Cement News

Nykaa, Vedanta, ONGC, Blue Dart, Ultratech Cement, Fortis Healthcare, Bharat Electronics stocks in focus

Bulls may stage a comeback on Dalal Street on the week’s last trading day as benchmark indices BSE Sensex and NSE Nifty are expected to open in the green, hinted SGX Nifty. Ahead of the session, Nifty futures traded 78 pts or 0.4% higher at 18514 level on the Singapore Exchange. “The recent market structure is pointing towards the possibility of some profit-taking or consolidation ahead. However, we expect Nifty to hold the 17800-18100 zone. The prevailing underperformance on the broader front is already hurting sentiment and it might deteriorate further during the corrective phase. We thus reiterate our view to remain selective and focus on position sizing,” said Ajit Mishra, VP – Technical Research, Religare Broking.

Stocks in focus on 18 November, Friday

Aditya Birla Fashion and Retail: The company entered into a strategic partnership with Galeries Lafayette to open luxury department stores and a dedicated e-commerce platform in India. Blue Dart Express: The company announced opening of 25 retail outlets in Tier I and II cities as part of its expansion plan.

Also Read: Nifty, Sensex snap 2-day rally, end mildly in red; may fall further amid volatility

Nykaa: Citigroup has launched a block deal to sell shares in cosmetics-to-fashion retailer Nykaa, worth $125 million or Rs 1,000 crore. The block deal involves TPG Capital as the seller.

Bajaj Auto: Life Insurance Corporation of India (LIC) sold 2% stake or 56.68 lakh shares in Bajaj Auto via open market transactions. With this, LIC’s shareholding in the company stands reduced to 5.2% from 7.2% earlier.

Blue Dart Express: The company announced opening of 25 retail outlets in Tier I and II cities as part of its expansion plan.

ONGC: Oil refining and marketing company BPCL’s former chairman Arun Kumar Singh is likely to be the new chairman of India’s top oil and gas producer ONGC — the first instance of a top PSU board-level position going to a person aged over 60. A search-cum-selection committee, constituted by the oil ministry, zeroed in on Singh after interviewing six candidates in August. If his selection is approved, Singh will get three years as head of the cash-rich PSU.

NDTV: The Income Tax Department has again stayed a tax demand of Rs. 59.98 crore against the company for assessment year 2007-08.

Bharat Electronics: The Navratna defence PSU signed a MoU with Armoured Vehicles Nigam Limited (AVNL/AVANI), a defence PSU. They will jointly address domestic and export opportunities in the areas of combat vehicles, main battle tanks (MBTs), infantry fighting vehicles (IFVs), armored fighting vehicles (AFVs) and related systems. It has also signed a MoU with Advanced Weapons and Equipment India (AWEIL), a defence PSU.

Vedanta: The board of the company will meet on Nov. 22 to consider and approve third interim dividend for the current fiscal.

Fortis Healthcare: SEBI has advised Malaysia-based IHH Healthcare to proceed with its open offer to acquire additional 26.1% stake in the company after obtaining appropriate order from the Delhi High Court. IHH is now seeking legal counsel for further steps.

Mahindra Lifespace Developers: The company has launched its residential project – Mahindra Citadel Phase 1, at Pimpri Chinchwad, Pune.

Also Read: Nifty may hit new all-time high if it holds above 18450; Buy these 2 stocks for near-term gains

UltraTech Cement: The company has commenced operation at its third Birla White Wall Care Putty plant in Rajasthan with a capacity of 4 LMT per annum, at a total cost of Rs 187 crore. Now it has a Wall Care Putty capacity of 13 LMT per annum.

CSB Bank: The bank has received approval from the Reserve Bank of India for appointment of Bhama Krishnamurthy as Part-time Chairperson of the bank with effect from November 17. She will be the part-time chairperson of the bank during 17 November 2022 and September 28, 2024.

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