Stocks to Watch today, Sept 1: RIL, Vedanta, LIC, Five Star Business, Autos

Stocks to Watch today, September 1, 2023: Vedanta ran a "covert" lobbying campaign to weaken key environmental regulations during the Covid-19 pandemic, the OCCRP said in an article on Thursday


Nikita Vashisht New Delhi

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Stocks to Watch on Friday, September 1: Markets will react to the Q1-FY24 GDP data, and await key macroeconomic data on Friday. At 7:45 AM, Gift Nifty was trading 31 points lower at 19,399 levels. 

Globally, Asian shares were mixed with Australia's S&P/ASX 200 down nearly 0.5 per cent, South Korea's Kospi being flat, while Japan's Nikkei 225 was up 0.6 per cent. In Hong Kong, the Hang Seng index has paused trading as Super Typhoon Saola approaches.

Overnight, the Dow Jones Industrial Average fell 0.5 per cent, the S&P 500 ticked down nearly 0.2 per cent, but the Nasdaq Composite ticked 0.11 per cent higher. 

In the commodities market, Brent crude futures are testing the $87 per barrel-mark, up over 1 per cent.

Here's a list of stocks to watch today:

Five-Star Business Finance: Private equity investors are likely to sell about 8.8 per cent equity in Five-Star Business Finance Ltd via a block deal, reports said on Thursday. Matrix Partners, TPG Asia, and Norwest Ventures may sell their stake at an offer floor price of Rs 724 per share, a near 6.25 per cent discount from the current market price (CMP), the report added. 

Textile stocks: The Textiles Ministry has decided to extend the deadline for fresh applications under the  Production Linked Incentive (PLI) scheme for textiles, covering MMF (man made fibre) apparel, MMF fabrics and products of technical textiles, by another two months, till October 31 2023.

Auto Stocks: Shares of automobile companies will be in focus as they announce the sales figures for the month of August.

Reliance Industries: Reliance Industries-owned joint venture Viacom18 won the Board of Control for Cricket in India's (BCCI) media rights for $721.41 million to broadcast international and domestic games from September 2023 to March 2028, the cricket administrator said on Thursday.

Vedanta: Vedanta ran a "covert" lobbying campaign to weaken key environmental regulations during the Covid-19 pandemic, the Organised Crime and Corruption Reporting Project (OCCRP) said in an article on Thursday. In January 2021, Vedanta Group Chairman Anil Agarwal told former environment minister Prakash Javadekar the government could add "impetus" to India's economic recovery by allowing mining companies to boost production by up to 50 per cent without having to secure new environmental clearances, the OCCRP said. READ MORE

LIC: Mini Ipe has ceased to be the MD, and Gajraj Singh Gill has ceased to be the Executive Director (Senior Business Associate) with effect from Aug. 31 upon superannuation.

Torrent Pharma, Cipla: Torrent Pharma has reportedly submitted a non-binding bid to acquire stake of promoters of pharmaceutical giant Cipla. According to a report, Torrent Pharma will likely decide on a binding offer in the coming weeks. Moreover, the company is likely holding talks with three to four private equity companies and foreign institutions as it considers several funding options for the offer.

Nykaa: The company invested Rs 3.97 crore in its international arm, FSN International, by acquiring 39.78 lakh shares of Rs 10 each on a rights basis for providing long-term funds.

GlaxoSmithKline Pharmaceuticals: The Assistant Commissioner of State Tax Maharashtra, Mumbai, has initiated search at certain premises of the company, it said in an exchange filing on Thursday. The officials of the company are extending their full cooperation to the Department, and responding to the
queries raised by them.

Concor: Sanjay Swarup to be appointed as Chairman and Managing Director with effect from October 1.

Jet Airways: Jalan Kalrock Consortium, the winning bidder for the revival of grounded carrier Jet Airways, on Thursday said it deposited Rs 100 crore in Jet Airways, taking the total investment in the airline to Rs 250 crore.

Sical Logistics: The Board has approved the appointment of K.Rajavel as the chief financial officer with immediate effect. 

Besides, the company's sales at the end of FY23 stood at Rs 392.11 crore, compared to Rs 348.87 crore a year ago. Revenue was Rs 418.36 crore vs Rs 358.1 crore YoY, and net loss was Rs 833.94 crore as against Rs 265.54 crore a year ago.

Mahindra Lifespace: The company has received an order from the Office of the Deputy Commissioner of State Tax, Large Taxpayer Unit, imposing a penalty of Rs 2.30 crore for the tax period 2017-18 (July 2017-March 2018). The company, however, said it is confident of a favourable outcome at the appellate authority and does not reasonably expect the said order to have any material financial impact.

Genus Power: Genus Power Infrastructures Limited's step-down wholly owned subsidiary has received a letter of award (LA) worth Rs 2,247.37 crore (net of taxes) for 24.18 lakh Smart Prepaid Meters

ITD Cementation: The company has secured a marine contract worth approximately Rs 3,290 crore excluding GST.

First Published: Sep 01 2023 | 08:02 AM IST

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