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Stocks to Watch: Kotak Bank, Asian Paints, Go Fashion, Dr Reddy's

The market closed in the green on Monday. Sensex ended at 57,260.58, up 153.43 points, or 0.27% and Nifty settled at 17,053.95, up 27.50 points, or 0.16%. (ANI Photo)Premium
The market closed in the green on Monday. Sensex ended at 57,260.58, up 153.43 points, or 0.27% and Nifty settled at 17,053.95, up 27.50 points, or 0.16%. (ANI Photo)

  • Go Fashion India will make a debut on the BSE and the NSE today. On Monday, the markets edged higher, recovering from early losses, as global equities regained some poise after Friday's selloff. Among Sensex stocks, Kotak Mahindra Bank led gains in the Nifty, rising 3%. RIL settled 1.2% higher.

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Here is the list of the top 10 stocks that are likely to be in focus on Tuesday:

Kotak Mahindra: Private lender Kotak Mahindra Bank today said that Life Insurance Corporation (LIC) has received approval from the Reserve Bank of India (RBI) to increase its stake in the Bank up to 9.99%. While announcing reformed rules on the structure of private sector banks, the RBI had on Friday said that non-promoter share holdings would continue to be capped at 10% for individuals and non-financial institutions.

Go Fashion: Go Fashion IPO is going to list today at both NSE and BSE. According to stock market experts, the public issue worth 1,013.61 crore may have a magnificent listing today. They said that Go Fashion share price may open in four digits at somewhere around 1100 per share levels. 

Asian Paints: The company on Monday said it will invest 960 crore to expand the manufacturing capacity of its facility situated at Ankleshwar in Gujarat. The company has signed a memorandum of understanding with the Government of Gujarat commencing the proposed expansion of manufacturing capacity of paint from 1.3 lakh KL to 2.5 lakh KL and resins and emulsions from 32,000 MT to 85,000 MT, Asian Paints said in a regulatory filing. The expansion is to be completed in the next 2-3 years at a total investment of 960 crore approximately on plant and machinery at the current prevailing prices, it added.

Dr Reddy's: India's Dr. Reddy's Laboratories is in talks with partners to export domestically made doses of Russia's COVID-19 vaccine, Sputnik, after New Delhi recently approved shipments of other shots, the firm said on Monday. As the main Indian distributor of Sputnik, sold only on the private market, Dr. Reddy's has struggled to compete with vaccines that the government distributes free.

Reliance: Indians can now use WhatsApp to order groceries from billionaire Mukesh Ambani’s JioMart via a new “tap and chat" option, as his Reliance Industries Ltd. challenges the domination of Inc. and Walmart Inc.-owned Flipkart. Delivery is free and there’s no minimum order value, according to JioMart users who got WhatsApp shopping invites with a 90-second tutorial and catalog. Among the daily essentials on offer are fruits, vegetables, cereal, toothpaste and cooking staples like paneer cottage cheese and chickpea flour. Customers can fill their shopping baskets within the app and pay either via JioMart or in cash when receiving their order.

IndusInd Bank: Top executives of Bharat Financial Inclusion Ltd (BFIL), a fully owned subsidiary of IndusInd Bank, have resigned from the company last week, the bank said on Monday. The bank said it has appointed an executive director and another person to oversee day-to-day operations of the company. BFIL’s managing director and chief executive Shalabh Saxena, and its executive director and chief financial officer Ashish Damani are set to join rival microfinance lender Spandana Sphoorty.

Future Group: Amazon and a lobby of at least 15,000 small businesses have written to the markets regulator, demanding revocation of the conditional approval it has granted to the 24,713 crore deal for the Future Group to sell its retail assets to Reliance Industries Ltd. The US e-commerce giant and the Confederation of Indian Micro Small and Medium Enterprises have written two separate letters to the Securities and Exchange Board of India (Sebi) on the matter.

HAL: Hindustan Aeronautics Ltd (HAL) will manufacture four light utility helicopters (LUHs) under limited series production by 2022-23, the central government told Rajya Sabha on Monday. Responding to a question, Minister of State for Defence Ajay Bhatt also said that the government-owned aerospace behemoth will build another eight LUHs by 2023-24.

PNB: State-owned Punjab National Bank (PNB) said it will invest in Open Network for Digital Commerce as a promoter entity by picking up over 9% stake in the company, which is yet to be incorporated. Open Network for Digital Commerce (ONDC) Ltd is being established with a mandate to develop an open network for digital commerce, PNB said in a regulatory filing.

Union Bank of India: The Reserve Bank of India has imposed monetary penalty worth 1 crore on Union Bank of India for failure to classify an account as fraud and delay in disclosures in the annual report. In a press release on Monday, the regulator said that the bank had been penalized for non-compliance with the certain provisions of directions issued by RBI contained in “Reserve Bank of India (Fraud - Classification and Reporting by commercial banks and select FIs) Directions 2016" and “Guidelines on Sale of Stressed Assets by Banks.

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