Stocks To Watch: SBI, Tata Power, IRCTC And More

State Bank of India, Indian Railway Catering and Tourism Corp., Tata Power Co. and Patanjali Foods Ltd. are among the stocks in focus as markets open on Friday.

SBI Cards and Payment Services Ltd. is considering raising up to Rs 9,000 crore through non-convertible debentures. S&P Global has affirmed its credit rating at 'BBB-', maintaining a positive outlook for SBI.

Life Insurance Corp. has increased its stake in IRCTC to 9.3% from 7.3% over a two-year period.

Patanjali Ayurved and Patanjali Parivahan are set to sell up to 1.1 crore shares in Patanjali Foods Ltd. at Rs 1,815 apiece, which represents a 6% discount to the current market price.

Tata Power will be in focus as Tata Power Renewable Energy and Tata Motors have signed a memorandum of understanding to establish 200 fast-charging stations for electric commercial vehicles.

India's benchmark equity indices ended at fresh closing highs on Thursday as markets rose sharply in the last hour of trade, led by rallies in metal, auto, and banking stocks.

The NSE Nifty 50 ended 470.45 points or 1.89% higher at 25,388.90, while the S&P BSE Sensex closed 1,439.55 points or 1.77% higher at 82,962.71, recording new highs.

The NSE Nifty 50 is expected to remain strong as the current market texture is bullish, according to analysts. On the upside, the rally could potentially continue toward the 25,470–25,500 range, while support is seen at 25,100, according to Rupak De, senior technical analyst at LKP Securities.

But buying on intraday correction and selling on rallies would be the ideal strategy for day traders, according to Shrikant Chouhan, head of equity research at Kotak Securities.

"For the day traders now, 25,300/82,700 and 25,200/82,500 would act as a key support zone, while 25,500–25,600/83,300–83,600 would be the key resistance areas for the bulls. However, below 25,200/82,500 uptrend would be vulnerable," he said.

• SBI Cards: The company to consider raising up to Rs 9,000 crore via NCDS.

• Bharat Petroleum Corp.: The company approved Rs 1,138 crore capex for pipeline expansion projects.

• Patanjali Foods: Patanjali Ayurved, Patanjali Parivahan to sell up to 1.1 crore shares in Patanjali Foods at Rs 1,815 per share, indicating a 6% discount to the current market price.

• HG Infra Engineering: The company received an order worth Rs 716 crore from Central Railway.

• Oil and Natural Gas Corp.: ONGC Petro has allotted shares worth Rs 6,107 crore to the company. The company’s shareholding in OPaL increased to 91.2% from 81.3%.

• IRCTC: LIC increases stake in IRCTC to 9.3% from 7.3% over two years.

• Tata Power: Tata Power Renewable Energy and Tata Motors sign a MoU for 200 fast-charging stations for electric commercial vehicles.

• Zee Entertainment Enterprises: NCLT approved the settlement pact with Sony India.

• HCL Technologies: The company completed acquisition of France-based Zeena for €23.9 million software company.

• SBI: S&P Global affirms credit rating at 'BBB-', to company while outlook remains positive.