Stocks to watch: Reliance Industries, RVNL, Pine Labs, ONGC among 10 shares in focus today

Stock market today: The Indian benchmark indices retreated further from their record highs earlier this week, marking a fourth consecutive day of decline on Wednesday, December 3.

Although late buying provided some support after a largely subdued session, it wasn’t enough to lift the markets into positive territory. The Sensex slipped by 31 points, or 0.04%, to close at 85,107, while the Nifty 50 ended 46 points lower, down 0.18%, at 25,986.

"Markets witnessed a volatile session and ended marginally lower, extending the ongoing consolidation phase. After a flat start, the Nifty drifted gradually lower in early trade and then remained range-bound for most of the session. A late rebound in the last half hour helped trim losses, and the index eventually settled at 25,986. Sectorally, most indices traded under pressure, with auto, energy and FMCG leading the decline, while resilience in IT and a recovery in private banks helped limit the downside. The broader markets were comparatively weaker, with the midcap and smallcap indices declining in the range of 0.71%–0.91%.

Sentiment was dampened by a weakening rupee, which hit a record low of 90.13 against the dollar, heightening concerns around import costs and triggering FII outflows. In addition, caution ahead of the MPC meeting and mixed global cues added to the subdued mood," said Ajit Mishra – SVP, Research, Religare Broking Ltd.

Stocks to Watch

Reliance Industries

Reliance Strategic Business Ventures (RSBVL), a subsidiary of the company, has formed a partnership with Surrey County Cricket Club for the Oval Invincibles team in The Hundred. As part of this deal, RSBVL has purchased a 49% stake in Oval Invincibles from the England and Wales Cricket Board (ECB) for GBP 60.27 million.

RailTel Corporation of India

The company has secured a contract valued at ₹48.78 crore from the Mumbai Metropolitan Region Development Authority (MMRDA).

RVNL

RVNL announced that it has secured a Letter of Acceptance worth ₹145.35 crore from Southern Railway for a traction power project.

ONGC

The Ministry of Petroleum & Natural Gas has extended Arun Kumar Singh’s term as ONGC Chairman by one more year, effective December 7, through a contract-based reappointment.

Pine Labs

Noida-based fintech company posted a net profit of ₹5.97 crore in Q2, bouncing back from a ₹32 crore loss a year earlier, helped by reduced depreciation and ESOP costs. Its revenue grew 17.8% to ₹650 crore, supported by higher issuing, affordability, and online payment volumes.

Indian Energy Exchange

The company reported monthly electricity trade volume (excluding TRAS) of 11,409 MU for November, marking a 17.7% year-on-year increase. In the same month, Day-Ahead Market (DAM) volumes inched up 0.3% YoY to 5,668 MU, while Real-Time Market (RTM) volumes jumped 40.2% to reach 4,233 MU.

Nector Lifesciences

The Board has cleared a share buyback worth up to ₹81 crore at a price of ₹27 per share. The company has set December 24 as the record date to identify shareholders eligible for the buyback.

Pace Digitek

The company announced that its subsidiary, Lineage Power Pvt Ltd, has received an order worth ₹99.71 crore from Advait Greenergy Pvt Ltd.

JK Cement

The company has brought its 3.3 MnTPA Clinker Line-2 at the Panna plant in Bihar into operation, effectively doubling the facility’s clinker capacity from 3.30 MnTPA to 6.60 MnTPA.

IndiGo

The Directorate General of Civil Aviation (DGCA) on Wednesday said it has begun probing the large-scale flight disruptions at IndiGo. The regulator has asked the airline to clarify the causes of the operational failure and present a plan to prevent further cancellations and delays.

Disclaimer: This story is for educational purposes only. Please consult with an investment advisor before making any investment decisions.