Stocks to Watch on Friday, August 18, 2023: The key benchmark indices seem poised for some more downward pressure on Friday, as global cues continue to remain negative.
Overnight, the US markets slipped around a per cent each; while closer home Asian indexes exhibited a mixed trend.
At 07:40 AM, the GIFT Nifty futures quoted at 19,300, indicating a likely gap-down of 80-odd points on the Nifty 50.
Meanwhile, these stocks are likely to be on investors radar on Friday.
Concord Biotech: The stock is likely to debut on a positive note. The Grey Market Premium (GMP) indicates a likely gain of 10 - 15 per cent at the opening bell. This Rekha Jhunjhunwala backed IPO had received fairly good response from investors, with the issue subscribed 24.9 times.
Nifty Next 50 rejij: Five stocks – ACC, HDFC Asset Management Company, Nykaa, Indus Towers and Page Industries will be dropped from Nifty Next 50 index from September 29. These will be replaced with Punjab National Bank (PNB), Trent, Shriram Finance, TVS Motor Company and Zydus Lifesciences.
Adani Group: The Gautam Adani led group reportedly flew some bankers to Mundra Port in Gujarat to showcase its private port and elaborate on the company’s strong financial conditions and expansion plans. The trip marks Adani Group’s latest effort to reassure markets after months of damage control following US shortseller Hindenburg report in January. READ MORE
JSW Steel: The company is eyeing to acquire up to 75 per cent stake in Teck Resources' steelmaking coal business Elk Valley Resources. According to a Bloomberg report, the potential deal could value the business at $8 billion.
Maruti Suzuki: The auto major plans to open 57 Nexa showrooms, its premium outlets, by March 2025 as the demand for its top-end vehicles continues to increase, Shashank Srivastava, senior executive officer (marketing & sales), said on Thursday. About 31.9 per cent of total sales till July this year have come from Nexa, Srivastava told Business Standard. READ MORE
Power stocks: India experienced a new peak in power demand, reaching a record 233 Giga Watts (GW) on Wednesday due to rising temperatures as the monsoon retreats across the country. Power demand is projected to remain elevated until October. Experts believe prolonged hot weather would keep the electricity demand pushing up. This would drive demand for coal.
Carborundum, IdeaForge: Carborundum Universal, engaged in manufacturing of abrasives and industrial-ceramics, has collaborated with drone maker IdeaForge Technology to jointly develop products to make drones lighter, stronger and more durable, the companies said.
ONGC: The state-owned oil explorers plans to invest Rs 1 lakh crore by the end of this decade in low-carbon energy opportunities, including renewables and green hydrogen as it looks to transform into a low-carbon energy player.
Adani Transmission: Adani Energy Solutions, formerly known as Adani Transmission, announced the acquisition of an under-development transmission project from Megha Engineering & Infrastructures for an undisclosed amount.
3M India: The material solutions company inaugurated its first abrasive robotics lab in India, located at its Bengaluru centre. This addition brings the global count of such labs to 17 within the company. “India is a growing market, and that is why we are investing in the abrasive robotics lab in the country,” expressed Terry Ceulemans, Global Application Engineering Director.
EKI Energy Services: The company has faced criticism over the controversial ouster of its statutory auditor Walker Chandiok & Co. A resolution to remove the well-known audit firm before the expiry of its term received 100 per cent ‘against’ votes from public institutions. Nevertheless, the resolution was still cleared thanks to ‘for’ votes from the promoter group, who hold 73.42 per cent stake in the company. READ MORE
IRCON, RCF: The Department of Public Enterprises is considering a proposal to upgrade the status of Rashtriya Chemicals and Fertilisers (RCF) and IRCON to Navratna, which would enable the companies to have more autonomy in terms of investment, setting up joint ventures, and other financial decisions. Both RCF and IRCON are currently categorised under Miniratna Category-I, Schedule 'A' status.
Stocks in F&O ban: Balrampur Chini, Delta Corp, GNFC, Granules India, Hindustan Copper, Indiabulls Housing Finance, India Cements, PNB, SAIL and Zee Entertainment are the 10 stocks in F&O ban period on Friday.
Primary Market Update
Pyramid Technoplast: The Rs 153 crore IPO opens for subscription today. The company is offering 75.60 lakh shares in the price band of Rs 151 – Rs 166. The issue closes on August 22.