Stocks to watch: Shares of firms like HDFC Bank, Jupiter Hospital, ONGC, HAL, Tata Steel, Zee Ent, and others will be in focus on Monday’s trade.
Stocks To Watch on September 18: GIFT Nifty on the NSE IX traded 20.5 points, or 0.10 per cent, higher at 20,187, signaling that Dalal Street was headed for positive start on Monday. Here’s a slew of stocks that will be in focus today for various reasons.
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L&T: The engineering and infrastructure conglomerate Larsen & Turbo (L&T) has declared a buyback of shares that will open on 18th September 2023 i.e. on Monday next week. This Larsen & Turbo buyback of shares will remain open till 25 September 2023. In its letter of offer shared on Indian stock market exchanges, Larsen & Turbo declared share buyback through the tender route at a floor price of Rs 3,200 apiece. LT share price today is around Rs 2,906 apiece on NSE, which means Larsen & Toubro’s buyback price will be available at a premium of around 10 per cent when the buyback offer opens on Monday next week.
HDFC Bank: According to IIFL Alternative Research, HDFC Bank is expected to see $650 million in passive inflows in the FTSE’s semi-annual index review, scheduled for September 15. The changes will be effective from September 18. FTSE will increase HDFC Bank’s weightage in three tranches. The stock is likely to see inflows of $650 million, which includes inflows due to FTSE, Sensex and Wisdom Tree ETF inflows.
Jupiter Hospital: The listing date for the initial public offering (IPO) of Jupiter Life Line Hospitals Limited has been fixed for 18 September 2023. As per the information available on the BSE website, Jupiter Hospital shares will be listed on BSE and NSE on 18 September 2023 in a special pre-open session. Meanwhile, grey market sentiments have remained bullish in regard to Jupiter Hospital’s IPO. According to market observers, shares of Jupiter Hospitals are available at a premium of Rs 250 in the grey market.
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RIL/ONGC: The Centre on Friday increased the windfall tax on the sale of domestic crude oil to Rs 10,000 per tonne. The levy was at Rs 6,700 per tonne for the past two weeks. The new rates would be effective from Saturday, 16 September. Further, in a notification, the Ministry of Finance said that the duty on the export of diesel will be reduced to Rs 5.50 per litre, from Rs 6 per litre. The duty on jet fuel, will be reduced to Rs 3.5 per litre from Rs 4 per litre. However, the additional duty on the export of petrol will continue to remain zero.
Hindustan Aeronautics: India’s defence ministry had cleared nine procurement proposals of around ₹45,000 crore, including ones to acquire 12 Su-30 MKI fighter jets, manufactured by Hindustan Aeronautics Limited (HAL). The ₹11,000 crores project would include the aircraft and related ground systems, defence officials have said. “These would be the most modern Su-30 MKI aircraft of the Indian Air Force equipped with multiple Indian weapons and sensors”, officials said.
Tata Steel: The UK government on Friday, September 15, announced that it had agreed a joint investment package with Tata Steel for Britain’s largest steelworks in Wales, including a grant worth up to £500 million. The Tata Group’s steel giant said in a statement that both parties have entered into a mutual agreement to invest in electric FRC furnace steelmaking at the Port Talbot facility, with a total capital expenditure of £1.25 billion, inclusive of the £500 million grant.
Bharat Electronics: Bharat Electronics Limited received an order of Rs 2,118.57 crore from Cochin Shipyard Limited for the supply of various equipment consisting of sensors, weapon equipment, fire control systems and communication equipment for six next-generation missile vessels and a class of anti-surface warfare corvettes for Indian Navy. This project will have the participation of Indian electronics and associated industries, including MSMEs, which are sub-vendors of BEL, Bengaluru-headquartered BEL said in a statement on Friday.
Zee Entertainment: Axis Finance Ltd has told an appeals court that the National Company Law Tribunal (NCLT) approved the Zee-Sony merger in “contravention” of a regulatory order against Punit Goenka, former managing director and chief executive officer of Zee Entertainment Enterprises Ltd. The non-bank lender moved the National Company Law Appellate Tribunal (NCLAT) on 14 September against NCLT’s 10 August order approving the deal.
Dhanlaxmi Bank: Sridhar Kalyanasundaram one of the Independent Directors of the Dhanlaxmi Bank, has resigned from the Board of Directors post of the Bank, as stated in a regulatory filing by the bank. The letter of resignation of Sridhar Kalyanasundaram stated that there have been instances where despite the value of the inputs given by the Independent Director has been deliberately negated/avoided/overruled by the other members of the board, just to support the belligerent attitude of the MD & CEO of the bank.
Vodafone Idea: Debt-ridden telecom operator Vodafone Idea has paid RsRs 1,700 crore to the government which includes the dues for the 5G spectrum and other spectrum acquired previously. “We wish to inform that the Company has today, i.e. 16th September 2023, made the requisite payment of ~ Rs. 1,701 crores (including interest) to the Department of Telecommunications, Government of India, towards 2022 Spectrum Auction Instalment,” Vi said in the regulatory filing.
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