RIL, Reliance Comm, Jindal Steel and Power, Dr Reddy’s, Bharti Airtel stocks on investors’ radar today

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September 06, 2021 8:05 AM

Nifty futures were trading 39 points or 0.22 per cent up at 17,398.50 on Singaporean Exchange, suggesting a positive start for BSE Sensex and Nifty 50 on Monday.

RIL, Reliance Comm, Jindal Steel and Power, Dr Reddy's, Bharti Airtel stocks in focusTechnical analysts say that on daily and intraday charts, Nifty maintains a breakout continuation formation indicating further uptrend from current levels.

Nifty futures were trading 39 points or 0.22 per cent up at 17,398.50 on Singaporean Exchange, suggesting a positive start for BSE Sensex and Nifty 50 on Monday. In the previous session, BSE Sensex surged 277 points or 0.48 per cent to 58,130, while the Nifty 50 index surged to end at 17,320. Technical analysts say that on daily and intraday charts, Nifty maintains a breakout continuation formation indicating further uptrend from current levels. “While the short-term trend remains positive, some profit booking could be in the offing as traders may prefer to book some profits near the 17500 resistance level. For the trend following traders, 17150 and 17000 could be the important support level while on the flip side, 17500 and 17700 could act as an important resistance level for the market,” Shrikant Chouhan, Executive Vice President, Equity Technical Research, Kotak Securities, said.

Stocks to watch

RIL: Reliance Strategic Business Ventures (RSBVL), a wholly-owned subsidiary of Reliance Industries Ltd, has acquired a 57.06% stake in Strand Life Sciences for Rs 393 crore in cash. The company would also make a further investment of up to Rs 160 crore by March 2023, increasing its total investment to Rs 553 crore. Following this, the company’s stake will rise to about 80.3%, it said in a BSE filing.

Reliance Communications: The Supreme Court on Friday sought a response from the government on a plea by ailing Anil Ambani companies — Reliance Communication (RCL) and Reliance Telecom (RTL) — seeking a refund of the excess amount of over Rs 104 crore, which allegedly was “illegally and unlawfully” encashed by the DoT against their dues of Rs 774 crore towards the deferred spectrum dues.

Jindal Steel and Power: Industrialist Naveen Jindal-led Jindal Steel & Power (JSPL) received shareholders’ approval to divest its 96.42% stake in its subsidiary Jindal Power (JPL) for Rs 7,401 crore to Worldone (WPL).

Dr. Reddy’s laboratories: The company entered into a definitive agreement with Citius Pharmaceuticals to sell its rights to anti-cancer agent E7777 (denileukin diftitox).

Bank of Maharashtra: Bank of Maharashtra (BoM) is well poised to cross Rs 3 lakh crore in total business soon on the back of the improved economic sentiment, a top official has said. The bank has been a performer in various key parameters, including deposit mobilisation, credit growth, recovery, risk management etc, BoM managing director and CEO A S Rajeev told PTI.

Bharti Airtel: Bharti’s rights issue is credit positive for the company, Moody’s Investors Service has said as it noted that the fresh capital would keep the leverage relatively stable amid 5G investments, ongoing cash payments for spectrum and settlement outgo related to AGR.

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