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Stocks to Watch: Airtel, Reliance, SpiceJet, Vedanta

Sensex and Nifty closed in the green on Tuesday. Sensex closed at 58,664.33, up 198.44 points, or 0.34% on Tuesday. Nifty settled at 17,503.35, up 86.80 points, or 0.5%. (PTI)Premium
Sensex and Nifty closed in the green on Tuesday. Sensex closed at 58,664.33, up 198.44 points, or 0.34% on Tuesday. Nifty settled at 17,503.35, up 86.80 points, or 0.5%. (PTI)

  • Indian shares snapped four sessions of losses on Tuesday, as metals and energy stocks marked a sharp recovery. After Bharti Airtel, Vodafone Idea raised pre-paid mobile service tariffs by 20-25%, all eyes will be on Reliance Jio

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Reliance: After Bharti Airtel, Vodafone Idea made changes to their tariffs, Reliance Jio is expected to follow suit. On Tuesday, VI raised pretariffs by 20-25%. With two of our three big private players having set out to normalize tariffs, compressed by a price-war of attrition that followed Jio’s market entry five years ago, all eyes have now turned to Jio. Also, Reliance Industries Ltd (RIL) decision to shelve the $15 billion deal with Saudi Aramco will not affect the conglomerate's credit quality, Moody's said on Tuesday.

Airtel: Ratings agency Moody's has changed Bharti Airtel's outlook to positive from stable on improving operating performance and credit metrics. The positive outlook reflects Airtel's improving operating profile credit metrics, including Moody's expectation of growing free cash flows and liquidity over the next 12-18 months, particularly at the core Indian operations.

TCS: TCS: Tata Consultancy Services (TCS) has expanded its 18-year-long strategic partnership with Swiss Re, a Switzerland-based reinsurance company, to help the latter build a more social and open digital workspace leveraging the Cloud to drive greater collaboration and innovation. Also, India’s IT services industry may witness a gross employee addition of 450,000 in the second half of financial year 2022 (H2FY22), according to a study by market intelligence firm UnearthInsight.

Zee Entertainment: Punit Goenka, managing director and chief executive officer of media and entertainment company Zee Entertainment Enterprises Ltd Ltd, has said the proposed merger with Sony Pictures Networks India, is “in final stages of stitching up." Speaking at the APOS India Summit by MPA (Media Partners Asia), Goenka said such consolidation has always benefited the media and entertainment industry.

SpiceJet: The company is reducing liabilities and considering raising capital after the damage caused by Covid-19, and has agreed compensation from Boeing Co. for the grounding of 737 Max jets, chairman Ajay Singh said. The budget carrier, which suffered as Covid halted air travel in India, aims to cut liabilities by as much as $300 million over six months and raise funds from banks and potentially a warrants issue, Singh said in an interview. Besides, the company will induct 50 Boeing 737 Max planes by 2022-23 as the airline hopes to phase out its older Boeing 737-800 NG and replace them with fuel efficient Max planes.

Vedanta: Two entities, including promoter entity, on Tuesday acquired 3.7 per cent stake in the mining behemoth, Vedanta Ltd through open market transactions. According to bulk deal data available with the NSE, Twin Star Holdings and Vedanta Netherlands Investments together bought 13.78 crore shares, amounting to 3.7 per cent stake, of the company. Individually, Twin Star Holdings and Vedanta Netherlands picked up 8.78 crore shares and 5 crore shares, respectively in the company.

ONGC: India's crude oil production fell 2.15% in October as state-owned firms produced less but, natural gas output rose by a quarter on the back of output from KG-D6 fields of Reliance-BP, government data released on Tuesday showed.Crude oil production dropped to 2.51 million tonnes in October, as output from fields operated by Oil and Natural Gas Corp (ONGC) and Oil India Ltd (OIL) dipped.

IRCTC: After passenger, freight segments, the Indian Railways is set to begin their third segment of trains for tourism called Bharat Gaurav trains, Minister of Railways Ashwini Vaishnaw said on Tuesday. Bharat Gaurav trains will be run, by both private players and IRCTC, in theme-based circuits, the railways minister said. As many as 3,033 coaches have been identified and around 190 trains have been allocated.

Welspun Corp: Welspun One Logistics Parks (WOLP), part of the Welspun Group, on Tuesday said it has signed an agreement with Guidance - the Tamil Nadu government’s nodal agency - for investment promotion and single-window facilitation to set up warehousing facilities. The projects will be executed by Welspun One and will bring direct investments of about 2500 crore to the southern state.

Greaves Cotton: Greaves Electric Mobility Pvt. Ltd., the e-mobility arm of Greaves Cotton Limited, and one of the leading players in the electric vehicles segment on Tuesday announced the opening of its largest electric vehicles production facility at Ranipet in Tamil Nadu.

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