Stocks to Watch today: ONGC, Gail India, M&M, Wipro, Adani Green

As they have exceeded 95% of the market-wide position limit, the securities of Balrampur Chini Mills, Delta Corp, and Tata Chemicals are still subject to a prohibition on trading in the F&O segment.


ONGC: On Wednesday, the state-owned Oil and Natural Gas Corporation (ONGC) and ExxonMobil Corp. inked a heads of agreement (HoA) for the exploration of oil and gas in the deep ocean off the east and west coasts of the nation. According to an announcement from ONGC, the two oil explorers would concentrate on the Kutch-Mumbai region in the western offshore as well as the Krishna Godavari and Cauvery basins in the eastern offshore.

GAIL: Gail India has received board clearance to raise up to Rs. 25,000 crore through non-convertible debentures (NCDs) and $3.125 billion through external commercial borrowing. The corporation has previously taken out a loan for Rs 25,000 crore, and this will be more money raised.

Mahindra and Mahindra: According to a senior corporate official, Mahindra & Mahindra has started discussions with several Indian state governments to establish the manufacturing infrastructure for its forthcoming line of electric sports utility vehicles. The manufacturer will consider incentives provided by various state governments before finalising the strategy for the production of these EVs. The automaker has lined up five new electric Sports Utility Vehicles (SUVs), with the first four slated to hit the roads between December 2024 and 2026.

Wipro: According to sources, Wipro withholds mid- and senior-level employees’ quarterly variable compensation from April to June. According to Wipro, the wage increases and rises would go into effect in September with no adjustments. Fears of a potential US recession have prompted Wipro to take the decision to halt variable pay and safeguard profits. The IT company said that its first cycle of quarterly promotions is now complete.

Adani Green Energy: Sri Lanka on Wednesday said that it had given Adani Green Energy preliminary approval for two wind projects in the country’s northern district, totaling 286 MW and 234 MW and costing more than USD 500 million. To discuss the advancement of renewable energy projects, Wijesekara tweeted that he had met with representatives of the state-owned Ceylon Electricity Board (CEB) and Sustainable Development Authority on Tuesday.

Reliance: According to figures made public by industry regulator Trai on Wednesday, Reliance Jio added the most new users in June, helping the nation’s telecom subscriber base grow slightly to 117.29 crore. In May 2022, there were 117.07 crore subscribers. Reliance Jio added 42.23 lakh net new consumers, bringing the total number of cellular subscribers to 41.3 crore.

RBL Bank: On Wednesday, RBL Bank announced that since May, it had sold more than 12% of its ownership in Kilburn Engineering for a total consideration of more than Rs 17 crore. Under a debt recast plan, the private sector lender had purchased 67,50,000 equity shares of Kilburn Engineering (Kilburn). This comprised 19.67% of the company’s share capital and was converted from loans made as part of RBL Bank’s debt restructuring plan in February 2021. It was also subject to a one-year lock-in period.

J&K Bank: Jammu & Kashmir Bank expects loan demand to rise up as a result of improved economic activity, hence it plans to raise up to 2,000 crore this fiscal through a combination of debt and equity. According to J&K Bank Managing Director and Chief Executive Officer Baldev Prakash, the number of visitors visiting the union regions of Jammu and Kashmir and Ladakh between January and July showed “record rise.”

Unitech: On Wednesday, the Supreme Court ordered the board of management of the Unitech Group to post the schedule for the completion of its halted projects on its website for the benefit of the inconvenienced homebuyers. Additionally, the court requested that the board upload the newly revised payment schedule, along with the revised payment schedule under which the home buyer is required to make payments, within 48 hours. It also requested that the flat buyers provide the board of management with any suggestions or feedback they may have, as this would help the court pass the necessary orders.

Bank of Baroda: On Wednesday, BoB announced that it has generated Rs 1000 crore through the sale of bonds to fund infrastructure and affordable housing projects. According to a regulatory filing, the bonds will have a seven-year maturity and a coupon rate of 7.39 percent. On Wednesday, bonds were distributed to investors, and the proceeds would be used to fund infrastructure and affordable housing initiatives.