Reliance Industries, Bharti Airtel, Maruti Suzuki India, Tata Power among stocks in focus today

Domestic markets moved higher on Wednesday helped by positive economic data but charts are still showing a bearish bias.

Stock to watch
Stock to watch out for. (Image: REUTERS)

Domestic markets moved higher on Wednesday helped by positive economic data but charts are still showing a bearish bias. “The overall negative chart set up remains intact and further upside from here could encounter strong overhead resistance around 17300-17400 levels in the next 1-2 sessions, before showing another round of weakness from the highs. Immediate support is placed at 17080 levels,” said Nagaraj Shetti, Technical Research Analyst, HDFC Securities. Global markets are still rattled by the new covid-19 variant, forcing analysts to advise investors to stay cautious and wait for further clarity.

ONGC: The state-run company was pulled down by the Supreme Court of India on Wednesday for ‘insulting’ the arbitrators appointed by it to resolve a dispute with Hong Kong-based Schlumberger Asia Services, by refusing to make fee payments. The Apex court has asked Attorney General KK Venugopal to take up the ‘payment issue’ with the PSU.

Auto stocks: Apart from Maruti Suzuki India all major auto manufacturers reported a fall in sales on-month basis. Maruti Suzuki reported a 0.6% growth in sales. Hero Motorcorp reported a staggering 41% drop in sales. Escorts saw a 47% fall in sales between October and November.

Reliance Industries, Vodafone Idea, Bharti Airtel: Mukesh Ambani’s Reliance Jio has complained to the Telecom Regulatory Authority of India against Vodafone Idea and Bharti Airtel for creating barriers for subscribers who want to port out, by not offering SMS facility in lower-denomination pre-paid plans.

One97 Communications (Paytm): Paytm Chairman and CEO Vijay Shekhar Sharma has said that the company is seeing scale in system deployment and non-UPI revenue, where merchant gives revenue charges, MDR (merchants discount rate) for payments and credit led financial service, and provides the company with the next level of monetisation. The company is expecting to increase revenue and monetisation methods on its platform in the next few quarters.

Tata Power: Tata Power Solar Systems, a wholly-owned subsidiary of Tata Power, has received Letter of Award from Solar Energy Corporation of India Ltd. (SECI) to build 100 MW EPC Solar project along with 120 MWh Utility-Scale Battery Energy Storage System. The total contract value of the project is approximately Rs 945 crore.

Raymond: The company’s Board of Directors has approved an Initial Public Offer comprising of an Offer for Sale for Rs 800 Crore for JK Files & Engineering Limited a wholly-owned subsidiary of Raymond.

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