Equity markets opened marginally down and drifted further lower to end near the days' low on Wednesday. The Nifty fell 102 points to close at at 15,762 points. The broader market too fell with Nifty Midcap 100 /Nifty Smallcap 100 down -0.9%/-0.5% respectively. Here are 8 stocks that would be in action today (Thursday, June 17) based on news and brokerage recommendations. These are not suggestions to buy or sell, but are mainly based on news flow and brokerage suggestions.
State Bank of India
SBI shares will be in the limelight as the bank said the board will meet next week to consider raising additional tier 1 capital for the current fiscal.
A meeting of the central board of State Bank of India is scheduled to be held on June 21, 2021, to consider raising capital, SBI said in a regulatory filing. The bank said it plans to raise additional tier-1 (AT-1) capital by way of issuance of Basel III compliant debt instruments in US dollar or Indian rupee through a public offer or private placement to overseas and/or Indian investors during FY22.
The shares of SBI were last trading at Rs 425 on the NSE.
Stocks with corporate results
The following companies will report their quarterly numbers today, June 17. This is likely to make the stocks increasingly volatile going into their quarterly results.
Power Grid Corporation, Jammu & Kashmir Bank, DB Corp, Power Mech Projects, Basant Agro Tech, Gyscoal Alloys, Global Vectra Helicorp, HealthCare Global Enterprises, Hindustan Media Ventures, IFB Agro Industries, Khadim India, Nava Bharat Ventures, Novartis India and Royal Orchid Hotels. There are others too that will declare numbers, but, the larger ones like Power Grid would be closely watched.
CESC shares may see some buying support in the stock after the Kolkata based company reported an over 13 per cent jump in its consolidated net profit to Rs 429 crore in the March 2021 quarter, mainly due to higher revenues. The company's consolidated net profit had stood at Rs 378 crore in the quarter ended March 31, 2020, according to a BSE filing.
Its total income during January-March 2021 rose to Rs 3,003 crore, compared with Rs 2,729 crore in the year-ago period. For the full financial year 2020-21, the consolidated net profit stood at Rs 1,363 crore as compared with Rs 1,309 in 2019-20.
The stock of CESC was last trading at Rs 770 on the BSE.
Khambatta Securities' has a buy rating on the stock of Prataap Snacks. The company is a leading Indian Snack Foods Company. It offers multiple variants of products across categories of Potato Chips, namkeens etc.
"As the longer-term margin accretion is not captured in our forecasts, we assign a higher target P/E multiple of 32.0 times (vs 30.0 times is the last report) to arrive at a price target to Rs 801 with an upside of 15%, maintaining a BUY rating," the brokerage firm has said.
The shares of Prataap Snack were last trading at Rs 679.65 on the NSE.
Welspun Enterprises is another stock that would be in the limelight today.
The stock may even see selling pressure as consolidated net profit fell 54 per cent to Rs 40.94 crore during the quarter ended March 31. The company had clocked a consolidated net profit of Rs 89.08 crore in the corresponding quarter a year ago, Welspun Enterprises said in a regulatory filing to the BSE.
Amid concerns raised in certain quarters about its proposed Rs 4,000 crore-deal with Carlyle group, PNB Housing Finance on Wednesday said the process followed in determining the issue price for its securities was in line with the "market practice" followed by listed companies and in compliance with the applicable law.
Responding to clarifications sought by the stock exchanges on Monday regarding the deal, the company -- a subsidiary of Punjab National Bank -- also emphasised that pricing is not required to be based on a valuation report from a registered valuer and that the final price is higher than the floor price suggested by registered valuers.
The company's officials will meet Analysts and Investors in virtual Investor Conference organised by Batlivala & Karani Securities India on June 17.
The shares of the company were last seen trading at Rs 172 on the NSE. Himatsingka is an integrated global textile major that designs, develops, manufactures, distributes, and retails a suite of textile products. The installed capacities for manufacturing bedding and bath products, drapery and upholstery fabrics, and fine-count cotton yarn are amongst the largest in the world.
Private sector Federal Bank on Wednesday said its board has approved issuing equity shares to World Bank arm International Finance Corporation and associates for over Rs 916.25 crore.
The decision was taken by the board of directors at its meeting held on June 16, 2021, the bank said. The board also decided to raise up to Rs 4,000 crore by issuing equity shares or other instruments through various modes and Rs 8,000 crore by issuance of debt securities in Indian or foreign currency.