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Stocks to Watch: Reliance Industries, L&T, Hindustan Zinc

On Tuesday, Sensex surged 886.51 points or 1.56% to end at 57,633.65, while Nifty rose 264.40 points or 1.56% to 17,176.70.Premium
On Tuesday, Sensex surged 886.51 points or 1.56% to end at 57,633.65, while Nifty rose 264.40 points or 1.56% to 17,176.70.

  • RBI policy statement is due today, with the central bank widely expected to stand pat on key rates as the Omicron variant poses risks to India's recovery. 60% of respondents in a Mint poll of bankers and economists expect RBI to maintain reverse repo rate at 3.35%. 40% expect a 15-20 bps hike

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

Reliance Industries: The petchem major has formed a $2 billion partnership with Abu Dhabi Chemicals Derivatives Company RSC Ltd (Ta’ziz) for chemical production. The joint venture will construct and operate a chlor-alkali, ethylene dichloride (EDC) and polyvinyl chloride (PVC) production facility, with an investment of more than $2 billion.

Larsen & Toubro: Has signed an initial agreement with the Saudi Aramco to develop manufacturing capabilities in Saudi Arabia. Under the plan, Larsen will build the region’s first Heavy Wall Pressure Vessels facility in the kingdom's Jubail Industrial City.

Hindustan Zinc: Has announced an interim dividend worth a total of $1 billion, or 7,605.57 crore, for its shareholders. The company's board has approved a dividend of 18 a share, implying a dividend yield of 5.09% to its closing price of 7 December. Parent Vedanta Ltd which holds a 64.92% stake is expected to get nearly 4,937.68 crore in dividend payout.

Nykaa: The one-month lock-in period for anchor investors of FSN Commerce Ventures, which operates Nykaa, will expire on Wednesday. Nykaa’s 5,350 crore IPO was subscribed 82 times, with about 21.3 million shares sold to anchor investors. Share price had nearly doubled at trading debut, listing at 2,018, a 79% premium over the issue price of 1,125, propelling its market value to more than 1 trillion.

SpiceJet Ltd: Has said it is hopeful of a favourable outcome of its proposed appeal against a winding up petition ordered by the Madras high court. The HC had ordered winding up of the airline on a petition filed by Credit Suisse over unpaid dues of $24 million. It had also directed an official liquidator to take over the assets of the airline. The order was subsequently stayed for three weeks following a plea by the airline and on the condition that it deposits $5 million with the court within two weeks.

Telecom stocks: Telecom Regulatory Authority of India has directed telcos to immediately enable facility to send text message or SMS short code 1900, which is used for porting from one carrier to another. It has said that the service that enables requests for unique porting code has to be made effective for all subscribers, prepaid and postpaid, irrespective of the tariff value of the offer or voucher.

Reliance Capital: A day after NCLT admitted Reserve Bank of India's petition for insolvency resolution of Reliance Capital, the central bank on Tuesday said it has retained the three-member Advisory Committee to assist the newly appointed administrator of the crisis-ridden NBFC.

Vodafone Idea: Has partnered with communications service provider Tanla Platforms to encrypt the entire international messaging traffic on the Vi network, which are messages originating outside India and terminating in India. The partnership will be hosted on a cloud based platform called Wisely and is expected to help the telco delve deeper into the global enterprise market.

Nestle India: The Centre has approved the company's proposal for its production linked incentive (PLI) scheme regarding processed fruits and vegetables. It had submitted its proposal for the food processing sector under the eligible categories i.e., ready to eat / ready to cook and processed fruits & vegetables in June.

NHPC: Has approved monetisation by securitisation through a bidding process of return on equity (RoE) of Chamera-I power station (3 X 180 MW), Himachal Pradesh, and further to monetise the RoE of one or more power stations for 05/10/15 years in one go or rollover.

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