Bharti Airtel, Jindal Steel and Power, BPCL, Axis Bank, Maruti Suzuki, ONGC, NTPC stocks in focus

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August 31, 2021 8:50 AM

Nifty futures slid further in trade, now down 40 points or 0.23 per cent to 16,925 on the Singaporean Exchange, hinting at a negative start for BSE Sensex and Nifty 50 on Tuesday.

Bharti Airtel, JSPL, BPCL, Axis Bank, Maruti Suzuki, ONGC, NTPC stocks in focusOn the technical front, 16,700 and 17,100 are immediate support and resistance in Nifty 50

Nifty futures slid further in trade, now down 40 points or 0.23 per cent to 16,925 on the Singaporean Exchange, hinting at a negative start for BSE Sensex and Nifty 50 on Tuesday. Investors will keenly watch GDP numbers for the first quarter (April-June) of FY21, which will be released by the Ministry of Statistics and Programme Implementation (MoSPI). Market participants will also watch the oil prices, rupee movement against US dollar and other global cues for further direction. “On the technical front, 16,700 and 17,100 are immediate support and resistance in Nifty 50. Overall, we believe that markets are in a structural bullish trend and any significant dip is a very good opportunity to accumulate quality stocks,” Mohit Nigam, Head – PMS, Hem Securities.

Stocks to watch

Bharti Airtel: A day after Bharti Airtel’s board approved raising up to Rs 21,000 crore through a rights issue, chairman Sunil Bharti Mittal on Monday said the funds will help improve the company’s leverage and simultaneously provide the fuel to accelerate investments across the portfolio to drive competitive and profitable growth.

Jindal Steel & Power: Industrialist Naveen Jindal-led Jindal Steel & Power’s (JSPL) board on Monday approved a proposal to raise funds of up to $1 billion (about Rs 7,347 crore). The company would do so by issuing bonds in one or more tranches to domestic or global investors, it said in a regulatory filing

BPCL: With due diligence by potential buyers yet to be completed, financial bids for the government’s entire stake in the fuel retailer-cum-refiner BPCL are expected to come in after September.

Axis Bank: Moody’s has assigned B1(hyb) rating to the bank, GIFT City Branch’s proposed USD-denominated, undated, non-cumulative and subordinated Additional Tier 1 (AT1) capital securities being issued out of its Global Medium Term Note (GMTN) programme.

Maruti Suzuki: Maruti Suzuki is set to increase prices in September across models making it the third such hike in FY21-22. The Delhi-based carmaker had hiked prices in April and July.

ONGC: ONGC is eyeing generating electricity from wind at its vast offshore acreage as it looks to augment its renewable energy portfolio, its chairman Subhash Kumar said. Oil and Natural Gas Corporation (ONGC) has oil and gas fields both in the Arabian Sea and Bay of Bengal.

NTPC: State-run power giant NTPC on Monday said that it has geared up to meet rising power demand and recorded electricity generation growth of 23 per cent over the previous year.

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