Stocks To Watch: Polycab, SpiceJet, Infosys, TCS, Jindal Steel, M&M, Bank Of India, Kalyani Steels
Here are the stocks to watch before going into trade today.
Polycab India Ltd. and SpiceJet Ltd. will be among the major stocks to watch for on Thursday.
The IT department detected unaccounted cash sales of about Rs 1,000 crore after it initiated search and seizure operations against the Polycab Group. Spicejet unveiled its ambitious plans for growth and network expansion through a fund infusion of Rs 2,250 crore on Wednesday.
Infosys Ltd. and Tata Consultancy Services Ltd. will also be in focus as they will announce their results for the quarter ended December.
India's benchmark stock indices closed higher for the second straight day after a volatile session led by index heavyweight Reliance Industries Ltd. hitting a record high.
The Nifty 50 closed 73.85 points, or 0.34%, higher at 21,618.70, while the Sensex gained 0.38%, or 271.50 points, to end at 71,657.71.
Overseas investors remained net sellers of Indian equities for the second consecutive session on Wednesday.
Foreign portfolio investors offloaded stocks worth Rs 1,721.3 crore, while domestic institutional investors remained net buyers and mopped up equities worth Rs 2,080 crore, the NSE data showed.
The Indian rupee strengthened 8 paise to close at Rs 83.04 against the U.S. dollar on Wednesday.
Share indices in Asia-Pacific region gained in early Thursday while investors braced themselves for U.S. CPI, scheduled for release later today.
In Japan, Nikkei extended its three-decade high rally, and crossed 35,000 briefly, marking the highest level since February. The rally is Japanese stock is supported by a fall in Japanese yen against the dollar.
The Nikkei was trading 1.35% higher at 34,897 as of 6:32 a.m.
Share indices in South Korea rose as the Bank of Korea kept its benchmark interest rate unchanged at 3.50% on Thursday. The benchmark KOSPI was trading 0.30% or 7.64 points higher at 2,549.09 as of 6:38 a.m.
U.S. stocks, bonds and the dollar saw small moves, with investors awaiting Thursday’s inflation data for clues on the Federal Reserve outlook, reports Bloomberg.
The U.S. CPI is expected to remain unchanged at 3.2% on year in December, according to Bloomberg Survey.
The S&P 500 index and Nasdaq 100 settled 0.57% and 0.69% higher, respectively on Wednesday. The Dow Jones Industrial Average gained by 0.45%.
Brent crude was trading 1.02% lower at $76.80 a barrel. Gold was up by 0.14% at $2,027.30 an ounce.
Earnings In Focus
Infosys, Tata Consultancy Services, HDFC Asset Management Co.
Stocks To Watch
Polycab India: The IT Department detected unaccounted cash sales of about Rs 1,000 crore after it initiated search and seizure operations against the company.
SpiceJet: The chairman and managing director unveiled the airline's ambitious plans for growth and network expansion through a fund infusion of Rs 2,250 crore. The company has the exclusive rights for Lakshadweep and will launch flights to Agatti Island soon.
Jindal Steel and Power: The insolvency appellate tribunal NCLAT dismissed the plea of Jindal Power to allow the company to participate in the ongoing resolution process of the debt-ridden Tuticorin Coal Terminal.
Kalyani Steels: The company has emerged as a successful bidder to acquire assets of Kamineni Steel and Power India, under liquidation. A cash consideration of Rs 450 crore is to be paid for the acquisition of assets on or before April 7, 2024.
Mahindra and Mahindra: The company’s stake in Sustainable Energy Infra Trust is diluted to 10.5% from 15.7% earlier and Mahindra Susten's stake in Sustainable Energy Infra Trust is diluted to 15% from 73.9% earlier.
Bank of India: The company reported total global business at Rs 12.75 lakh crore, up 9.9% YoY, and global deposits at Rs 7.1 lakh crore, up 8.7% YoY. The lender's domestic deposits stood at Rs 5.99 lakh crore, up 7.6% YoY, and global gross advances at Rs 5.66 lakh crore, up 11.5% YoY.
The Phoenix Mills: The company reported gross retail collections at Rs 700 crore up 30% YoY and total consumption at Rs 3,287 crore up 24% YoY.
Axiscades Technologies: The company launched its qualified institutional placement for raising up to Rs 500 crore. It sets the floor price at Rs 696.7 per share which indicates a discount of 9.9% to the stock's current market price.
CESC: The company’s unit Noida Power Company received an order from the Uttar Pradesh Electricity Regulatory Commission for procurement of power of 95 MW RTC Power per annum for 5 years.
Nuvama Wealth Management: The company formed a 50:50 Joint venture with U.S.-based real estate firm Cushman & Wakefield to provide investment opportunities to domestic investors in India's commercial real estate market. The Joint Venture aims to raise Rs 3,000 crore for investing in commercial offices across India.
ATUL: The company’s arm starts operations at 300 TPD caustic and 50 MW power plant.
Angel One: The company will consider fundraising via bonds on Jan. 15.
Satin Creditcare: The company will consider fundraising via public bond issues.
IPO Offerings
Jyoti CNC Automation: The public issue was subscribed 3.92 times on day 2. The bids were led by retail investors (11.08 times), portion reserved for employees (5.08 times), non-institutional investors (6.49 times), and institutional investors (0.22 times).
Bulk Deals
NCC: Smallcap World Fund Inc bought 36.15 lakh shares (0.57%) at Rs 185.23 apiece.
Pledge Share Details
Pennar Industries: Promoter Pennar Holdings created a pledge of Rs 15 lakh shares on Sept. 18.
Who’s Meeting Whom
Adani Enterprises: To meet analysts and investors on Jan. 15 to 18.
Adani Energy Solutions: To meet analysts and investors on Jan. 15 to 17.
Adani Green Energy: To meet analysts and investors on Jan. 15 to 17.
Onward Technologies: To meet analysts and investors on Jan. 19.
Rallis India: To meet analysts and investors on Jan. 24.
Tata Communication: To meet analysts and investors on Jan 18.
Dilip Buildcon: To meet analysts and investors on Jan. 12.
Jyothy Labs: To meet analysts and investors on Feb. 21.
Eris Lifesciences: To meet analysts and investors on Jan. 17.
Trading Tweaks
Moved into a short-term ASM framework: Kamdhenu.
Moved out of a short-term ASM framework: Kalyani Steels, Syncom Formulations.
F&O Cues
Nifty January futures up by 0.49% to 21,709.10 at a premium of 90.4 points.
Nifty January futures open interest down by 1.9%.
Nifty Bank January futures up by 0.52% to 47,606.85 at a premium of 246 points.
Nifty Bank January futures open interest down by 3.4%.
Nifty Options Jan 11 Expiry: Maximum Call open interest at 21,800 and Maximum Put open interest at 21,500.
Bank Nifty Options Jan 17 Expiry: Maximum Call Open Interest at 47,500 and Maximum Put open interest at 45,000.
Securities in the ban period: Balrampur Chini Mills, Bandhan Bank, Chambal Fertilizer, Escorts Kubota, Hindustan Copper, Indian Energy Exchange, India Cements, Indus Tower, National Aluminium, Piramal Enterprise, PVR Inox, SAIL, Zee Entertainment.
Research Reports
IT Q3 Results Preview - Weak Quarter; Focus On CY24: HDFC Securities
Zydus Lifesciences - Efforts Underway To Improve Growth Prospects For Key Markets: Motilal Oswal
Kirloskar Oil Engines - Equipped With A Strong Array Of Products: Motilal Oswal
BFSI Q3 Results Preview - A Continuation Of H1 FY24 Performance: Axis Securities
NBFC Q3 Results Preview - Strong Growth Continues; Margins Tad Lower: Systematix
Consumer Discretionary Q3 Results Preview - Festive Season Mismatch Aids Growth: Nirmal Bang
FMCG Q3 Results Preview - Volume To Improve Gradually; Rural Still A Drag: Nirmal Bang
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