Stocks in focus: RIL, Den Networks, Hathway Cable, Kalyan Jewellers, Suryoday SFB, Laxmi Organic

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March 26, 2021 8:16 AM

Domestic equity market benchmarks BSE Sensex and Nifty 50 were set to open in the positive territory on Friday, taking cues from their global peers.

RIL, Den Networks, Hathway Cable & datacom, Kalyan Jewellers, Suryoday small finance bank, Laxmi Organic industries, stocks in focusA decisive move below 14300 levels could drag towards the next lows of 14000 levels in the near term, said an analyst. Image: Reuters

Domestic equity market benchmarks BSE Sensex and Nifty 50 were set to open in the positive territory on Friday, taking cues from their global peers. Nifty futures were ruling at 14,526, up 197.50 points or 1.38 per cent on Singaporean Exchange. In the last two days of market crash, investors have lost more than Rs 7 lakh crore on the back of muted sentiment amid rising COVID-19 cases in the country. The market capitalisation of BSE-listed companies declined by Rs 7,00,591.47 crore to Rs 1,98,75,470.43 crore in two days. According to a technical analyst, the short term trend of Nifty continues to be weak. “A decisive move below 14300 levels could drag towards the next lows of 14000 levels in the near term,” said Nagaraj Shetti, Technical Research Analyst, HDFC Securities. “This support is a mid part of long bull candle of 1st Feb (budget day move) and also 20 period weekly EMA. Any upside bounce from here is expected to find resistance at 14500 levels,” he added.

Stocks in focus today:

RIL: Reliance Industries Ltd, through its subsidiary acquired Den Networks and Hathway Cable & Datacom in 2018. The oil-to-telecom conglomerate will offload its stake in both the companies through offer-for-sale (OFS). This OFS will open non-retail investors on Friday and for retail investors on Tuesday.

Den Networks: According to the BSE filing Jio Futuristic Digital Holdings, Jio Digital Distribution Holdings and Jio Television Distribution Holdings together will sell 5.54 crore shares, or 11.63 per cent stake, in Den Networks at a floor price of Rs 48.50 per share, at a discount of 10.8 per cent to Thursday’s closing price of Rs 54.40. Promoters held 86.53 per cent stake in the company as on December 31, 2020.

Hathway Cable & Datacom: The promoters (RIL subsidiaries) hold 94.09 per cent stake in Hathway Cable & Datacom. They will sell 33.79 crore share, or 19.09 per cent stake, in the company at a floor price of Rs 25.25 per share, a discount of 11.7 per cent to Thursday’s closing price of Rs 28.6.

Kalyan Jewellers, Suryoday SFB: Kalyan Jewellers India and Suryoday Small Finance Bank shares will make their stock exchange debut today. Kalyan Jewellers’ Rs 1,175 crore issue was subscribed 2.61 times while that of Suryoday SFB 2.37 times.

Laxmi Organic Industries: Goldman Sachs India Fund bought 16.75 lakh shares of debutant Laxmi Organic through a bulk deal on the NSE at Rs 155.7 per share. While Graviton Research Capital LLP bought 15.15 lakh shares of the newly listed firm at a price of Rs 161.86 and sold the same at Rs161.93. Plutus Wealth Management LLP and two Roads Tading Private Ltd bought 15 lakh and 15.19 lakh Laxmi Organic shares, respectively at Rs 155.50 and Rs 160.68. The stock was listed at Rs 156, a premium of 20 per cent over the issue price, and closed 26.62 per cent higher at Rs 164.60.

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