Stocks To Focus: BEL, IREDA, ITC, Tata Steel, GAIL, IREDA, BoB

By siliconindia  |  Monday, 01 July 2024, 09:30:32 AM IST

Stocks To Focus: BEL, IREDA, ITC, Tata Steel, GAIL, IREDA, BoB
Stocks to Watch, Monday, July 1, 2024: Indian equity markets are expected to have a slow start on Monday following multiple record-breaking sessions last week. At 7:45 AM, GIFT Nifty futures were up by 6 points, reaching 24,127 levels. Globally, Asian markets were quiet, with Nikkei up by 0.3 percent, while Kospi, Hang Seng, and Shanghai Composite remained flat. ASX200, however, was down by 0.3 percent.
Bharat Electronics: Bharat Electronics (BEL) has signed a contract worth Rs 3,172 crore with Armoured Vehicles Nigam (AVNL) on June 28, 2024. The contract involves supplying and installing an advanced, indigenous sighting and fire control system (FCS) for the upgrade of BMP 2/2K Tanks of the Indian Army, along with a comprehensive engineering support package.
IREDA: In its first quarter update, IREDA reported that sanctioned loans amounted to Rs 9,136 crore, with loan disbursements increasing by 67% to Rs 5,320 crore.
ITC: Consumers spent Rs 32,500 crore on Kolkata-based ITC’s fast-moving consumer goods (FMCG), excluding cigarettes, in the financial year 2023-24, as noted in the company's annual report released on Friday. This reflects a 12% growth compared to the previous year (FY23) when consumer spending on FMCG products was Rs 29,000 crore, marking a 21% increase year-on-year. The company attributed the modest rise in consumer spending to weak demand and competitive intensity in FY24.
Tata Steel: Tata Steel UK has initiated legal action against an employees’ union, terming a decision to strike as “unilateral” and warned potential early shutdown of operations at the Port Talbot facility. The union, Unite, called for a strike on July 8 in response to Tata Steel’s plans to shut blast furnaces three months earlier than planned. Unite described this move as the latest in a “long line of threats” and asserted that it would not deter them.
Future Retail: US-based technology consulting company Palguntech has made an offer of Rs 560 crore to acquire the stake and assets of Future Retail (FRL). They have also expressed their willingness to take over all the legal cases pending against FRL promoters. However, this offer is subject to discussions with the Committee of Creditors (CoC) and the approval of the lenders, as stated in a letter sent by Palguntech to the administrator.
Telecom Companies: Consumers should be prepared to pay higher phone bills more often, as telecom operators have recently increased tariffs by up to 25%. Reliance Jio raised tariffs by 12-25% on Thursday, while Bharti Airtel increased theirs by 10-21%, followed by Vodafone Idea's 10-23% increase on Friday.
Cochin Shipyard: Udupi Cochin Shipyard, a wholly owned subsidiary of Cochin Shipyard, secured an international order for the construction of eight 6300 TDW (total dry weight) Dry Cargo Vessels. The order worth Rs 1,100 crores was placed by Wilson ASA, a Norway-based company. The contract includes the design and construction of four vessels, with an agreement for an additional four vessels to be formally contracted by September 19, 2024.
Godrej Properties: Godrej Properties has acquired the leasehold rights to an 11-acre plot of land in Pune. According to a stock exchange filing, the company plans to develop a residential and commercial project with an expected revenue of approximately Rs 1,800 crore.
Jindal Stainless: Jindal Stainless has finalized the acquisition of Sulawesi Nickel Processing Industries Holdings Pte., a Singapore-based company. This will enable the establishment of a joint venture in Indonesia focused on investing in, developing, constructing, and operating a stainless steel melt shop.
JSW Infrastructure: JSW Infrastructure Ltd stated that it is still interested in the mega Tajpur deep sea port in West Bengal and remains open to re-evaluate its strategy for the project.
Stanley Lifestyles: Leading investment and brokerage firm Morgan Stanley has acquired 370,000 shares in Stanley Lifestyles for about Rs 16.7 crore. The company made its debut on the stock exchange on Friday.
SAMHI Hotels: SAMHI Hotels witnessed significant block deals on Friday, as Morgan Stanley Asia Singapore Pte and Abu Dhabi Investment Authority (ADIA) bought shares worth almost Rs 58 crore and Rs 21 crore, respectively.
GAIL: GAIL has brought forward its net zero target for Scope-1 and Scope-2 GHG Emissions to 2035 from 2040.
Bank Of Baroda: The board of Bank Of Baroda will meet on July 5 to consider a capital plan for FY25 by way of raising funds through additional tier 1 and tier 2 debt capital instruments with an interchangeability option.

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