Stocks in Focus on March 1: IOC, Tata Motors, KEC International, RailTel Corporation to Bharti Airtel; here are the 5 Newsmakers of the Day
Benchmark domestic stocks on Friday, February 26, 2021, tumbled 3.8 percent in sync with the plunge in the global equity markets. The BSE Sensex closed 1939 points, or 3.8 percent, down at 49,100, The NSE Nifty also fell 568 points, or 3.76 percent, to finish at 14,529. But certain stocks came in the news after the market was closed. These stocks can impact the indices when it reopens on Monday, March 1, 2021
Benchmark domestic stocks on Friday, February 26, 2021, tumbled 3.8 percent in sync with the plunge in the global equity markets. The BSE Sensex closed 1939 points, or 3.8 percent, down at 49,100, The NSE Nifty also fell 568 points, or 3.76 percent, to finish at 14,529. But certain stocks came in the news after the market was closed. These stocks can impact the indices when it reopens on Monday, March 1, 2021. List of such five stocks:
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IOC + Gas Price Hike
Indian Oil Corporation: The Board of Indian Oil on Friday approved a capital investment worth Rs 32,946 crore for capacity expansion of Panipat Refinery from 15 MMTPA to 25 MMTPA along with the installation of Polypropylene Unit and Catalytic Dewaxing Unit. The project is expected to be commissioned by September 2024. The increased production of petrochemicals and value-added specialty products would not only improve the margins but also de-risk the conventional fuel business of the company.
Gas Price Hike: The price of domestic 14.2-kg LPG cylinder has been increased by Rs 25. The price hike will be effective from today, i.e. March 1, 2021, taking its price to Rs 819 a cylinder in Delhi.
Tata Motors (Investor Day Presnetation Update): Jaguar Land Rover (JLR), will take a one-time write off of 1.5 billion pounds (includes cash and non-cash) in the March quarter as part of a restructuring exercise under the “Re-imagine” strategy, company’s management told investors on Friday. The company has said that it will turn cash flow positive by FY23. Meanwhile, it will prioritize profitability over market share and volumes. JLR also said that it will cut its manufacturing capacity by 25% over five years. It also said that it will introduce six fully electric Land Rover variants in the next five years. It aims to have all of its Jaguar models and 60% of Land Rovers sold to be zero-emission vehicles by 2030.
KEC International: The global infrastructure EPC major, an RPG Group Company, has secured new orders of Rs 1,140 crores across its various businesses, namely transmission & distribution, railways and civil.
RailTel Corporation: RailTel Corporation of India Ltd has been assigned the work amounting to Rs 105.82 Crores by the Ministry of Railways. The tenure for completion of aforesaid works is 18 months. Besides, Nippon India Mutual Fund bought 20 lakh shares at Rs 116.13 per share. Goldman Sachs India Fund bought 37.09 lakh shares at Rs 113.57 per share.
Bharti Airtel: Integrated Core Strategies (Asia) Pte sold 3.70 crore shares at Rs 556.46 per share.
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