4 days ago
Stocks To Watch Today: IREDA, Bajaj Finserv, JSW Energy, Ashok Leyland In Focus
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Stocks in focus today: Bajaj Finserv, IREDA, JSW Energy, Coal India, NTPC Green Energy, Lloyds Engineering Works, Ashok Leyland, Life Insurance Corp, and Praj Industries.
Stocks To Watch Today: Indian benchmark equity indices witnessed a positive momentum in the last session to end in the green zone after seeing a negative closing.
The Nifty ended 131 points higher, while the Sensex was up by 444 points. Among sectors, the Capital Market and Defense indices outperformed, rallying over 2 percent, whereas intraday profit booking was seen in selective PSU banks and media stocks.
Is the momentum to be continued on Friday as well?
Gift Nifty hints at a positive start on Friday, keeping yesterday's positive momentum. At 8:00 am, it was trading at Rs 24,849, with a gain of 15 points or 0.06 per cent.
Shrikant Chouhan, Head – Equity Research, Kotak Securities, believe that the level of 24,600/81000 will serve as a key support zone for traders. As long as the market remains above this level, bullish sentiment is likely to persist.
'On the upside, the market could potentially rise to the range of 24,900 to 25,000/82000-82200. Conversely, a drop below 24,500-24450/81000-80900 could alter this sentiment, with potential retest levels between 24,350 and 24,150/80600-80100," he added.
Which Stocks Are Going To Be In Focus Today?
Bajaj Finserv
Promoter entities Bajaj Holdings and Jamnalal Sons are expected to sell up to a 1.94% stake in Bajaj Finserv through block deals, reports CNBC-TV18 citing sources. The total block size is estimated to be around Rs 5,828 crore, with a floor price of Rs 1,880 per share.
Indian Renewable Energy Development Agency (IREDA)
IREDA initiated its Qualified Institutional Placement (QIP) on June 5, setting the floor price at Rs 173.83 per share. The company might also offer a discount of up to 5% on the floor price.
The company has commissioned 281 MW of renewable energy capacity, including 215 MW of solar and 66 MW of wind capacity, bringing its total installed capacity to 12,499 MW. Additionally, JSW Renew Energy Three, a subsidiary, has signed a Power Purchase Agreement (PPA) with Adani Electricity Mumbai for 250 MW of wind capacity. The 25-year PPA is priced at Rs 3.65/kWh, and the project in Maharashtra is expected to be completed within the next 24 months.
Coal India
Coal India (CIL) has signed a non-binding Memorandum of Understanding (MoU) with Indian Port Rail & Ropeway Corporation in Kolkata to develop rail infrastructure for CIL and its subsidiaries.
NTPC Green Energy
The company has started operations for the first 110.25 MW capacity of the 1,255 MW Khavda-I Solar PV project, undertaken by its subsidiary NTPC Renewable Energy.
Lloyds Engineering Works
The Board has approved the issuance of 30.85 crore partly paid-up equity shares at Rs 32 per share to eligible shareholders on a rights basis. Rs 16 per share has been paid upon allotment, with the remaining amount payable in no more than two calls.
Ashok Leyland
The company has received letters of intent worth Rs 1,387 crore from the Motors Vehicles Department.
Life Insurance Corp
Executive Director Ramakrishnan Chander has been appointed as the chief investment officer.
Praj Industries
The company has signed an agreement with Paraguay-based Enersur SA for a large-scale biorefinery project in Paraguay, which will produce ethanol and co-products like distillers dried grains with solubles, corn oil, SAF, biogas, and bio bitumen.
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