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Stocks to watch: Shares of firms like RIL, PC Jeweller, Nazara Tech, ONGC, Paytm, Zomato, and others will be in focus on Friday’s trade
Stocks To Watch
Stocks to Watch on November 29: Domestic markets ended a 3-day consolidation phase with a sharp decline on monthly expiry day, losing nearly 1.5%. In today’s trade, shares of RIL, PC Jeweller, Dr. Reddy’s, Enviro Infra Engineers, HDFC Life, and SBI Life are expected to be in focus due to key developments.
PC Jeweller: The company’s board has set December 16, 2024, as the record date for a stock split. Each equity share, with a face value of Rs 10, will be split into 10 shares, each with a face value of Re 1.
Adani Group Stocks: Abu Dhabi’s International Holding Company (IHC) has reiterated its support for the Adani Group, maintaining its positive investment outlook despite the US indictment of founder Gautam Adani. Additionally, Kerala’s Chief Minister Pinarayi Vijayan signed a supplementary concession agreement with Adani Vizhinjam Port, which will secure the port’s future development, with the first phase slated to commission next month. However, Indian banks, including public sector lenders such as SBI, Bank of India, and Union Bank of India, along with private banks like ICICI Bank and Canara Bank, are reportedly reviewing their exposure to the Adani Group.
Reliance Industries (RIL): RIL’s US subsidiary, Reliance Finance and Investments, has acquired a 21% stake in US-based Wavetech Helium, Inc., expanding the conglomerate’s footprint in the helium sector, which is known for its lower carbon footprint.
Nazara Technologies: Nazara raised Rs 855 crore ($101 million) through a preferential issue, with participation from SBI Innovative Opportunities Fund, Junomoneta Finsol, and Think India Opportunities Master Fund LP. The company allotted 8.95 million shares at Rs 954.27 per share.
Sun Pharmaceuticals: The Ministry of Corporate Affairs has imposed penalties on certain directors and officials, including CMD Dilip Shanghvi, for failing to disclose related-party transactions and for not obtaining necessary approvals from the board and shareholders.
Dr. Reddy’s Laboratories: The pharma giant has launched Toripalimab in India for the treatment of nasopharyngeal carcinoma (NPC), a rare type of head and neck cancer.
ONGC: Oil and Natural Gas Corporation (ONGC) is awaiting the state government’s approval for a petroleum mining lease to develop new fields, according to Oil Minister Hardeep Singh Puri.
Sugar Stocks: Sugar cooperatives, which account for nearly 30% of India’s annual sugar output, are pushing back against claims of labor exploitation in their factories and farms, alleging that these allegations are being used to divert customers to non-cooperative producers.
BSNL: Bharat Sanchar Nigam Ltd (BSNL) has installed over 50,000 4G sites, with 41,957 sites currently live, according to the Minister of State for Communications.
KEI Industries: The company raised Rs 2,000 crore by issuing 52.63 lakh equity shares to 104 qualified institutional buyers at Rs 3,800 per share, which is a 2.07% discount to the floor price of Rs 3,880.54 per share.
Insurance Stocks: Insurance stocks will be in focus, as reports suggest that the Insurance Regulatory and Development Authority of India (IRDAI) has not issued any directive to cap bancassurance. HDFC Life, SBI Life, and Max Life have dismissed the rumors as inaccurate.
Enviro Infra Engineers: Enviro Infra Engineers will debut on the exchange today, and based on GMP trends, the stock is expected to list at a premium.
Adani Total, Paytm, LIC, Jio Financial, Angel One, Zomato: The Bombay Stock Exchange (BSE) has revised the price band for stocks including Adani Total, Paytm, LIC, Jio Financial, Angel One, and Zomato to 10%, effective November 29.
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