Reliance Industries, Wipro, Bharti Airtel, HDFC AMC, Deepak Fertilisers, Zee, other stocks in focus | The Financial Express

Reliance Industries, Wipro, Bharti Airtel, HDFC AMC, Deepak Fertilisers, Zee, other stocks in focus

Key indices BSE Sensex and NSE Nifty 50 likely to extend gains on Friday amid weak global cues. Reliance Industries among stocks in focus as it launches FMCG brand Independence.

stocks to watch, stocks in focus, reliance fmcg, airtel, wipro
Reliance Industries, Wipro, Bharti Airtel, HDFC AMC, Deepak Fertilisers, Zee, other stocks in focus today

Indian benchmark indices BSE Sensex and NSE Nifty 50 are expected to extend gains on Friday amid weak global cues. SGX Nifty hinted at a negative start for domesitc equities as Nifty futures traded 0.35% lower at 18395 level on the Singapore Exchange. “Nifty is likely to retest the major support zone around 18,300. Its breakdown can further dent the recovery and push the index to 18,000. Traders should closely monitor global markets, especially the US, for cues. Besides, we feel the performance of the banking index would play a critical role in setting the tone ahead while others are showing a mixed trend. Meanwhile, participants should restrict leveraged positions and maintain a few shorts also,” said Ajit Mishra, VP – Technical Research, Religare Broking Ltd.

Stocks in focus on 16 December, Friday

Reliance Industries: Reliance Consumer Products, the fast-moving consumer goods (FMCG) arm and a wholly owned subsidiary of Reliance Retail Ventures, on Thursday, launched its consumer packaged goods brand, Independence, in Gujarat. The move follows the announcement at RIL‘ 45th annual general meeting in August that the company would foray into the FMCG space this year. The company said Independence will offer a wide range of products under several categories, including staples, processed food and other daily essentials.

Bharti Airtel: Bharti Airtel on Thursday bagged an external contract in the private 5G network space. The company did so by entering into an agreement with Tech Mahindra, wherein the two would deploy the new technology solution at Mahindra and Mahindra’s auto plant at Chakan in Maharashtra. This will make the Chakan plant the country’s first 5G-enabled auto manufacturing unit.

Wipro: The IT services company has announced a partnership with Finastra, a global provider of financial software applications and marketplaces, to drive digital transformation for corporate banks in the Middle East. This multi-year engagement, aligned with the region’s vision to rapidly digitize and bolster cross-border trade, will make Wipro the exclusive implementation and go-to-market partner to deploy Finastra’s trade finance solutions in the region.

Deepak Fertilisers: The company announced demerger of its mining chemicals & fertiliser businesses. The board members of Smartchem Technologies (STL), a subsidiary of Deepak Fertilisers, approved a corporate restructuring plan with the objective of unlocking growth potential of each of the businesses. They approved demerger of the TAN Business (mining chemicals) from STL to Deepak Mining Services (DMSPL) and amalgamation of Mahadhan Farm Technologies (MFTPL), with STL.

Zee Entertainment: IDBI Bank, a private sector lender, has filed an application seeking initiation of insolvency proceedings against Zee Entertainment Enterprises (ZEEL) to claim a default of Rs 149.60 crore. The bank has filed the application under Section 7 of the Insolvency and Bankruptcy Code (IBC) claiming to be a financial creditor. The bank’s purported claim arises under a debt service reserve agreement entered into by the bank and ZEEL for a financial facility availed by SITI Networks, ZEEL said in a regulatory update.

Kajaria Ceramics: The company has executed a joint venture agreement between subsidiary Kajaria International DMCC, UAE, and AL Rathath Marble Factory LLC, UAE. The joint venture will run the business of glazed vitrified tiles, sanitaryware/bathware products, marbles, granites, natural stones and allied products in UAE through a company namely Kajaria RMF Trading LLC, UAE, by way of 50:50 ratio.

HDFC Asset Management Company: Life Insurance Corporation of India has increased its stake in the asset management company by buying additional 2.03 percent stake via open market transactions. LIC upped stake in HDFC AMC to 9.05%, from 7.02%.

SJVN: Subsidiary SJVN Green Energy has accomplished a major millstone of financial closure of its 1,000 MW solar power project under execution at Bikaner, Rajasthan. EPC contract of this project has been awarded to Tata Power Solar Systems, and total cost of the project is Rs 5,723.59 crore. The project is being financed at a debt equity ratio of 80:20.

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

First published on: 16-12-2022 at 07:15 IST