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Stocks To Watch: Deepak Nitrite, Power Finance Corporation, REC, Tata Communication

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Indian equity benchmarks on Wednesday extended declines for second day in a row after the Reserve Bank of India maintained status quo on policy rates and stance.

The S&P BSE Sensex fell 0.7 percent or 250 points to 35,884 and the NSE Nifty 50 Index declined 0.8 percent or 87 points to 10,783. Negative global cues also added to the weak sentiment in India following yesterday’s biggest slide on Wall Street since mid-October.

Also Read: RBI Asks Banks To Peg Floating-Rate Loans To External Benchmarks

Here Are The Stocks To Watch Out For In Today’s Trade

Stocks To Watch

  • Power Grid Corporation of India was declared a successful bidder under tariff based competitive pricing to establish transmission system for 2X660MW Thermal Power Project and construction of 400Kv substation with associated lines in Uttar Pradesh.

  • Cabinet will consider the proposal for PFC acquiring entire government holding in state-owned REC, which will fetch the government around Rs 15,000 crore (PTI)

  • Moody’s changed GlaxoSmithKline PLC outlook to negative from stable and its guaranteed subsidiaries. The change in outlook followed the company’s Dec. 3 announcement of its intention to acquire Tesaro for $5.1 billion as the company will deleverage more slowly than expected and credit metrics will remain weak for prolonged periods of time says Knut Slatten, Senior Analyst, Moody’s. (Bloomberg News)

  • Tata Communications said it will collaborate with UROS Group to deploy Internet of Things and Smart City Solutions across large commercial and public sectors organizations globally.

  • Deepak Nitrite: China Phenol Spot Prices Fall By 27 percent from Rs 133,770 per metric ton to Rs 94,740 per metric ton since the beginning of November till date. Over the last five trading sessions, phenol prices have fallen by 6.7 percent in rupee terms. On Nov. 1 the company had announced commencement of production at its Mega Plant for Phenol and Acetone with a capacity of 200,000 MTPA for phenol and 120,000 MTPA for its co-product Acetone

  • Adani Green Energy’s arm won a contract for 390 MW Wind-Solar Hybrid Auction at Rs 2.69 per KW-hour, said Sanjay Sharma, General Manager of Solar Energy Corporation of India. In the auctions for 840MW worth of project the remaining tender was won by Softbank’s India JV for clean energy at a price of Rs 2.67 per KW-hour. (Bloomberg News)

  • Sagar Cements board approved an investment of Rs 150 crore in Satguru Cement in order to set up green field cement manufacturing plant of 1 million-ton capacity and waste heat recovery plant in Madhya Pradesh. The board also approved investment of Rs 108 crore in Jajpur Cements to set up green field grinding unit of 1.5 million-ton capacity in Odisha. The company says both these projects are being planned to be completed by March 2021 The cement company will issue convertible warrants worth Rs 224.75 crores.

  • Kirloskar Industries clarified that the news of promoter group of insider trading will not impact the company materially as this case refers to the purchase of shares in its arm in 2010 and the SEBI had not initiated any inquiry or investigation against the company.

  • Lemon Tree Hotels opened a 201-room hotel property in Pune.

  • Elecon Engineering board said it will consider raising Rs 150 crore via Non-Convertible Debentures on Dec. 10.

Bulk Deals

Inox Wind

  • Prime India Opportunity Fund acquired 47.5 lakh shares (2.14 percent) at Rs 79.3 each.

  • Nomure Singapore sold 47.5 lakh shares (2.14 percent) at Rs 79.3 each.

Who’s Meeting Whom

  • Mahindra & Mahindra Financial Services to meet Enam Holdings on Dec. 6.

  • Sandhar Technologies to meet ICIC Pru MF, SBI MF and other investors from Dec. 6-7

  • Dr LalPathLabs to meet Morgan Stanley, India Nivesh and other investors from Dec. 7-14

Trading Tweaks

  • Capital Trust price band revised to 10 percent.

Money Market Update

The rupee on Wednesday ended at 70.46/$ versus Tuesday’s closing of 70.50/$.

F&O Cues

  • Nifty December futures closed trading at 10,828, premium of 44 points.

  • Max open interest for December series at 11,000 Call option, open interest at 27.8 lakh shares.

  • Max open interest for December series at 10,000 Put option, open interest at 38.9 lakh shares.

Put-Call Ratio

  • Nifty PCR at 1.63 from 1.7.

  • Nifty Bank PCR at 0.75 from 0.92.

Get a detailed drawdown of derivatives on BloombergQuint's F&O page.

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