Metro Brands, Indian Oil, MapMyIndia, SBI, Airtel, Reliance, Adani Transmission stocks in focus

Nifty futures were trading 53.50 points or 0.32 per cent up at 16,881.50 on Singaporean Exchange in the early trade.

Stocks to watch out for today. (Image: REUTERS)

Domestic equity market benchmarks BSE Sensex and Nifty 50 were staring at a gap-up opening on Wednesday, a day before weekly F&O expiry. Nifty futures were trading 53.50 points or 0.32 per cent up at 16,881.50 on Singaporean Exchange in the early trade. In the previous session, BSE Sensex added 497 points or 0.89 per cent to close at 56,319 while NSE Nifty 50 index gained 156 points or 0.94 per cent to end at 16,770. Analysts say that after more than 10 per cent correction, Nifty is now trading at 19.2x FY23 P/E and is no longer in the expensive zone. “While the market trend might be volatile in the near term on account of potential risk from Omicron variant and fragile global cues, we suggest long term investors to take benefit of such volatility in the market and add on to their portfolios gradually at lower levels,” Siddhartha Khemka, Head – Retail Research, Motilal Oswal Financial Services Ltd, said.

Stocks to watch

Metro Brands: The Rakesh Jhunjhunwala-backed footwear retailer Metro Brands will make its stock market debut on Wednesday, 22 December 2021. The final issue price is Rs 500 per share.

CE Info Systems (MapmyIndia): Fidelity Investment Trust Fidelity Series Emerging Markets Fund acquired 3.18 lakh equity shares at Rs 1,404.47 per share, and Goldman Sachs Funds – Goldman Sachs India Equity Portfolio lapped up 3.76 lakh equity shares at Rs 1,392.99 per share through bulk deals on the NSE. 

Indian Oil Corporation: The Board of Indian Oil has accorded approval for acquisition of 36.93 lakh equity shares of the face value of Rs 10 each equivalent to 4.93% of the share capital in Indian Gas Exchange Limited (IGX). 

Exide Industries: Exide Industries on Tuesday said its board of directors has accorded in-principle approval to set up a greenfield multi-gigawatt lithium-ion cell manufacturing plant in India as it has planned to participate in the government’s production-linked incentive (PLI) scheme for advanced chemistry cell manufacturing.

State Bank of India: SBI has acquired a minority stake in JSW Cement by investing Rs 100 crore in compulsorily convertible preference shares (CCPS) of the company, the latter said on Tuesday. The investment will support JSW Cement to expand capacity to 25 million tonnes per annum (MTPA) from 14 MTPA presently.

Adani Transmission: Adani Transmission said on Monday that it has completed construction of the 897-circuit kilometre (ckm) long intra-state transmission lines in Uttar Pradesh.

Airtel, Voda Idea, Reliance Industries: Reliance Jio added 1.76 million wireless subscribers in October, becoming the only operator to add customers during the month. Bharti Airtel lost 4.89 lakh subscribers while Vodafone Idea continued its losing spree with a loss of 9.64 lakh subscribers, as per data shared by the Telecom Regulatory Authority of India (TRAI).

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