Stocks to Watch: Reliance Industries, Future Retail, TCS, Vedanta, OMCs

NEW DELHI: Here is the list of top 10 stocks that could be in focus on Thursday:

Reliance Industries: Reliance Industries-Assets Care & Reconstruction Company (ACRE) submitted an improved offer of ₹3,651 crore for bankrupt Sintex Industries on Wednesday. The duo had earlier offered ₹3,405 crore for the Gujarat-based textile company that is undergoing insolvency proceedings.

Future Retail: Amazon.com Inc plans to initiate criminal court proceedings this week against Future Retail for allowing transfer of assets to a major rival despite a legal prohibition. Amazon and Future Group have been in a legal stand-off for over a year now that has stalled Future's $3.4 billion sale of assets to Reliance Industries. Earlier this week, Reliance had started to take over around 500 of Future's stores, rebranding them as its own outlets.

TCS: Tata Consultancy Services is considering to divide its operational structure into four groups: acquisition, relationship incubation, enterprise growth, and business transformation, from the existing three, Rajesh Gopinathan, MD & CEO, told CNBC TV18 in an interview. Growth and transformation projects undertaken by its customers would be the key for the IT behemoth to achieve the $50 billion revenue target that has beens set.

Vedanta: Anil Agarwal-led Vedanta Ltd has declared an interim dividend of ₹13 per equity share, which will lead to an outgo of ₹4,832 crore for the mining major. This was the third interim dividend for the fiscal year 2021-22. The record date for the purpose of payment of dividend is 10 March.

Oil marketing companies: Petrol and diesel price hikes are likely to resume after state elections get over next week to bridge the ₹9 a litre gap created by international oil prices soaring past $100 a barrel. The basket of crude oil India buys rose above $102 a barrel on 1 March 1, the highest since August 2014. This compares to an average of $81.5 per of the Indian basket of crude oil at the time of freezing of petrol and diesel prices in early November last year.

FMCG companies: Sales volume of fast-moving consumer goods fell 2.6% year-on-year in the December quarter, with inflation causing a sharp dip in rural demand after five quarters of positive growth. Higher inflation in 2021 led to three consecutive quarters of double-digit price increases resulting in consumption slowdown in urban markets and consumption de-growth in rural centres.

UPL Ltd: The agri-chemicals major has announced a buyback of shares worth up to ₹1,100 crore from shareholders, excluding promoters. In a regulatory filing, the company said its board has approved the proposal to buy back fully paid-up equity shares of face value of ₹2 each from shareholders (other than the promoters, the promoters group and persons in control of the company), for an aggregate amount not exceeding ₹1,100 crore, the maximum buyback size.

NMDC: State-owned miner NMDC reported a 26% year-on-year rise in its iron ore output to 37.18 million tonnes for April-February period of 2021-22. NMDC's sales during the 11-month period grew 25.5% to 36.57 million tonne.

Max Financial Services: Subsidiary Max Life Insurance Company Ltd has incorporated a wholly-owned subsidiary Max Life Pension Fund Management Ltd and will infuse ₹55 crore into the firm by subscribing to 5.5 crore shares.

Suzlon Energy: Lenders have approved a plan by Suzlon Energy to convert part of its debt of ₹4,100 crore into equity that would see creditors’ stake rise to 35%, while that of promoter Tulsi Tanti’s would fall to 12.7% from 16% after the dilution. REC, a power sector lender, would pick up a 4.3 % by giving fresh loans to Suzlon that would be used by the firm to refinance older loans.