Stocks to Watch: ONGC, Reliance, SpiceJet, ITC, BPCL
Tata Chemicals has been removed from the list of securities under the F&O ban. Balrampur Chini Mills and Delta Corp still remain in the ban period for the F&O segment as they have crossed 95% of the market-wide position limit.
PremiumHere is the list of top 10 stocks that will be in focus today
ONGC: The government on Thursday hiked the windfall profit tax on the export of diesel to ₹7 per litre and brought back a tax on jet fuel exports, but slashed the levy on domestically produced crude oil in line with softening rates. At the third fortnightly review, the government raised the windfall profit tax on the export of diesel to ₹7 per litre from ₹5 a litre and brought a ₹2 a litre tax on ATF exports, a finance ministry notification showed.
SpiceJet: The Supreme Court on Thursday directed SpiceJet Ltd to approach the Madras High Court (HC) to withdraw the $5 million bank guarantee that it deposited with the court in May. SpiceJet had deposited the bank guarantee on directions from the Madras HC, at a time the SC was hearing a winding-up case against the company filed by Credit Suisse AG. SpiceJet and Credit Suisse ended the dispute over unpaid dues on Thursday.
Reliance: Amid a recent fall in international oil prices and refining spreads, India on Thursday hiked the windfall profit tax on the export of diesel to ₹7 per litre and brought back a tax on jet fuel exports. However, the government has slashed the levy on domestically produced crude oil in line with softening rates, a finance ministry notification showed.
ITC: ITC Ltd has shown interest in bidding to develop and manage state-run India Tourism Development Corp.’s (ITDC) 550-room The Ashok hotel in the heart of the capital city, two people familiar with the development said. The hospitality consultants, one of whom is an adviser to one of these companies, said the hotel operator is keen to run the iconic property in New Delhi.
BPCL: Assam-based central PSU Brahmaputra Crakers and Polymers (BCPL) has proposed to invest ₹450 crore for a naphtha import storage and despatch facility in Haldia port area in West Bengal, a senior official said on Thursday. BPCL is implementing the prestigious Assam Gas Cracker project—the largest petrochemical project in the northeast. The company handed over the feasibility report of the project to Kolkata Port, now known as Syama Prasad Mookerjee Port (SMP).
JSW Steel: Fair trade regulator Competition Commission of India (CCI) on Thursday approved the proposal to merge Creixent Special Steels and JSW Ispat into JSW Steel. In May, JSW Steel announced the merger deal. JSW Steel and JSW Ispat are into the manufacturing and selling of steel products while Creixent Special Steels (CSSL) is in the business of holding investments. In a tweet on Thursday, CCI said it has approved the "amalgamation of Creixent Special Steels and JSW Ispat Special Products with and into JSW Steel".
Adani Ports: The draft Indian Ports Bill, 2022, which seeks to consolidate and amend the laws relating to ports in India, has been issued for stakeholder consultation, the Ministry of Ports, Shipping and Waterways said on Thursday. The Ministry intends to seek feedback and suggestions on the draft IP Bill 2022 from all the stakeholders. The document can be accessed from the websites of the MoPSW and Sagarmala.
JK Tyre: Optimistic about demand growth in the current fiscal, JK Tyre & Industries Ltd on Thursday said it has increased prices by 6-7 per cent and a further hike is under consideration to reduce the raw material cost pressure. The leading tyre maker said EBITA has started improving and it is likely to be better in the forthcoming quarters.
PVR: Non-profit group CUTS has filed a complaint against the proposed merger agreement between multiplex operators PVR and INOX Leisure, alleging that the deal will have anti-competitive effects on the film exhibition industry. The Consumer Unity & Trust Society (CUTS) has approached the CCI to investigate the matter, it said in a statement on Thursday. On March 27, PVR and INOX Leisure announced the merger to create the largest multiplex chain in the country with a network of more than 1,500 screens.
Federal Bank: Private sector Federal Bank under its expansion drive has inaugurated 15 new branches across the country, the Kerala-based bank said on Thursday. Among the 15 branches, seven are in Tamil Nadu taking the overall presence to 171 branches in the State. The bank would continue to focus on territories like Tamil Nadu, Telangana, and Gujarat.
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