Stocks to watch: RIL, Britannia, NHPC, Cipla, InterGlobe Aviation, RITES
Stocks to watch today: A gap down start is on cards for the Indian equity markets after global sentiments turned weaker on the US Federal Reserve (US Fed) Chairman Jerome Powell’s hawkish tone at the Jackson Hole meet. As of 7:40 am, the SGX Nifty Futures quoted 17,267 levels, down nearly 300 odd-points on the Nifty50.
Globally, the US Fed’s aggressive stance to tame inflation sparked selloff in the US markets on Friday. Dow Jones declined 3 per cent, while the S&P 500 and NASDAQ Composite tumbled 3.3 per cent and 3.9 per cent, respectively.
Major-markets in Asia-Pacific, too, crashed on negative Wall Street cues on Monday morning. Nikkei 225, Kospi, Kosdaq, S&P 200, Hang Sang slipped up to 3 per cent.
Meanwhile, back home, here are few stocks that will see some action in trade on Monday:
Reliance Industries: Chairman and Managing Director Mukesh Ambani will virtually address the 45th Annual General Meeting on Monday, August 29. The AGM is likely to see some key announcements like the conglomerate’s 5G rollout timeline, launch of JioPhone 5G, and future roadmap of key businesses such as retail, telecom, and new energy. READ MORE
Britannia Industries: A major fire break out at the company’s Pantnagar manufacturing facility destroyed thousands of tons of biscuits on Sunday, August 28. However, no death or injuries were reported after the incident. All the factory workers and employees, too, were evicted from the scene within minutes after the fire started to rage. The exact cause of the fire was not known. READ MORE
NHPC: The state-run hydro power giant inked pact with Himachal Pradesh government to implement 500 megawatt Dugar Hydroelectric Project in Chamba district. Dugar Hydroelectric Project is expected to generate 1,759.85 million units in a year. Earlier, both the parties had signed a memorandum of understanding (MoU) in September 2019 for the execution of the project. READ MORE
InterGlobe Aviation: Shareholders of the airline operator approved appointment of three directors and re-appointment of Anil Parashar as a director. Air Marshal (Retd) Birender Singh Dhanoa and former Shell India chairman Vikram Singh Mehta were appointed as independent directors. READ MORE
Future Lifestyle Fashions: The company saw consolidated net loss narrow to Rs 135.96 crore in the April-June quarter of FY23 from Rs 348.08 crore, in the year-ago period. Revenue from operations, however, was down 8.4 per cent to Rs 272.8 crore from Rs 297.9 crore, in the corresponding quarter last fiscal. READ MORE
Cipla: The pharma company received six observations following USFDA inspection conducted in August 2022 at its Goa plant. Earlier, the US health regulator had issued warning letter in February 2020 after it had inspected the Goa manufacturing facility in September 2019. The management said that it will work closely with the USFDA to address these issues in a stipulated time frame.
Syngene International: The company inked pact to acquire up to 26 per cent equity stake in O2 Renewable Energy II. O2 Renewable Energy II is a special purpose vehicle formed by O2 Energy SG Pte, for generation and supply of renewable power. The acquisition is being done for a cash consideration of Rs 3 crore.
Jubilant Pharmova: Subsidiary Jubilant Draximage Inc received Establishment Inspection Report (EIR) with voluntary action indicated (VAI) status from the USFDA for its radiopharmaceuticals manufacturing facility in Montreal, Canada. The USFDA had conducted an inspection from June 6 to June 10. With the receipt of the EIR, the inspection stands successfully closed.
RITES: The company secured a new order with JV partner for redevelopment of the Kollam railway station for Rs 361.18 crore from Southern Railways. The share of RITES in the order is 51 percent.
UltraTech Cement: As part of its ongoing expansion plan, the company commissioned cement capacity of 1.3 million metric tonne per annum (mtpa) at Dalla Cement Works, Uttar Pradesh, which resulted in increase in the unit’s capacity to 1.8 mtpa. With this, the company’s total cement manufacturing capacity in India stands at 115.85 mtpa.