Stocks to Watch, Sep 12: L&T, RIL, Lupin, Hindalco, TVS Supply, Power Grid

Stocks to watch on Tuesday, September 12, 2023: From L&T raising its share buyback price, Bajaj Finance planning to enter new car loans segment, Power Grid to trade ex-bonus and more.

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Rex Cano Mumbai

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Stocks to Watch on Tuesday, September 12, 2023: Equity markets are likely to start trade on a positive note with the Nifty 50 seen quoting firmly above the 20,000-mark this Tuesday morning. 

At 07:00 AM, the GIFT Nifty futures quoted at 20,114, indicating a likely gap-up opening of 50-odd points for the Nifty 50. Markets in neighbouring Asian countries exhibited a mixed trend. 

Meanwhile, these stocks are likely to be in focus in trades on Tuesday.

Larsen & Toubro (L&T): The company has raised its proposed buyback price to Rs 3,200 per share from Rs 3,000 earlier. At the revised price, the company shall be able to buyback a maximum of 3.12 crore shares, representing 2.22 per cent of the total equity.

Reliance (RIL): Private equity firm KKR to buy additional 0.25 per cent stake in RIL’s retail arm - Reliance Retail Ventures for Rs 2,069.5 crore, thus increasing its overall stake in the retail subsidiary from 1.17 per cent to 1.42 per cent. READ MORE

Steel stocks: India on Monday imposed an anti-dumping duty on some Chinese steel for five years, according to a government notification, following concern raised by the steel industry over potential dumping by Chinese sellers. READ MORE

Bajaj Finance: The NBFC plans to offer car loans, tractor, and microfinance loans in the next few years due to the bright growth prospects of the Indian credit market, Sanjiv Bajaj, chairman and managing director of Bajaj Finserv, said.

Lupin: The company plans to ink a business transfer agreement with its arm - Lupin Manufacturing Solutions, to carve out two Active Pharmaceutical Ingredients (‘API’) manufacturing sites at Dabhasa and Visakhapatnam and select R&D operations, including fermentation, at Lupin Research Park, Pune. The company expects around Rs 750 – Rs 800 crore the slump sale.

Rail, Infra stocks: Shares from these sectors are likely to be in limelight in the near term following the announcement of the India-Middle East-Europe Economic Corridor IMEC) after the just-concluded G20 summit. READ MORE

Hindalco: The company in an exchange filing said that its subsidiary Novelis had entered into a long-term agreement to supply aluminum beverage can sheets to North America-based Ball Corporation in early 2023.

TVS Supply Chain Solutions: The company posted a consolidated net loss of Rs 65.3 crore for Q1FY24, as against a net loss of Rs 1.8 crore in Q1FY23. Total revenue declined 12.4 per cent YoY from Rs 2,675.50 crore to Rs 2,342.4 crore.

Tata Consumer: The Tata Group FMCG firm plans new product launches in the pantry segment – such as pulses, spices, staples, dry fruits, and ready-to-cook. READ MORE

Power Grid Corporation: The company has won an order to set-up a 20 GW inter-state power transmission project in Rajasthan. The stock will also trade ex-bonus today - it had declared bonus shares in the 1:3 ratio.

ICICI Bank: RBI has approved reappointment of Sandeep Bakshi as MD and CEO for a period of 3 years till October 03, 2026.

IDFC First Bank: On Monday, GQG Partners acquired its 50.7 million shares from MD and CEO V Vaidyanathan via a block deal. The latter will use part of the deal’s proceeds to subscribe to the bank’s fresh shares by exercising stock options.

Stocks in F&O ban today: BHEL, Chambal Fertilisers, Delta Corp, Hindustan Copper, Indiabulls Housing Finance, India Cements, Manappuram Finance, PNB and SAIL.

First Published: Sep 12 2023 | 07:16 AM IST

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