Stocks to Watch on October 9: GIFT Nifty on the NSE IX traded 86.5 points, or 0.44 per cent, lower at 19,683.5, signaling that Dalal Street was headed for negative start on Monday. Here’s a slew of stocks that will be in focus today for various reasons.
Titan: Titan Co has clocked 20% year-on-year growth in its revenues for the second quarter ended September 2023. A total of 81 stores were added in this period, taking the group’s retail presence to 2,859 stores.
Reliance Industries: Reliance Retail Ventures Ltd (RRVL) on Friday said that sovereign wealth fund Abu Dhabi Investment Authority (ADIA) will invest an additional Rs 4,966.80 crore in the retail unit of Reliance Industries Ltd, following a 1.18% stake purchase in the company in October 2020. The fresh investment values RRVL at a pre-money equity value of Rs 8.38 trillion, making it among India’s top four most valuable companies.
TCS: Tata Consultancy Services Ltd informed the stock exchanges on Friday that its board will consider a proposal for a share repurchase on 11 October, when the company declares its second-quarter earnings. Mumbai-headquartered TCS undertook an Rs 18,000-crore share buyback program last year, under which it bought back four crore shares at Rs 4,500 each. In FY23, TCS returned Rs 42,079 crore or 108.2% of its free cash flow to shareholders through dividends.
MCX: Multi Commodity Exchange of India (MCX) received approval from the SEBI technical advisory committee to go live with its commodity derivative platform (CDP), said MCX on Sunday. Earlier, the Securities and Exchange Board of India (SEBI) had advised MCX to postpone the proposed go-live of CDP as it involved technical issues. At that time, the matter was sent for discussion with the SEBI Technical Advisory Committee. However, SEBI’s tech panel gave the green signal for the launch of CDP.
Tata Motors: Leading auto major Tata Motors’ group global wholesales rose of seven per cent at 3.42 lakh units year-on-year (YoY) for the July-September quarter (Q2FY24). The Tata group-owned company’s global passenger vehicle (PV) wholesale declined three per cent YoY at 1.38 lakh units, while its global commercial vehicle (CV) wholesales rose three per cent at 1.06 lakh units. Tata Motors’ wholly-owned subsidiary Jaguar Land Rover (JLR) reported a 29% jump in Q2 volumes.
Bharti Airtel: Bharti Airtel has said it will be challenging “at an appropriate appellate forum” an order received by the company under the Customs Act entailing the levy of a penalty of about ₹9 crore. There is no material impact of the same on financial, operations or other activities of the company, Bharti Airtel said in a BSE filing. The authority in reference is the Principal Commissioner of Customs, Delhi Air Customs Commissionerate.
TVS Motors: BMW Motorrad, the premium motorcycling division of the Bavarian luxury automaker, will further its joint engineering and design efforts with Indian partner TVS Motor Company, which has been manufacturing its best-selling 310cc series of motorcycles for a decade, a top BMW executive said on Friday. TVS Motor Company on Friday began production of BMW’s latest electric two-wheeler product CE 02, a crossover between a motorcycle and a scooter, at its Hosur factory in Tamil Nadu.
Ambuja Cements/ACC: As part of a pilot project, Ambuja Cements Ltd and ACC Ltd, which are part of Adani Group, have reduced the number of distributors from 12 to three in the south Gujarat region, which is home to half of the state’s small and medium industries and a fifth of the state’s population. Both cement firms are expected to reduce the number of distributors across the country in the coming months, according to an executive briefed on the development.
Vedanta: After debt holders pushed back on initial terms, Vedanta Resources Ltd has told investors that they are open to revising a proposal to delay payments on the miner’s dollar bonds, Bloomberg quoted the firm’s representatives as saying on 6 October. Few of the bondholders said they wanted more cash upfront than Vedanta offered, while other investors requested changes to the collateral for some debt and a date for asset sales, the report cited sources.
Biocon: Biotechnology major Biocon on Saturday said the US health regulator has issued a complete response letter for Biocon Biologics’ application for Insulin Aspart, a proposed biosimilar for diabetes treatment. The US Food and Drug Administration (USFDA) has issued a Complete Response Letter (CRL) to convey to the company that its initial review of an application is complete, and it cannot approve the application in its present form.
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