SBI, GAIL, Bank of Baroda, Paytm, Voltas, ABB India, and Jio Financial Services among top stocks to track today
Stocks to watch: The State Bank of India (SBI) entered into an agreement with the Andhra Pradesh Food Processing Society on Tuesday to upgrade and support the establishment of at least 7,500 microfood processing units in the state. IREDA on Tuesday announced its partnership with public sector banks, Union Bank of India and Bank of Baroda, to co-finance renewable energy projects.
Stocks to watch: Bourses on Tuesday (September 5) banked on healthy buying in FMCG, pharma, IT, metals, realty, oil, and gas stocks as the domestic equity market settled higher for the third day in succession. Before the market was closed on Tuesday, the Nifty Midcap 100 and Small Cap 100 indices also hit their respective record fresh highs.
At the market close, the S&P BSE Sensex was at 65,780.26, up 0.23 per cent, or 152.12 points, while the NSE's Nifty ended 0.24 per cent or 46.1 points, higher at 19,575 points.
At around 8:15 am on Wednesday, September 6, the GIFT Nifty futures traded 9.7 points, or 0.05 per cent lower at 19,660, suggesting a flat opening for the market.
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ZeeBiz takes you through the list of stocks that can stay in the limelight on Wednesday.
The CBI on Tuesday arrested the executive director of GAIL in connection with the alleged Rs 50 lakh bribery case in which money changed hands to favour some contractors in the gas pipeline projects.
"Along with Executive Director (Projects) KB Singh of GAIL, four others have also been arrested, including Director of Vadodara-based Advance Infrastructures, Surender Kumar," officials said.
It is alleged that the bribe was paid to favour the company in two GAIL pipeline projects: Srikakulam to Angul and Vijaypur to Auraiya. The CBI had received input about the bribe exchange, following which it launched an operation on Monday and made the arrests, they said.
The share of the company ended the trading session on Tuesday up by 0.65 per cent at Rs 123.45.
State Bank of India (SBI)
The Andhra Pradesh Food Processing Society (APFPS) and the State Bank of India (SBI) entered into an agreement on Tuesday to upgrade and support the establishment of at least 7,500 microfood processing units in the state.
The agreement will be executed in the 2023–24 fiscal under the Prime Minister Formalisation of Micro Food Processing Enterprises (PMFME) scheme.
The State Bank of India ended the market session on Tuesday, down 1.38 per cent at Rs 1,171.80.
Union Bank of India and Bank of Baroda
State-owned IREDA on Tuesday announced its partnership with public sector banks, Union Bank of India and Bank of Baroda, to co-finance renewable energy projects.
In a statement on Tuesday, the Indian Renewable Energy Development Agency Ltd (IREDA) said it had signed a Memorandum of Understanding (MoU) with the Union Bank of India (UBI) and the Bank of Baroda (BoB). "These agreements will facilitate co-lending and loan syndication for a wide range of renewable energy projects," IREDA said.
Vishnu Prakash R Punglia
Shares of Vishnu Prakash R Punglia Ltd made a remarkable market debut on Tuesday and ended with a premium of over 47 per cent against the issue price of Rs 99.
The company is into engineering, procurement, and construction (EPC) work.
The stock began the trade at Rs 163.30, up 64.94 per cent from the issue price on the BSE.
During the day, it jumped 66.11 per cent to Rs 164.45. Shares of the company finally ended at Rs 145.93 apiece, rallying 47.40 per cent.
After a significant jump on its debut day, the company's shares will be on the radar during early morning trade on Wednesday (September 6).
The company has signed a memorandum of understanding (MoU) with the Kerala State Housing Board for a project worth around Rs 2,000 crore. Under the agreement, 17.9 acres of land will be developed in Marine Drive, Kochi.
Power Grid Corporation of India
The company has been declared a successful bidder for the 20 GW interstate transmission system project under tariff-based competitive bidding. A transmission system will be prepared for the evacuation of electricity from renewable energy zones in Rajasthan. Under this project, a new substation will be built in Dausa. The project will be completed on a build, own, operate, and transfer basis.
Jio Financial Services
The stock will exit the NSE indices after the market closes today.
Zambia has agreed to return control of Konkola Copper Mines (KCM) to Vedanta Resources, mines minister Paul Kabuswe said on Tuesday, ending a row over the ownership of the assets that erupted in 2019 when authorities seized the mines.
Tata Motors has signed a power purchase agreement (PPA) with its subsidiary, Tata Power Renewable Energy Ltd. The signed PPA is to set up a 12 MWp solar project at the Pune manufacturing facility.
The company is planning to take the total group distillery capacity to 850 KLPD in two years.
The Securities and Exchange Board of India (SEBI) issued an administrative warning letter related to the proposed Initial Public Offer (IPO) of Ebixcash. The market regulator warned the company to pay attention and avoid mistakes in the future.
The low-cost airline said on Tuesday it has received up to three months more time from the Registrar of Companies for holding its annual general meeting for the year ending March 2023. Accordingly, it said the annual general meeting will be held on or before December 31, 2023.
Oil & Gas and Paint stocks
Crude oil is at a 10-month high as it has crossed $90 and WTI crude crossed $86. The price has risen due to Russia's cut in exports and Saudi Arabia's reduction in production by one million barrels per day in three months.
Raw sugar in the global market is at a three-month high. Sugar prices have increased by more than three per cent in the international market and are at a six-year high.
The US metals index was down 2 per cent at close, and the dollar index was at a six-month high, near 105.
Ramkrishna Forging / Bharat Forge
Class 8 truck orders in North America witnessed a gain in May after seeing a decline in the previous two months. According to the FTR Intel for class 8 trucks, orders in May increased by 15,500 units, a 10 per cent growth from last year and 29 per cent from April.
Investcorp Private Equity Fund II sold 2.14 lakh shares (0.9 per cent) at Rs 3,775.06 per share, and SBI Life Insurance Company bought 2.05 lakh shares (0.86 per cent) at Rs 3,775 per share.
Bajaj Finance sold 82.5 lakh shares (0.8 per cent) at Rs 85.02 per share.
Brokerage firm Nomura has maintained a 'buy' call on the stock and has raised the target to Rs 2,199 apiece from Rs 1,838 apiece.
Jefferies has maintained a 'buy' rating on the stock for a target price of Rs 5,260 apiece.
Morgan Stanley has maintained an 'equal-weight' rating for a target price of Rs 830 apiece.
Domestic brokerage Motilal Oswal has reinitiated 'buy' for a target of Rs 1000 per share.