Stocks to watch: Telecom, Aviation, Tata Motors, HDFC, Glenmark Pharma
Stocks to watch today: After India’s frontline indices fell to a 52-week low on Thursday, they are expected to extend losses and start trading on a subdued note on Friday as well, as global indices turn negative amid recession fears. At 07:02, the SGX Nifty Futures was reading 15,330 levels, signaling a minor decline of around 30 points on the Nifty50. US markets fell into bearish territory after the Dow fell more than 2%, below 30,000 levels for the first time since January 2021, while the Nasdaq slipped more than 4% to hit its lowest level since September 2020 and the S&P 500 slipped 3.2% cent.
As global central banks around the world take a hawkish stance to tame inflation, the Bank of England (BoE) has also joined the bandwagon and raised interest rates to a 13-year high. The BoE’s monetary policy committee raised the key rate by 25 basis points to 1.25%.
That said, investors will be watching US industrial and manufacturing production data closely on Friday, June 17.
In the meantime, back home, here’s a list of stocks likely to see action in trade on Friday:
Telecom actions: The Department of Telecommunications (DoT) plans to hold a pre-auction conference on 5G spectrum on Monday, June 20. That aside, the government will also auction around Rs 4.3 lakh crore of airwaves capable of delivering fifth generation or 5G services. next month. He also gave a nod to the establishment of 5G captive networks by major tech companies. READ HERE
Meanwhile, according to Telecom Regulatory Authority of India (TRAI) data, Reliance Jio gained 16.8 lakh mobile subscribers in April, while Bharti Airtel added 8.1 lakh users. However, Vodafone Idea lost around 15.7 lakh mobile subscribers in April 2022. READ HERE
Airline actions: Jet fuel prices were raised sharply by 16% to a record high to be in line with the surge in international crude oil prices. The price of Aviation Turbine Fuel (ATF) has been raised by Rs 19,757.13 kiloliter or 16.26% in New Delhi. As ATF accounts for up to 40% of any airline’s operating costs, soaring jet fuel prices will add to travellers’ woes. 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 holds a 30% stake in the Indonesian mining company, the order will be a related party transaction, which will require shareholder approval at the next meeting after the audit committee approves the deal. Tata Power has also sought permission to award construction contracts worth Rs 2,930 crore to Tata Projects. READ HERE
RIR infrastructure: The company’s wholly owned subsidiary, Meerut Budaun Expressway, has achieved financial close on a Rs 6,538 crore project in Uttar Pradesh. A consortium of lenders has provided financial support of Rs 2,659 crore for a 129.7 km six-lane highway corridor (expandable to eight lanes) between Meerut and Budaun in Uttar Pradesh. READ HERE
Focus on sugar stocks: Maharashtra has set a production record of 137.28 lakh tonnes of sugar in 2021-2022, which is 31 lakh tonnes more than the previous year. The state also broke the record for crushing 1,320.31 lakh tons of sugar cane this year from 1,013.64 lakh tons a year ago. Around 200 sugar mills were grinding sugar cane across the state, with a grinding capacity of 8 lakh tons per day. The sugar mills crushed 1,320.31 lakh tons of sugar cane this year. READ HERE
Tata engines: The UK subsidiary of car major Jaguar Land Rover (JLR) faces headwinds due to lockdowns in China for Covid-19 as it battles global supply chain disruption caused by war in Ukraine and difficult macroeconomic conditions. The company expects these issues to have a financial impact on JLR in FY23, including the possibility of a production shutdown at some or all of its plants. READ HERE
HDFC: India’s largest mortgage lender has relied on 50 lakh shares of Ansal Housing as collateral in recovering its arrears from the developer. Ansal Housing is engaged in the construction and development of residential townships and commercial complexes.
Glenmark Pharmaceuticals: The company has received Indian regulator approval for a drug to treat patients with uncontrolled asthma. The fixed dose drug (FDC) will be sold under the brand name Indamet and combines two or more active ingredients in a single pill in a fixed dosage ratio. Indamet – a combination of indacaterol and mometasone – will be available in three strengths and will be priced between Rs 349 and Rs 449.
Grasim Industries: The Aditya Birla Group’s flagship company has appointed Pavan Jain as Chief Financial Officer (CFO) and key management personnel of the company, effective August 15. He will replace Ashish Adukia in the coming months.
Strides Pharmaceuticals: The company’s biologics arm, Stelis Biopharma, has received EU-GMP certification for two of its manufacturing facilities from the Hungarian National Institute of Pharmacy and Nutrition. EU-GMP approval will help the company build a global biologics contract manufacturing development and manufacturing organization (CDMO) platform that offers end-to-end solutions across all modalities .
Stocks under F&O prohibition: Delta Corporation, RBL Bank and Indiabulls Housing Finance are prohibited stocks during the F&O blackout period on Friday June 17.