Domestic benchmarks were back in the groove on Tuesday morning as the surged higher on the opening bell. S&P BSE Sensex zoomed to regain the 50,000 mark while Nifty 50 was above 14,750. ONGC was the top Sensex gainer, jumping more than 4%. Dr Reddy’s and Reliance Industries were among the other gainers. Asian paints and Tech Mahindra were the top drags, falling more than 1% each. Broader markets were outperforming, India VIX was down 1.57%.
Top stocks to watch on 23 February 2021:
- Reliance Industries
The company said on February 23 that it is carving out its Oil-to-Chemicals (O2C) business into an independent subsidiary by the second quarter of the next fiscal year. RIL said it will retain 100% management control of the new subsidiary. In a notification to exchanges, RIL said that the promoter group will continue to hold a 49.14% stake in the O2C business after the reorganisation and that the process will result in no change in shareholding of the company.
- Bharti Airtel
The company will meet global fixed income investors on or after Feb 23, 2021, to take the decision on the issuance of foreign currency bonds/notes.
- Future Retail
The Supreme Court has asked the NCLT not to pass the final order on an amalgamation of Future Retail Ltd (FRL) with Reliance Retail as it agreed to hear Amazon’s plea against the Delhi High Court verdict staying its single judge directive to maintain the status quo on the deal. The company also agreed to the SC to issue directions to convene meetings of shareholders and creditors of applicant companies considering the Rs 24,713-crore deal with Reliance Retail.
- Tata Communications
The Competition Commission of India (CCI) has approved the acquisition of shares of the company by Panatone Finvest Ltd. The proposed deal envisages the acquisition of shareholding not exceeding 26.12% by Panatone Finvest Ltd in Tata Communications (erstwhile VSNL).
GR Arun Kumar resigned as a whole-time director and chief financial officer of the company.
- HDFC Bank
The Securities Appellate Tribunal (SAT) has stayed a Sebi order which imposed a fine of Rs 1 crore on HDFC Bank for invoking securities pledged by stockbroker BRH Wealth Kreators, till further orders.
- Bharat Forge
The company has signed an agreement with global aerospace and technology firm Paramount Group for the production of armoured vehicles in India.
- Info Edge (India)
Online food delivery firm Zomato has raised USD 250 million (over Rs 1,800 crore) from five different investors (Tiger Global, Kora and others). The transactions valued Zomato at a post-money valuation of USD 5.4 billion. On a fully converted and diluted basis, Info Edge’s effective stake in Zomato stands at 18.4%.
- IRB Infrastructure Developers
The board of directors approved the allotment of unlisted, unrated, secured, redeemable, nonconvertible debentures aggregating to Rs 2,184.55 crore on a private placement basis to India Toll Roads.
- Indiabulls Housing Finance
The company has set the floor price at Rs 227.09 per bond for the convertible bond issue. It will raise up to $200 million via convertible bonds.
Other stocks that are in focus today are APL Apollo Tubes, Urja Global, Vimta Labs, Indian Overseas Bank, Page Industries, Rane Brake Lining, Pharma Stocks, etc.