SGX Nifty in red, hints at a negative start for benchmark indices BSE Sensex and NSE Nifty 50. Reliance Industries, Radiant Cash Management Services, State Bank of India (SBI), HDFC among stocks to watch.
Indian benchmark indices are likely to open on a muted note on Wednesday, hinted SGX Nifty. Ahead of the session, Nifty futures are trading lower at 18248 level on the Singapore Exchange. In the previous session, BSE Sensex gained 126 pts to close at 61,294, while NSE Nifty 50 rose 35 pts to 18,232. “Markets are trying to inch higher amid mixed global cues wherein buoyancy in banking and metals are largely supporting the move so far. Participants should limit their positions to relatively strong sectors. We reiterate our preference for banking and financials and suggest choosing selectively from others,” said Ajit Mishra, VP – Technical Research, Religare Broking.
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Stocks in focus on 4 January, Wednesday
Radiant Cash Management Services: The company will make its debut on the bourses on Wednesday, 4 January. According to experts, the valuations of Radiant Cash Management IPO is high and there are various other stocks from the segment available at attractive valuations. The public issue failed to attract investors. Radiant Cash Management shares may have a ‘muted’ to ‘discounted’ listing, they said.
Reliance Industries: Reliance Consumer Products (RCPL), the FMCG arm and a wholly owned subsidiary of Reliance Retail Ventures, will acquire a 50% stake in Gujarat-based Sosyo Hajoori Beverages (SHBPL), which owns and operates a beverage business under the flagship brand ‘Sosyo’, RCPL said. The existing promoters, Hajoori family, will continue to own the remaining stake in SHBPL.
Avenue Supermarts: The hypermarket chain operator reported standalone revenue from operations at Rs 11,304.58 crore for the quarter ended December FY23, increasing 25% from Rs 9,065 crore in the same period last year. The total number of stores as of December 2022 stood at 306.
ONGC, IOC, PowerGrid: The central public sector enterprises (CPSEs) posted a whopping 51% annual growth in aggregate net profit at Rs 2.49 trillion in FY22, with ONGC, Indian Oil and Power Grid emerging as the top profit-making CPSEs. The top five CPSEs accounted for 41.57% and the top 10 accounted for 60.91% of the aggregate net profit in FY22, according to the Public Enterprises Survey 2021-22.
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Vedanta: Alumina production at Lanjigarh refinery for quarter ended December FY23 fell by 6% on-year to 443kt due to maintenance activities in calciners, while zinc international production increased by 32% on-year to 70kt with continued ramp-up at Gamsberg, and total saleable steel production at 306kt was lower by 13% on-year due to maintenance activities in blast furnace in Q3FY23. Its overall power sales increased by 5% on-year to 3,616 million units.
HDFC: Housing Development Finance Corporation (HDFC) said that it has assigned loans of up to Rs 8,892 crore in the quarter ended 31 December, higher by 19% compared to previous year. In Q3FY22, HDFC had assigned loans of Rs 7,468 crore to the bank. HDFC assigned loans of up to Rs 35,937 crore in the 12 months ended 31 December. The company also earned a gross income of Rs 482 crore from dividend in Q3FY23.
SBI: The executive committee of the central board of State Bank of India (SBI) has approved the proposal to raise up to Rs 10,000 crore by issuing infrastructure bonds in 2022-23 (April-March), the bank said in an exchange filing on Tuesday. The bonds will be issued through a public issue or a private placement basis. On Thursday, the bank’s board announced that it will meet to seek approval for raising the said money by issuing the bonds.
RailTel Corporation of India: The state-run telecom infrastructure provider has received the work order from South Eastern Coalfields for providing MPLS VPN services at 529 locations under SECL command area for 5 years. The total value of the work is Rs 186.19 crore.
NTPC: The state-run company said it has started India’s first green hydrogen blending operation in the PNG (piped natural gas) network of its township in Kawas, Surat. “The project is a joint effort of NTPC and Gujarat Gas Limited (GGL). The first molecule of green hydrogen from the project was set in motion by P Ram Prasad, Head of Project, Kawas, in presence of other senior executives of NTPC Kawas and GGL,” a company statement said.
