Stocks To Watch: ONGC, BHEL, Reliance Industries, ICICI Bank, Sun Pharma, RITES, Central Bank of India

Buzzing stocks: The SGX Nifty hinted at a positive start for benchmark indices BSE Sensex and NSE Nifty 50. Here's a look at the stocks to watch in trade on 29 May.

Stocks in focus: The SGX Nifty gained 0.94% in trade on Monday morning, signaling that domestic indices NSE Nifty 50 and BSE Sensex would open on a positive basis. Nifty futures were 174 points higher on the Singaporean exchange at 18,722. Domestic indices soared in trade on Friday. NSE Nifty 50 touched a fresh high for the calendar year 2023, crossing the 18,500 mark. However, the index gave up that level to close at 18,499, up 0.97%. Sensex surged over 1% intraday, reclaiming and closing above the 62,500 mark.

“Despite weak cues from global markets, the domestic market defied the trend and experienced a widespread rally, driven by the strong growth forecast for the Indian economy. With the upcoming Q4 GDP data, it is anticipated that India’s FY23 GDP will marginally surpass the earlier projected 7.0% growth rate. Additionally, the expectation of a normal monsoon and consistent FII buying further boosted confidence among domestic investors,” said Vinod Nair, Head of Research, Geojit Financial Services.

Stocks to Watch on 29 May, 2023

ONGC

Oil and Natural Gas Corporation reported a standalone net loss of Rs 248 crore in Q4 FY23, against a net profit of Rs 8,860 crore in the year-ago quarter due to an exceptional provision of Rs 12,107 crore towards disputed taxes. For full year FY23, ONGC’s net profit fell 3.7% to Rs 38,829 crore and the gross revenue shot up 40.9% to Rs 1,55,517 crore.

BHEL

Bharat Heavy Electricals reported a 34.2% fall in quarterly profit to Rs 611 crore from Rs 912.5 crore in the corresponding quarter last year. Total expenses rose 5.4% due to a sharp rise in input costs led by raw materials that had gone up 23.9% year-on-year.

Reliance Industries

Reliance Retail Ventures, a subsidiary of Reliance Industries, has partnered with General Mills to launch Alan’s Bugles chips in India. The renowned American corn chips brand will offer snacks starting from Rs 10, with the launch beginning in Kerala.

Sun Pharmaceutical

Sun Pharmaceuticals said it has proposed to fully acquire Israel-based Taro Pharmaceutical Industries through a reverse triangular merger. The drug majorissued a letter to the Taro board with a proposal containing a non-binding indication of interest to acquire all of the outstanding ordinary shares for a purchase price of USD 38 per ordinary share in cash. Sun Pharma currently owns a 78.48 per cent stake in Taro.

ICICI Bank, ICICI Lombard General Insurance 

ICICI Bank to increase shareholding in ICICI Lombard in multiple tranches up to 4.0% additional shareholding. This would make  ICICI Lombard General Insurance, a subsidiary of ICICI Bank. The bank would acquire at least 2.5% stake out of the above 4.0% before September 9, 2024 and holds 48.02% in the insurance player currently.

RITES, Power Finance

RITES signed a memorandum of understanding (MoU) with Power Finance Corporation (PFC) to explore avenues of mutual collaboration for consultancy works in sectors such as transport and logistics, energy, water and sanitation, communication, social and commercial infrastructure.

Central Bank of India

The Reserve Bank of India (RBI) imposed a fine of Rs 84.5 lakh on Central Bank of India for non-compliance with fraud-classification norms. A statutory inspection for supervisory evaluation of the bank showed that the bank had failed to report certain accounts as fraud within seven days.