Stocks To Watch: PNB Housing Finance, Tata Power, HG Infra And More

PNB Housing Finance Ltd., Tata Power Co. and HG Infra Engineering Ltd. are among the stocks in focus as markets open on Tuesday.

PNB Housing Finance's board of directors will consider raising non-convertible debentures of up to Rs 2,500 crore at a meeting that is scheduled to be held next Monday. The lender will raise the funds through a private placement basis in multiple tranches over the next six months.

TP Solar Ltd., a step-down subsidiary of Tata Power Co., has commenced production of 2 GW of solar cells at its manufacturing facility in Tamil Nadu's Tirunelveli district. The plant is expected to ramp up production, with the remaining 2 GW capacity to be added over the next four to six weeks, reaching peak production within the next few months.

HG Infra Engineering Ltd. announced that it has been awarded a road project valued at Rs 781 crore by the Ministry of Road Transport and Highways on Monday. The project involves upgrading an existing six-lane road, including an elevated corridor from Narol Junction to Sarkhej Junction in Gujarat on the National Highway 47, according to an exchange filing.

The benchmark stock indices reversed losses to close higher on Monday, buoyed by financial stocks. The NSE Nifty 50 closed 84.25 points or 0.34% higher, at 24,936.40 to snap a three-session fall. The S&P BSE Sensex closed 375.61 points or 0.46%, up at 81,559.54, reversing a four-day decline.

During the day, the Nifty rose as much as 0.42% to 24,957.50, while the Sensex jumped 0.58% to 81,653.36.

As long as Nifty and Sensex stay above the 20-day average or 24,800 and 81,000, respectively, the pullback trend will keep going, according to the analyst.

"On the higher side, the indices (Nifty/Sensex) could move till 25,000/81,800 and 25,125/82,200," said Shrikant Chouhan, head equity research at Kotak Securities. "On the other side, below 24,800/81,000, the uptrend would be vulnerable; traders may prefer to exit from their long positions."

NSE Nifty 50 remains a sell-on rise as long as it remains below 25,100, according to Rupak De, senior technical analyst at LKP Securities.

• Pharma Companies: The GST rate on cancer drugs namely, Trastuzumab Deruxtecan, Osimertinib, and Durvalumab, will be reduced from 12% to 5%. Abbott India, Zydus Lifesciences, Alkem Laboratories, Cipla, Biocon, and AstraZeneca Pharma India are the stocks likely to be impacted.

• Snack-making companies: GST rate for extruded or expanded savoury snacks will be reduced from 18% to 12%. Prataap Snacks, Bikaji Foods International, and Gopal Snacks will likely be impacted.

• Bharat Seats: GST rate for car seats will increase from 18% to 28%. The company will be impacted by this move.

• PNB Housing Finance: Board has approved for issuance of non-convertible debentures up to Rs 2,500 Crore on private placement basis, in tranches over the next six months.

• Ahluwalia Contracts: Got two contracts worth Rs 1,307 crore from SignatureGlobal for housing projects.

• Sona BLW: The company raises Rs 2,400 crore via QIP and allots 3.5 crore shares to QIBs at an issue price of Rs 690 per share.

• GMR Airports: To acquire 10% stake in Delhi International Airport from Fraport AG for $126 million. The company's stake in airport to increase to 74%.

• HG Infra: The company gets a letter of approval for road project worth Rs 781 crore from Transport Ministry.

• Tata Power: TP Solar Ltd., a step-down subsidiary of the company, has commenced production of 2 GW of solar cells at its manufacturing facility in Tamil Nadu's Tirunelveli district.

• Religare Enterprises: Mumbai Police registers FIR against three senior officials, including Executive Chairperson Rashmi Saluja, based on Enforcement Directorate complaint. First Information Report also mentions Group Chief Financial Officer Nitin Aggarwal, and Group General Counsel Nishant Singhal. FIR filed alleging offences under sections 420 and 120B of IPC.

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