exploration Sushma Rawat told FE. The country’s largest oil exploration and production company had won two blocks in the Andaman basins in the sixth round of bidding under the open acreage licensing programme.
Tata Steel
Tata Steel’s Kalinganagar and Meramandali plants in Odisha have received the prestigious Responsible Steel certification, a company statement said. Responsible Steel is a global multi-stakeholder standard and certification initiative that works with steel producers, consumers, and intermediaries towards building a sustainable steel industry by addressing pressing challenges including climate change, diversity, and human rights, it said.
Religare Enterprises
The Reserve Bank of India (RBI) has refused to give prior permission to the Burman family for its open offer proposal for Religare Enterprises (REL). In its letter dated February 5, the regulator stated that the proposal could not be acceded to as the application should be submitted by the non-banking financial company (NBFC) and not the potential acquirer.
Tech Mahindra
After three straight quarters of decline, Tech Mahindra posted a sequential growth of 1.8% in the December quarter of FY24, a quarter during which new managing director & CEO Mohit Joshi was at the helm for just 13 days. But the ground work that Joshi laid down over months as the CEO-designate, analysts say, has started showing results in small ways.
Vedanta
Vedanta Resources has announced that it had completed repayments to its bondholders on February 7 in line with the consents it had received earlier in the year in which maturities of $3.2 billion in bonds were extended to 2029.
GAIL
GAIL is in talks with several entities to acquire stakes in gas-producing assets abroad amid India’s efforts to achieve energy security, said chairman and managing director Sandeep Kumar Gupta. The company is interested in assets that are already producing and on the verge of producing, given an attractive proposition, Gupta said in an interview with Mint.
IREDA
Indian Renewable Energy Development Agency has signed a Memorandum of Understanding (MoU) with the Indian Institute of Technology, Bhubaneswar to support collaborative efforts in innovation and research initiatives, technology transfer, and nurturing the start-up ecosystem in the renewable energy sector.
PG Electroplast
PG Technoplast Private Limited, a wholly owned subsidiary of PG Electroplast has entered into a ‘Definitive Agreement’ to acquire a 100% stake in Next Generation Manufacturers Private Limited.
Key earnings today
BASF India, Anupam Rasayan India, Allcargo Logistics
Medicamen Biotech, Mazda, Manaksia Steels, Manaksia Aluminium Company, Lovable Lingerie, Mahamaya Steel Industries, Lambodhara Textile, Landmark Property Development Company, Latteys Industries, Malu Paper Mills, Manugraph Industries, Lypsa Gems and Jewellery, NHPC, Samvardhana Motherson International, Phoenix Mills, Patel Engineering Company, Nucleus Software Exports, Orissa Minerals Development Company, Optiemus Infracom, Pearl Global Industries, OM Infra, ORIENTAL AROMATICS Ltd., NGL Fine Chem, NINtec SYSTEMS, Oswal Chemicals and Fertilisers, Nandan Denim, Precot, Niraj Cement Structurals, Pansari Developers, MRO-TEK Realty, Mohit Industries, Nagreeka Capital and Infrastructure, Steel Authority of India, Sansera Engineering, Ramky Infrastructure, Skipper, Seamec, Repco Home Finance, Savita Oil Technologies, Rishabh Instruments, S P Apparels, Renaissance Global, Shivalik Rasayan, Selan Exploration Technology, Zee Media Corporation
