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Stocks To Watch: Bharat Financial, PNB, TCS, Yes Bank

Here are the stocks to watch out for in Wednesday’s trade.

Electronic ticker boards indicate the latest stock figures inside the atrium at the National Stock Exchange (NSE) in Mumbai, India (Photographer: Dhiraj Singh/Bloomberg)
Electronic ticker boards indicate the latest stock figures inside the atrium at the National Stock Exchange (NSE) in Mumbai, India (Photographer: Dhiraj Singh/Bloomberg)
  • RBI clears IndusInd Bank merger with Bharat Financial.
  • PNB says Rs 942 crore is not new fraud, recall of credit limits, Bloomberg reports.
  • BPCL to submit resolution plan for insolvent Nagarjuna Oil by March 17.
  • NCLT approves DLF merger scheme for some units.
  • IRB InvIT: Nomura bought 64 lakh shares at Rs 82.75 per share.

Asian stocks retreated following a drop in American equities after a fresh personnel shakeup in the Trump administration spurred concerns about a unilateral approach to trade, national security and foreign affairs.

The Singapore-traded SGX Nifty, an early indicator of NSE Nifty 50 Index’s performance in India, rose 0.4 percent to 10,389 as of 6:55 a.m.

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

  • RBI cleared IndusInd Bank merger with Bharat Financial.
  • PNB says Rs 942 crore is not new fraud but recall of credit limits.
  • Yes Bank acquired 17.31 percent stake of Fortis Healthcare pursuant to invocation of pledge.
  • IRB Infra, Modern Road emerge as preferred bidder for NHDP project with cost of Rs 3,465 crore.
  • NHAI awards Dwarka Expressway contract worth Rs 1,047 crore to L&T says NHAI.
  • L&T Finance Holdings successfully closes QIP of up to Rs 1,000 crore.
  • Usha Martin clarifies has not been contacted by ED with respect to investigation of granted loans.
  • BPCL to submit resolution plan for insolvent Nagarjuna oil by March 17.
  • NCLT approves DLF merger scheme of some units.

F&O Setup

  • Nifty March Futures closed trading at 10,426.4 discount of 0.4 points versus premium of 11.4 points.
  • March series: Nifty open interest down 2 percent, Bank Nifty open interest down 5 percent.
  • India VIX ended at 14.4, down 0.2 percent.
  • Max open interest for March series at 10,500 call strike (open interest at 46.8 lakh, down 3 percent).
  • Max open interest for March series at 10,000 Put (open interest at 48.7 lakh, down 9 percent).

F&O Ban

  • In ban: Andhra Bank, Balrampur Chini, BEML, Dewan Housing, IDBI, JP Associates
  • No new stocks in or out of ban list.

Only intraday positions can be taken in stocks which are in F&O ban. There is a penalty in case of a rollover of these intraday positions

Active Stock Futures

Stocks To Watch: Bharat Financial, PNB, TCS, Yes Bank

Bulk Deals

  • TCS: Tata Sons sells 3.1 crore shares at an average of Rs 2,874 per share.
  • IRB InvIT: Nomura bought 64 lakh shares at Rs 82.75 per share.
  • Vishal Fabrics: Shanti Exports bought 2.6 lakh shares at Rs 667 per share.
  • Ashapura Intimate Fashions: Promoter Harshad Thakkar bought 1.3 lakh shares at Rs 464 per share.

Brokerage Radar

Citi on Voltas

  • Maintained ‘Buy’ with price target of Rs 744.
  • Favorable weather forecasts for business.
  • Pre-buys in December quarter should not impact current quarter AC sales.
  • EMP business' RoCE focus to continue.
  • Consumer durable JV product launch likely in the second half of 2018.
  • Top pick in India consumer electricals.

Citi on Coal India

  • Downgraded to ‘Neutral’ from ‘Buy’; cut price target to Rs 320 from Rs 365.
  • Most triggers have largely played out.
  • Limited visibility on further triggers.
  • Further FSA price hikes may not be imminent.
  • E-auction price upside may be limited.
  • Commercial mining not a worry.
  • Can expect another small dividend payout.

Citi on Vedanta and Hindustan Zinc

  • Vedanta: Maintained ‘Buy’ with price target of Rs 360.
  • Hindustan Zinc: Maintained ‘Neutral’ with price target of Rs 285.
  • Hindustan Zinc would have to pay dividend of Rs 26 per share based on Vedanta’s dividend.
  • Dividend of Rs 24 per share by Hindustan Zinc would imply cash outflow of $1.9 billion.
  • Vedanta does not have to pay dividend distribution tax (DDT).
  • Vedanta remains a story of ramping up operations to their full potential.

Credit Suisse on Capital Goods

  • Investment cycle pick up—more optimism.
  • Data points better but not entirely conclusive.
  • Industrial sector data points also quite sedate till now.
  • Execution improvement seems more broad based.
  • Expect pick up but build likely to be gradual.
  • Capital goods order inflows modest; Construction sector execution has picked up.

Jefferies on FMCG

  • Next fiscal to witness gradual recovery in topline led by trade normalisation and mild rural uptick.
  • Underlying drivers for strong rural recovery are still missing.
  • Margins to play a lesser role in driving earnings.
  • Valuations are close to all-time high.
  • Prefer discretionary over staples.

CLSA on Cement

  • Worst of sand shortage seems to be behind.
  • Sand availability has improved in Madhya Pradesh, Bihar, Tamil Nadu, Uttar Pradesh.
  • Problems opened up avenues for ‘manufactured sand’ or M-sand.
  • M-sand make it better than even natural sand for use in construction.

Media Reports

  • IHH to make voluntary open offer for Fortis to buy non promoter shares (Economic Times).
  • Only Liberty House bids for ABG Shipyard (Economic Times).
  • Torrent Pharma may raise Rs 1,500 cr by selling shares to institutional investors (Mint).