Here are the top 10 stocks that could be in focus in today’s trade:
Reliance Industries: Viacom18, controlled by Reliance Industries Ltd, has picked up exclusive media rights for televising and live-streaming Indian Super League (ISL) football matches for the next two seasons. The 10th season of the ISL is set to start on 21 September with a match between Kerala Blasters FC and Bengaluru FC in Kochi. For the first time, India’s premier football league will be aired by Viacom18, replacing Disney Star, which had been the official broadcaster for the last nine seasons.
ONGC/GAIL India: State-owned Oil and Natural Gas Corporation (ONGC) will invest ₹15,000 crore in ONGC Petro-additions Ltd (OPaL) as part of a financial restructuring exercise. The move will result in gas utility GAIL being edged out of the petrochemical firm, according to a report by news agency PTI. ONGC currently holds 49.36% stake in OPaL, which operates a mega petrochemical plant at Dahej in Gujarat. GAIL (India) Ltd has 49.21% interest and Gujarat State Petrochemical Corp (GSPC) has the remaining 1.43 per cent, according to the report.
ICICI Securities: Both Norway’s government pension fund manager and an Indian PMS are poised to oppose the proposal for the delisting of ICICI Securities, amidst a growing chorus of discontent among investors who perceive the stock as ripe for a potential revaluation, reports MoneyControl. Norway’s Norges Bank holds a 3.13% stake and a portfolio management service based in southern India also maintains approximately a 3% ownership stake in the company.
Life Insurance Corporation: Sebi on Thursday disposed of adjudication proceedings against state-owned LIC with respect to alleged violations of mutual fund norms. The case pertained to the insurer’s shareholding in IDBI Mutual Fund. In a 12-page order, Sebi said the alleged violation on the part of LIC is to be viewed in the context of the efforts taken by it to complete the merger of IDBI Mutual Fund with LIC Mutual Fund, and disposed of the adjudication proceedings.
Nazara Technologies: The country’s largest asset management company SBI Funds Management Ltd, on Thursday, acquired around 8% stake in online gaming firm Nazara Technologies Ltd, for ₹410 crore, which follows the 4 September ₹100 crore surprise investment by Nikhil and Nithin Kamath, the founders of India’s largest brokerage Zerodha Broking Ltd. Nazara Tech, which has staged a stellar rally this year and gained over 39% in the last three months, said the firm will issue 5.74 million fresh shares on preferential basis to three MF schemes of SBI Mutual Fund at ₹714 apiece.
Exide Industries: Exide Industries Ltd Thursday said it has invested over ₹100 crore in its wholly-owned subsidiary Exide Energy Solutions Ltd, which is into manufacturing advanced chemistry battery cells. In the regulatory filing, Exide Industries said the company made the investment by way of subscription in the equity share capital of Exide Energy Solutions Ltd (EESL) on a rights basis. Exide Industries said there is no change in the shareholding percentage of the company in EESL pursuant to such an acquisition.
Ashok Leyland: Ashok Leyland will channel its capital expenditure towards developing various alternative fuel technologies for commercial vehicles over the next 18 months, even as it works on lowering development costs with partners, executive chairman Dheeraj Hinduja said. The company, known for its trucks and buses, has earmarked a capex of ₹600-700 crore for this financial year, and a significant part of it will be directed towards creating products with alternative fuel systems.
Dhanuka Agritech: Domestic brokerage Nuvama Institutional Equities has a ‘buy’ recommendation on Dhanuka Agritech Ltd following its latest meeting with the company’s MD, M K Dhanuka and executive director Harsh Dhanuka. The brokerage firm stated in its report that it expects total profitability to increase with a rise in volume growth and margins. However, an inadequate monsoon in September–October could have a negative effect on demand. Nuvama anticipates a 38% potential increase in value within the period of 12 months, with a price target of ₹1,089.
Anupam Rasayan: Specialty chemicals manufacturer Anupam Rasayan India on Thursday said it has appointed Gopal Agrawal as the Chief Executive Officer (CEO) effective from September 11. Prior to this role, Agrawal, a chartered accountant, was Managing Director and Head of the Investment Banking business at Edelweiss.
EKI Energy Services: Carbon credit developer EKI Energy Services (EKI) plans to announce its financial results for the June and March quarters by September 20, a top company official said on Thursday. The results will be submitted to the exchanges, the company’s Managing Director Manish Dabkara told PTI. He cited differences with its immediate previous auditor as the main reason for the delay in the announcement of the results for the first quarter of this fiscal and the last quarter of 2022-23.
