News Ports

Stocks to Watch: IRCTC, McLeod Russel, Adani Ports, GAIL, Dish TV, Natco Pharma, Hatsun Agro





Stocks to Watch Today: The key benchmark indices are likely to start trade on a positive note tracking overseas gains. At 07:10 AM, the SGX Nifty futures quoted at 17,757, indicating a gap-up of over 100-odd points on the Nifty 50.


Meanwhile, following are the stocks that are likely to some action in trades on Tuesday.


McLeod Russel: The largest bulk tea producer in India, is facing a takeover threat from Carbon Resources, a company manufacturing input materials for ferro alloys, aluminium and steel industries after the latter acquired over 5 per cent stake via open market deals. The would-be acquirer has made a non-binding offer to banks to settle McLeod’s dues. READ MORE


IRCTC: Indian Railway Catering and Tourism Corporation (IRCTC) can now apply for a payment aggregator licence to the Reserve Bank of India (RBI), and if approved, can enter the payments space with one of the country’s largest back-end databases of over 100 million users. READ MORE


Adani Green Energy: The company has commissioned a 325-megawatt wind energy plant in Madhya Pradesh, thus increasing its operational generation capacity to 6.1 gigawatt (GW). The plant has two 25-year Power Purchase Agreements (PPAs) with Solar Energy Corporation of India at a tariff of Rs 2.83 per kwh (kilowatt hour).


Adani Ports and Special Economic Zone: The West Bengal government on Monday approved issuance of letter of intent (LoI) to Adani Ports for the proposed greenfield port in the state. The company had emerged as the H1 bidder earlier this year, but the state government had not declared it.


Mahindra & Mahindra (M&M): The launch of M&M’s first electric SUV – SUV-XUV400 – on September 8, saw great enthusiasm. With the launch, M&M has entered the competition in the new e-SUV segment, which also features Tata Nexon EV (87 per cent market share in FY22). M&M’s future stock price movement would largely depend on the response to its EV, when the bookings open in January 2023. READ ANALYSIS


Sugar stocks: India’s top sugar producing state – Maharashtra is set to churn out record levels for the second year in a row as farmers have expanded the growing area for the cane crop. Higher production will weigh on local prices and may prompt New Delhi to allow sugar exports in the 2022/23 marketing year starting from Oct. 1.


GAIL India: The company has bought several LNG cargoes for delivery between October and November at more than double the price it paid around this time last year, after vital Russian deliveries were canceled. The New Delhi-based company is struggling to replace supply from the former trading arm of Gazprom PJSC, which was nationalized by Germany earlier this year and is paying contractual fines rather than delivering fuel. READ MORE


Oil stocks: The oil ministry has sought a review of the two-and-a-half-month old windfall profit tax on domestically produced crude oil saying it goes against the principle of fiscal stability provided in contracts for finding and producing oil.


Natco Pharma: The Delhi High Court has permitted Natco Pharma to launch Chlorantraniliprole (CTPR) and its formulations, through its non-infringing process. The pharma company estimates the current market size of CTPR products in India to be over Rs 2,000 crore.


Can Fin Homes: Mortgage lender Can Fin Homes’ managing director and chief executive officer (MD&CEO) Girish Kousgi resigned stating personal reasons. The stock had tumbled 7.25 per cent on Monday.


Future Supply Chain Solutions: The company has called off the sale of its warehouse assets due to expected delay in obtaining other requisite approvals. It said that the delay in obtaining other requisite approvals would ultimately defeat the purpose of the proposed sale of its assets.


Dish TV, Yes Bank: Paving the way for Yes Bank to take charge of Dish TV India board, Jawahar Lal Goel tendered his resignation from the latter’s board. The resignation comes within days of the company announcing that Goel would not seek a reappointment to the board. Yes Bank, which holds 25 per cent stake in Dish TV, has been pushing for a board revamp, including removal of Goel, Narang and others.


Ircon International: The company has received work order of detailed engineering and project management consultancy services for development of rail infrastructure from Mahanadi Coalfields worth Rs 256 crore.


Bombay Dyeing: The company’s board is scheduled to meet on September 22 to consider a proposal to raise funds by way of rights issue.


Hatsun Agro Product: The company’s board approved a right issue up to Rs 400 crore.


Stocks in F&O ban: Delta Corp, Escorts, Indiabulls Housing Finance, India Cements, PVR and RBL Bank were the stocks in F&O ban period on Tuesday.





Source link

Leave a Comment