scorecardresearch

Reliance, Zomato, Bharti Airtel, Yes Bank, Indian Oil, Kotak Mahindra Bank, stocks in focus on 3 Aug 2022

BSE Sensex and NSE Nifty 50 were likely to start in the positive territory on Wednesday, as suggested by trends on SGX Nifty in early trade

Reliance, Zomato, Bharti Airtel, Yes Bank, Indian Oil, Kotak Mahindra Bank, stocks in focus on 3 Aug 2022
echnical analysts say that the overall chart pattern of the Nifty signals minor downward correction or consolidation movement for the next 1-2 sessions. Image: Pixabay

Domestic equity market benchmarks BSE Sensex and NSE Nifty 50 were likely to start in the positive territory on Wednesday, as suggested by trends on SGX Nifty in early trade. SGX Nifty 50 Index Futures for August were ruling 50.50 points or 0.3 per cent up at 17,376.50 on Singaporean Exchange. In the previous session, S&P BSE Sensex added 20.86 points or 0.04% to settle at 58,136 while NSE Nifty 50 index ended at 17,345 points gaining 5.4 points. Technical analysts say that the overall chart pattern of the Nifty signals minor downward correction or consolidation movement for the next 1-2 sessions before showing another round of upside bounce from the lows. “Immediate support is placed at 17150 and the crucial overhead resistance to be watched around 17400 levels,” Nagaraj Shetti, Technical Research Analyst, HDFC Securities, said.

Stocks to watch on Wednesday, 3 August 2022

Zomato: Uber Technologies is likely to exit food delivery aggregator Zomato through a block deal on Wednesday. The 7.8% stake sale is expected to fetch as much as Rs 3,305 crore at the upper end. At the lower end, the deal size could be Rs 2,938.6 crore.

Bharti Airtel: Announcing that it is set to lead India’s 5G revolution, Bharti Airtel said it has acquired 19,800 MHz spectrum by securing a pan India footprint of 3.5 GHz and 26 GHz bands for Rs 43,084 crore. Airtel, India’s premier telecommunications services provider, has secured the 5G spectrum for 20 years in the latest spectrum auction conducted by the Department of Telecom, Government of India.

Indian Oil: Indian Oil Corporation (IOC) is targeting to replace at least a tenth of its current fossil-fuel-based hydrogen at its refineries with carbon-free green hydrogen as part of a decarbonization drive. To start with, the nation’s largest oil firm is setting up green hydrogen plants at its Panipat and Mathura refineries, IOC said in its latest annual report.

Reliance Industries: Reliance Jio will have a competitive edge over Bharti Airtel on 5G network coverage as and when the services are rolled out, thanks to its purchase of spectrum in the 700 MHz band.

Kotak Mahindra Bank: A Kotak Mahindra Bank arm is targeting to raise up to Rs 1,500 crore to invest in private equity and venture capital funds. Kotak Investment Advisors (KIAL) said it is launching the Kotak India Alternate Allocation Fund (KIAAF), a ‘fund of funds’, which is targeting to raise Rs 750 crore with a greenshoe option of another Rs 750 crore.

Yes Bank: Yes Bank will convene an extraordinary general meeting on August 24 to seek shareholders’ approval for the proposed capital infusion of Rs 8,900 crore by US-based private equity investors Carlyle and Advent.

Bank of India: Public sector lender Bank of India on Tuesday posted a 22% year-on-year (y-o-y) decline in its net profit at Rs 561 crore for three months ended June 30 — on account of a decrease in its operating profit and due to a skewed growth in its foreign advances, which fetch lower margin, compared to domestic advances, said Atanu Kumar Das, managing director and chief executive officer of the bank.

Adani Group firms: Seeking dismissal of Tata Power Company’s (TPC) appeal against awarding a Rs 7,000 crore transmission contract on a nomination basis to them, Adani Electricity Mumbai Infra and Adani Electricity Mumbai told the Supreme Court that TPC’s attempt is to “sensationalise” and “hijack” the issue as it has vested interests in crippling the transmission infrastructure of Mumbai, solely for commercial interests.

Godrej Properties: Godrej Properties on Tuesday said its June quarter consolidated net profit nearly tripled to Rs 45.55 crore while sales bookings jumped five times to Rs 2,520 crore. The Mumbai-based developer announced that company’s Managing Director (MD) and Chief Executive Officer (CEO) Mohit Malhotra has resigned with effect from December 31 this year.

Thermax: Energy and environment solutions company Thermax Group on Tuesday reported a 40% year-on-year (y-o-y) jump in net profit to Rs 58.9 crore for the quarter ended June.

Get live Share Market updates and latest India News and business news on Financial Express. Download Financial Express App for latest business news.