Stocks To Watch On July 1: Domestic indices recorded gains and scaled new heights last week despite mixed signals from the global market, particularly regarding inflation concerns. In today’s trade, shares of JSW Infra, Stanley Lifestyles, SAMHI Hotels, Bank Of Baroda, IREDA among others will be in focus due to various news developments.
Bharat Electronics: Bharat Electronics (BEL) said that it has signed a contract valued at Rs 3,172 crore with Armoured Vehicles Nigam (AVNL) on June 28, 2024. The project entails the supply and installation of an advanced, indigenously designed and developed 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.
Future Retail: US-based technology consulting company Palguntech, a bidder for Future Retail (FRL), has offered Rs 560 crore to acquire the entire stake and assets of the beleaguered firm.Further, the firm is also ready to take over all the cases pending against FRL promoters from the resolution professional. This is, however, subject to discussions with the Committee of Creditors (CoC) and the share the lenders agree to give to Palguntech, the US company said in a letter to the administrator.
Telecom Companies: Consumers should now get ready to pay higher phone bills at frequent intervals with the telecom operators hiking tariffs by up to 25% in the past two days. While Reliance Jio hiked tariffs by 12-25% on Thursday, Bharti Airtel went for a 10-21% increase, followed by 10-23% by Vodafone Idea on Friday.
ITC: Consumers spent Rs 32,500 crore to buy Kolkata-based ITC’s fast-moving consumer goods (FMCG), excluding cigarettes, in financial year 2023-24, the company said in its annual report released on Friday. This represents a growth of 12% against last year (FY23), when consumer spends on FMCG products stood at Rs 29,000 crore, a 21% increase year-on-year. The modest rise in consumer spending can be attributed to weak demand and competitive intensity in FY24, the company said.
Also, Sanjiv Puri, chairman and managing director (CMD) of ITC, was the highest-paid chief executive officer (CEO) among some of the country’s top fast-moving consumer goods (FMCG) peers in FY24. Annual reports for a few FMCG firms, including Hindustan Unilever (HUL) and Nestle India, have been released so far.
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.
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 acquired the leasehold rights to an 11-acre plot of land in Pune. The company plans to develop a residential and commercial project, expecting to generate approximately Rs 1,800 crore in revenue, according to an stock exchange filing.
Jindal Stainless: Jindal Stainless completed the acquisition of Sulawesi Nickel Processing Industries Holdings Pte., a Singapore-based firm. This will facilitate the establishment of a joint venture in Indonesia aimed at investing in, developing, constructing, and operating a stainless steel melt shop.
JSW Infrastructure: Indicating that the company is still interested in the mega Tajpur deep sea port in West Bengal, JSW Infrastructure Ltd said that it remains open to re-evaluate its strategy for the project.
Stanley Lifestyles: Leading investment and brokerage firm Morgan Stanley has picked up 3.7 lakh shares in Stanley Lifestyles for about Rs 16.7 crore, which debuted at the bourses on Friday.
SAMHI Hotels: SAMHI Hotels witnessed some significant block deals on Friday where Morgan Stanley Asia Singapore Pte and Abu Dhabi Investment Authority (ADIA) bought shares worth nearly Rs 58 crore and Rs 21 crore, respectively.
IREDA: In its first quarter update IREDA said loans sanctioned stood at Rs 9,136 crore, while loan disbursements were up 67% to Rs 5,320 crore.
GAIL: GAIL has advanced 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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