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Business News/ Markets / Stock Markets/  Stocks to Watch: IndiGo, ITC, Infosys, M&M, Zee Entertainment, Hero MotoCorp

Stocks to Watch: IndiGo, ITC, Infosys, M&M, Zee Entertainment, Hero MotoCorp

Zee Entertainment, Granules India, India Cements, Chambal Fertilizers, Gujarat Narmada Valley Fertilizers And Chemicals, Manappuram Finance, Delta Corp, Balrampur Chini Mills, and Indiabulls Housing Finance are the nine stocks that are a part of the F&O ban list by the stock exchange for Wednesday.

Stocks to Watch for Wednesday (Photo: Bloomberg)Premium
Stocks to Watch for Wednesday (Photo: Bloomberg)

Here are the top 10 stocks that could be in focus in today's trade:

InterGlobe Aviation: Private airliner IndiGo Airlines' promoter Gangwal family is all set to sell its shares worth 3,730 crore through a block deal on 16 August, reported ET citing the term sheet. According to the report, the family has put 15.6 million shares on the block with a floor price of 2,400 per share, which is a 5.8% discount to the closing price of Monday. The deal's lenders are Morgan Stanley, JPMorgan, and Goldman Sachs. The Gangwal family owned 29.72 per cent of IndiGo Airlines by the end of June 2023, as per BSE records, however, promoters held a total of 67.77 per cent of the firm.

ITC: ITC Ltd on Monday outperformed Street expectations with a 17.5% rise in standalone net profit for the June quarter, helped by lower expenses. However, an ongoing ban on wheat export and a more recent ban on rice export hurt standalone revenue for the quarter which fell 7.2% to 16,995.49 crore from 18,320.16 crore a year ago. The company posted a net profit of 4,902.74 crore for the quarter ended 30 June, up from 4,169.38 crore a year ago. The figures topped 4,817 crore estimate in a Bloomberg survey of 14 analysts.

Infosys: Infosys, the second-largest IT services company in India, and Liberty Global have signed an initial five-year agreement worth 1.5 billion euros to evolve and scale the communications firm's digital entertainment and connectivity platforms. The companies have entered into an initial 5-year agreement, with an option to extend to 8 years and beyond. Infosys will provide services to Liberty Global estimated at 1.5 billion euros over the initial 5-year term and at 2.3 billion euros if the contract is extended to 8 years, the companies said in a joint statement on Tuesday.

M&M: On Tuesday, Mahindra Rise unveiled a fresh platform named OJA, intended for its lineup of lightweight tractors. The term Oja originates from the Sanskrit word 'Ojas,' signifying energy or vigour. Through this platform, Mahindra aims to expand its presence significantly in the worldwide lightweight tractor segment and enhance its range of models. The OJA 2127, a 27 HP model, was also officially introduced with a price tag of 5.64 lakh (ex-showroom). Additionally, the OJA 3140, a 40 HP small utility model, was launched at a price of 7.35 lakh.

RIL/ONGC: The Union Ministry of Finance has increased the windfall tax on the sale of locally produced crude oil to 7,100 per tonne. For the past two weeks, the windfall tax on domestically produced crude oil was 4,250 per tonne. The increase would come into effect from 15 August. Further, the Special Additional Excise Duty (SAED) or duty on the export of diesel has also been increased to 5.50 per litre from Re 1 per litre. A duty of 2 a litre has also been reimposed on aviation turbine fuel showing a government notification.

Zee Entertainment: The Securities and Exchange Board of India (Sebi) on Monday upheld its 12 June interim order restraining Punit Goenka and his father, Subhash Chandra, from holding key positions in publicly traded companies till further notice. Sebi’s order barred them from holding key positions in an alleged funds diversion case. The order said Goenka and Chandra were involved in schemes and transactions through which vast amounts of public money belonging to Zee Entertainment Enterprises Ltd were diverted to private entities owned and controlled by these people.

Hero MotoCorp: Sunil Kant Munjal's exit from the management and resignation from the position of Joint Managing Director had been announced in 2016 itself, disclosed Hero MotoCorp Ltd in an exchange filing on Monday. Further, the company obtained a family settlement agreement from the promoter group in 2016 itself. In its filing, the firm stated that an agreement had been reached for the use of the trademark "HERO" between "Family Group" and Sunil Kant Munjal.

Balaji Amines: Balaji Amines which is engaged in manufacturing specialty chemicals in an exchange filing said that in accordance with the SEBI Master Circular, we would like to submit that there has been a delay in the preparation of the Consolidated Financial Results on account of the unavailability of the management. “Therefore, the Company’s Un-audited Standalone and Consolidated Financial Results for the quarter ended June 30, 2023, will be approved subsequent to August 14, 2023, and that the Company will endeavour to get the same approved at the earliest," the statement added.

Vodafone Idea: Vodafone Idea Ltd (Vi) will avail of a 30-day grace period for paying its annual instalment of spectrum payment, totalling 1,680 crore, along with interest, due on 17 August on account of the acquisition of 5G airwaves last year. The company said one of the promoters will provide 2,000 crore in financial support if the company requires funds for making the payment, without specifying the promoter entity. Meanwhile, Vi’s losses widened from 7,296 crore a year earlier to 7,840 crore in the June quarter, even as revenues rose from 10,410 crore to 10,655 crore during the period.

GMR Aiport Infrastructure: GMR Airports Infrastructure Limited on Monday reported a 40% increase in gross revenue at 2,018 crore for the first quarter ended June 30 of the fiscal year 2024. The company had reported gross revenue of 1,439 crore in the same quarter a year ago. Ebitda (earnings before interest, taxes, depreciation, and amortization) rose by 77% year-on-year (YoY) at 753 crore in Q1 of FY24, the company said in an exchange filing. The company had reported Ebitda at 424 crore in the same quarter a year ago.

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Published: 16 Aug 2023, 07:26 AM IST
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