BackStocks to Watch: JSW Infra, Maruti Suzuki, TCS, Vedanta, Ultratech Cement
FIIs continued their selling streak even as Sensex and Nifty settled higher tracking positive global cues on Friday. The DIIs were net buyers again and invested ₹2,751.49 crore in Indian stocks on Friday.
PremiumHere are the top stocks that could be in focus in today's trade:
JSW Infrastructure: The initial public offering (IPO) of India’s second-largest commercial port operator JSW Infrastructure received a strong response from investors and will make its debut on the Indian stock market exchanges on Tuesday, October 3. JSW Infrastructure shares are likely to list with a decent premium on stock exchanges given the strong subscription numbers and healthy prospects of the company. JSW Infrastructure IPO listing will take place within the T+2 timeline (IPO closing date + 2 working days).
Maruti Suzuki: Maruti Suzuki India, the largest passenger car manufacturer in the country, reported its highest-ever monthly sales in September 2023. The company’s total wholesales last month increased 2.8% year-on-year (YoY) to 181,343 units from 176,306 units dispatched to dealers in the same month last year. Total sales in the month include domestic sales of 153,106 units, sales to other OEMs of 5,726 units and exports of 22,511 units.
TCS: India's largest IT company Tata Consultancy Services (TCS) has ended the hybrid work policy for its employees and with effect from 1 October, all employees are asked to work from the office for five days a week. Currently, employees are attending the office for three days a week but the company ended the hybrid work model in an internal communication. The development is not surprising as TCS has been emphasizing the work-from-office model for a while now.
Vedanta: Vedanta Limited approved the official demerger of its diversified business into six ‘separate’ listed companies, in a move to unlock value for its shareholders. The six independent listed entities consist of Vedanta Aluminium, Vedanta Oil & Gas, Vedanta Power, Vedanta Steel and Ferrous Materials, Vedanta base metals and Vedanta Ltd. The demerger of the metals-to-mining conglomerate is planned to be a vertical split.
Ultratech Cement: UltraTech Cement reported consolidated sales of 26.69 million tonnes (MT) in the second quarter ended September 30, 2023, registering a growth of 15.54% from the same period last fiscal. The company produced 23.10 MT of cement in the July-September period a year ago, the Aditya Birla Group company said in a sales volume data filed on stock exchanges. The company’s total sales volume in Q2FY24 in the domestic market increased 15.37% to 25.66 MT from 22.24 MT in Q2FY23.
ONGC: Oil & Natural Gas Corp. Ltd (ONGC) is considering investing around $20 billion to set up two petrochemical projects in India, either independently or in partnerships with other companies, chairman and chief executive officer Arun Kumar Singh said. Establishing a large petrochemical plant is likely to cost around $10 billion, Singh said. “We may do it on our own or in a JV. It depends on economics and what happens in respective states," he said in an interview on 25 August.
Torrent Pharma: Novo Nordisk India Pvt. Ltd, the local subsidiary of Danish pharmaceutical major Novo Nordisk, is in early talks with Torrent Pharmaceuticals Ltd to expand their manufacturing partnership, a top company executive said. “It is a formidable partnership," managing director Vikrant Shrotriya said, noting it has stood the test of time over three decades. “I believe they have been a very reliable partner. So, we have been evaluating expanding our partnership with them," Shrotriya said in an interview.
VIP Industries: The promoters of VIP Industries Ltd are considering selling their stake in India’s largest luggage and travel accessories maker, two people familiar with the development said. The deal, including a potential open offer, could be worth as much as $1 billion and see the promoters completely exit the business, one of the people said. The promoters have hired the investment banking team of InCred Capital to manage the sale, the people cited above said, requesting anonymity.
Ramkrishna Forgings: The board of Ramkrishna Forgings, the country's second-largest forging company, has given the nod to raise up to ₹1,000 crore through a qualified institutional placement (QIP) issue, a regulatory filing stated on September 30. The board, in its meeting held today, approved the “raising of funds up to ₹1,000 crore by way of issuance of equity shares through qualified institutional placement", the company said.
Coal India: Coal India Ltd, the state-run largest coal producer, on Monday reported a 12.6% year-on-year (YoY) rise in coal production to 51.4 million tonnes (MT) in the month of September. The company had produced 45.7 MT of coal in the year-ago period. Coal India’s offtake in September increased by 12.6% to 55.1 MT from 48.9 MT in the corresponding month of the previous fiscal. Meanwhile, in the April-September period, the Maharatna PSU’s output increased by 11.3% to 332.9 MT from 299 MT, YoY.
Milestone Alert!Livemint tops charts as the fastest growing news website in the world 🌏 Click here to know more.
