Stocks to Watch: Reliance, Zomato, REC, HCLTech, Jet Airways
- SAIL, Manappuram Finance, BHEL, India Cements, Delta Corp, Hindustan Copper, Balrampur Chini Mills, and Indiabulls Housing Finance are the eight stocks that are a part of the F&O ban list by the stock exchange for Thursday
Here are the top 10 stocks that could be in focus in today's trade:
Reliance Industries: Reliance Retail Ventures Ltd. (RRVL) on Wednesday said it has signed a joint venture agreement to acquire a 51% stake in Ed-a-Mamma, a kid and maternity-wear brand founded by actor Alia Bhatt. The partnership will see the brand grow into new categories such as personal care and baby furniture, children’s story books and an animated series, RRVL said in a statement announcing the investment. The company did not give financial details of the transaction.
Tata Consumer Products: The Tata Group's consumer unit, Tata Consumer Products Ltd has denied the report by Reuters that it is in talks to buy at least 51% of popular Indian snack food maker Haldiram's but is not comfortable with the $10 billion valuation sought. In a regulatory filing Tata Consumer Products stated in reference to the news article, the company said that it is not in negotiations as reported in the above-referred news article.
Zomato: Zomato Ltd’s efforts to improve its profitability have yielded results in recent quarters. But the fight to meet its goals is on. Lately, the online food delivery company has started levying a platform fee of ₹2-3 per order on its app on a pilot basis. The “small fee" has been introduced to “help us pay the bills so that we can keep Zomato running," the food delivery app’s order section shows. According to the company, the platform fee will be applicable for all its customers. “We are still in the experiment stage, and are gradually rolling it out across India," said the company.
REC: State-owned REC Ltd is looking at expanding its loan portfolio for green projects to ₹3 trillion by 2030, said its chairman and managing director Vivek Kumar Dewangan. Addressing the 54th annual general meeting (AGM) of the company, the CMD said that going forward REC would be known for its renewable energy initiatives across solar, wind, hybrid, and e-mobility projects, along with newer spaces like green hydrogen, green ammonia projects, round-the-clock projects and ethanol manufacturing.
BPCL/HPCL: Oil marketing companies (OMCs) including Bharat Petroleum Corporation Ltd (BPLC) and Hindustan Petroleum Corp Ltd (HPCL) saw a downgrade in their current target prices, a day after international crude oil prices sharply rose above $90 per barrel. Domestic brokerage firm JM Financials has maintained a ‘buy’ rating for BPCL and HPCL, however, it has given ‘hold’ for Indian Oil Corp Ltd (IOCL). The brokerage maintains a near-term cautious view on all OMCs given their marketing segment earnings come under risk if Brent crude price sustains above $85 per barrel and the OMCs are forced to cut petrol or diesel prices in the next few months.
One97 Communications/PB Fintech: Reserve Bank of India governor Shaktikanta Das on Wednesday asked fintech players to set up a self-regulatory organization within a year. Speaking at the Global Fintech Fest, Das said fintech companies need an effective self-regulatory structure. On Tuesday, RBI deputy governor Rabi Sankar also spoke of the need for an SRO. This is a clear shift from the earlier stance of the central bank that fintech firms need to be regulated. He asked these companies to use simplified user interfaces and quick customer grievance redressal mechanisms to help build the trust of customers.
AU Small Finance Bank Ltd: AU Small Finance Bank Ltd aims to use its premium credit card offering to attract new deposits and retain existing customers seeking more banking services. On Tuesday, the SFB introduced the Zenith+ metal card, with an annual fee of ₹4,999, excluding taxes. It offers customers complimentary rounds of golf, free movie tickets, as well as other benefits.
ABB India: ABB India Ltd’s shares have been on a roll, appreciating by a whopping 68% so far this calendar year. A good part of investors’ optimism stems from the company’s order inflow trajectory, which has been decent in the recent past. On Wednesday, the company said it has entered into a memorandum of understanding (MoU) with Tata Steel Ltd for jointly exploring technologies to help reduce the carbon footprint of steel production.
HCLTech: IT services company HCL Technologies has been selected by Elders, an Australian agribusiness, to drive digital transformation across business operations. Under the multi-year IT services deal, HCLTech will provide managed IT services and a wide portfolio of IT capabilities to Elders, including the ability to harness HCLTech's artificial intelligence offerings and other opportunities, according to a release. HCLTech will also be responsible for application development and management, digital workplace capabilities, infrastructure, cybersecurity and data management for Elders.
Jet Airways: Malta-based Ace Aviation, a potential buyer of grounded Jet Airways aircraft, has requested the National Company Law Appellate Tribunal (NCLAT) to hear its appeal against an order by the Mumbai bench of the insolvency tribunal in two weeks. The request came after the National Company Law Tribunal (NCLT) in Mumbai on 30 August reserved the final order on the sale of the grounded airline’s aircraft. The NCLT is likely to pass a final order soon.
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