Stocks to watch: Telecom, Aviation, Tata Motors, HDFC, Glenmark Pharma
Stocks to watch today: After the Indian frontline indices fell to 52-week low on Thursday, they are likely to extend losses, and start trade on a muted note on Friday too, as global cues turn negative amid recession fears. As of 7:02 AM, the SGX Nifty Futures quoted 15,330 levels, signaling a minor cut of 30-odd points on the Nifty50. The US markets fell into a bearish territory after Dow Jones dropped over 2 per cent, below 30,000 levels for the first time since January 2021, while Nasdaq slipped over 4 per cent to touch its lowest level since September 2020 and the S&P 500 slipped 3.2 per cent.
As the global central banks across the globe opt hawkish stance to tame inflation, Bank of England (BoE), too, joined the suit and raised interest rates to a 13-year high. BoE’s monetary policy committee raised the benchmark lending rate by 25 basis points to 1.25 per cent.
That said, investors will keenly watch out the US industrial and manufacturing production data on Friday, June 17.
Meanwhile, back home, here is a list of stocks that are likely to see action in trade on Friday:
Telecom stocks: The department of telecom (DoT) plans to hold 5G spectrum auction-related pre-bid conference on Monday, June 20. That apart, the government will also auction around Rs 4.3 lakh crore worth of airwaves capable of offering fifth-generation or 5G services next month. It has also given nod to set up captive 5G networks by big tech firms. READ HERE
Meanwhile, as per the data by the Telecom Regulatory Authority of India (TRAI), Reliance Jio gained 16.8 lakh mobile subscribers in April, while Bharti Airtel added 8.1 lakh users. However, Vodafone Idea lost about 15.7 lakh mobile subscribers during April 2022. READ HERE
Airline stocks: The jet fuel prices were sharply hiked by 16 per cent, recording an all-time high, in order to be in-line with the soaring international crude oil prices. The price of aviation turbine fuel (ATF) was increased by Rs 19,757.13 kilolitre or 16.26 per cent in New Delhi. As ATF makes up to 40 per cent of any airline’s operating cost, the spike in jet fuel prices will add to woes of the travelers. READ HERE
Tata Power: The company plans to buy coal worth around Rs 12,000 crore from an Indonesian miner this financial year. As the company owns 30 per cent stake in the Indonesian miner company, the order will be a related-party transaction, which will need shareholders’ approval in the forthcoming meeting after audit committee cleared the agreement. Tata Power has also sought approval to give construction contracts worth Rs 2,930 crore to Tata Projects. READ HERE
IRB Infrastructure: The company’s wholly-owned subsidiary Meerut Budaun Expressway achieved financial closure for Rs 6,538 crore project in Uttar Pradesh. A consortium of lenders extended financial support of Rs 2,659 crore for six-lane greenfield expressway corridor of 129.7 km (expandable to eight lanes) between Meerut and Budaun in Uttar Pradesh. READ HERE
Sugar stocks in focus: Maharashtra has set a record to produce 137.28 lakh tonnes of sugar in 2021-22, higher by 31 lakh tonnes from the previous year. The state also broke record of crushing 1,320.31 lakh tonnes of sugarcane this year from 1,013.64 lakh tonnes, a year ago. Around 200 sugar mills crushed sugarcane across the state, with crushing capacity of 8 lakh tonnes a day. The sugar mills crushed 1,320.31 lakh tonnes of sugarcane this year. READ HERE
Tata Motors: The auto-major’s UK subsidiary Jaguar Land Rover (JLR) faces headwinds due to lockdowns in China for Covid-19 as it battles global supply chain disruptions borne out of the war in Ukraine and difficult macroeconomic conditions. The company forecasts these problems to impact JLR financially in FY23, including the possibility of production halt in some or all of their plants. READ HERE
HDFC: India’s largest mortgage lender invoked 50 lakh pledged shares of Ansal Housing as part of recovery of its outstanding dues from the developer. Ansal Housing is engaged in the business of construction and development of residential townships and commercial complexes.
Glenmark Pharma: The company has received Indian regulator’s approval for a drug to treat patients of uncontrolled asthma. The fixed dose combination (FDC) drug will be sold under the brand name Indamet and combines two or more active ingredients into a single pill in a fixed dosage ratio. Indamet–a combination of Indacaterol and Mometasone–will be available in three strengths and it will be priced between Rs 349 and Rs 449.
Grasim Industries: The flagship company of Aditya Birla Group has appointed Pavan Jain as the new Chief Financial Officer (CFO) and key Managerial Personnel of the company, effective August 15. He will replace Ashish Adukia in the coming months.
Strides Pharma: The company’s biologics arm, Stelis Biopharma, received EU-GMP certification for two of their manufacturing facilities from Hungary’s National Institute of Pharmacy and Nutrition. The approval from EU-GMP will help the company to build a global biologics contract manufacturing development and manufacturing organization (CDMO) platform that offers end-to-end solutions across modalities.
Stocks in F&O ban: Delta Corporation, RBL Bank, and Indiabulls Housing Finance are stocks banned in the F&O ban period on Friday, June 17.