Stocks To Watch: Raymond Lifestyle, PNB Housing, Canara Bank, Suzlon Energy And More
Here are the stocks to watch before going into trade on Thursday.
Raymond Lifestyle Ltd., PNB Housing Finance Ltd., Canara Bank and Suzlon Energy Ltd. will be in focus on Thursday.
Shares of Gautam Singhania's consumer lifestyle business, Raymond Lifestyle Ltd., will list on stock exchanges on Thursday. The company had demerged its consumer lifestyle business from Raymond Ltd. to create a pure-play consumer-branded apparel and textiles business.
After the demerger, Raymond Lifestyle will have four key segments: wedding and ethnic wear, garment exports, branded apparel and textiles. The demerger will also allow Dalal Street to assign value to each of these business verticals, in line with the market value assigned to these segments.
PNB Housing Finance Ltd.'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.
Canara Bank issued $300 million in senior unsecured notes under the $3 billion medium-term note programme through the Indian Financial System Code Banking Unit. The target pricing date is Sept. 4, according to an exchange filing. The tenure of the instrument is five years.
Suzlon Energy executed a conveyance deed with OE Business Park for the sale of office space for Rs 440 crore. The company will lease One Earth Property back for five years.
The Indian benchmark indices took a breather from a record rally to close lower on Wednesday as sentiment was hit after a rout in global stocks. The closing came after Asian stocks plunged, tracking the overnight losses in the US markets, led by weak economic data and easing oil prices on weak global demand.
The NSE Nifty 50 ended 0.32% or 81.15 points, down at 25,198.70, while the S&P BSE Sensex declined 0.25% or 202.80 points, to close at 82,352.64. Intraday, the Nifty fell as much as 0.78% to 25,083.80 and Sensex plunged 0.87% to hit a low of 81,833.69.
The Nifty 50 is expected to face resistance around 25,300–25,350, with strong support seen at the 25,100–25,080 zone, followed by the crucial 25,000 level, according to analysts.
Analysts say that the recent decline could be viewed as a pause without any changes to the prevailing trend.
And speculate that an authoritative breach of the 25,300–25,350 resistance zone could open the next leg of the rally towards 25,400–25,500.
They also cautioned that global developments could significantly impact the intermediate trend, urging investors to proceed thoughtfully and focus on selective stock choices for superior performance.
As long as the index holds above the 25,000–25,100 levels, analysts advise a buy-on-dips strategy should be employed; they also note that the index may test the 25,500–25,600 levels in the near future.
Some analysts expect the market to remain cautious until there is a clear view of the US economic data lined up for the week.
Here Are The Stocks To Watch On Thursday
Raymond Lifestyle: Shares of Gautam Singhania's consumer lifestyle business, Raymond Lifestyle Ltd., to list on stock exchange on Thursday.
PNB Housing Finance: The board will consider raising up to Rs 2,500 crore through NCDs on Sept. 9.
Sona BLW Precision Forgings: The company has set the floor price at Rs 699.01 per share for qualified institutional placement to raise Rs 2,400 crore. The QIP price is at a 3% discount to the current market price. The company may, at its discretion, offer a discount of not more than 5% on the floor price calculated for the issue.
Linde India: The company is in a pact to buy Tata Steel industrial gas assets at the Kalinganagar Phase 2 expansion project.
Canara Bank: The company will issue five-year $300 million medium-term notes through the IFSC Banking unit. The bonds are to be issued at a coupon rate of 4.896% to be paid semi-annually.
Suzlon Energy: Executes conveyance deed with OE Business Park for the sale of office space for Rs 440 crore. The company will lease One Earth Property back for five years.
General Insurance Corp.: The Government of India will exercise the oversubscription option in its current offer for sale, which will include an additional 50.49 lakh equity shares. The overall offer size will, therefore, increase to 6.45 crore shares or 3.68% stake.
Century Textiles: The arm will buy Hindalco land in Kalwa, Thane. The company will give a Rs 400 crore corporate guarantee for the land to Hindalco.
Indostar Capital Finance: The company announced a public issue of NCD of the face value of Rs 1,000 each, aggregating up to Rs 300 crore. The issue is scheduled to open on Sept. 6 and close on Sept. 19.
Allied Blenders and Distillers: The board approves the acquisition of a majority stake in the target entity to be formed in collaboration with film star Ranveer Singh, represented by Oh Five Oh Talent Ltd. Liability Partnership. The company will undertake manufacturing, distribution, licensing, and marketing of various types of luxury and premium spirits comprising owned and third-party brands. The company appoints Anil Somani as chief financial officer and key managerial personnel effective Sept. 5.
