SGX Nifty was down 19 points, or 0.19 per cent, at 9,862 around 8.15 am (IST), indicating a flat to negative start for NSE Nifty index.
Here is a list of top stocks that are likely to be in focus today:
NTPC: At the end of the second day on Wednesday, retail investors had subscribed to 72 per cent of the OFS quota reserved for them, while on Tuesday non-retail bidders had subscribed 100 per cent of their quota. Non-retail bidders bid for shares worth up to Rs 7,787 crore while retail investors bought shares worth Rs 1,349 crore.
ONGC: Oil and Natural Gas Corp (ONGC) will soon seek shareholders’ approval to raise a debt of Rs 25,000 crore to fund the planned acquisition of Hindustan Petroleum Corp (HPCL). The board of ONGC has approved raising the debt and would now take the proposal to shareholders.
Tata Motors, Maruti Suzuki: India’s top automakers expect a slump in demand after the cabinet on Wednesday approved an ordinance that will allow the cess on larger passenger cars and sports utility vehicles (SUVs) to be raised to as much as 25% from 15% under the goods and services tax (GST) regime. The move, which needs to be approved by the GST Council, will lead to prices increasing after having fallen when the new tax was rolled out on July 1.
Surya Roshni: Homegrown lighting solutions brand Surya Roshni — remembered for the 1990s television commercials featuring Renuka Shahane, Shweta Tiwari, and Preity Zinta — is looking for a new owner.
Reliance Industries: Reliance Industries on Wednesday said it will make an offer for issuing nonconvertible debentures (NCDs) worth Rs 2,500 crore next week. The net proceeds of the issue will be utilised inter-alia for refinancing of existing borrowings and for any other purpose in the ordinary course of business, the company said.
Schaeffler India: The board of directors of Schaeffler India Limited (formerly FAG Bearings India), INA Bearings India Private and LuK India, at their respective meetings have approved the draft scheme of amalgamation for the merger of INA India and LuKIndia into Schaeffler India,” the company said in a media statement.
PSU banks: The government may be forced to put its state-run bank consolidation push on the backburner since at least a dozen of them are staring at a big hole in the balance sheet this fiscal year after RBI told them to get cracking on resolving as many as 50 bad loan accounts or initiate bankruptcy proceedings against them by December end.
Procter & Gamble: Procter & Gamble Hygiene &Healthcare on Wednesday said its board of directors have recommended the final dividend of Rs 27 per equity Share (i.e. 270 per cent), subject to the approval of the shareholders.
Adani Group stocks: Australia’s trade minister on Wednesday said that Adani Group’s $16.5-billion Carmichael coal project is moving ahead but slower than what his government would have liked.
Amtek Auto: A media report suggested that the interim resolution professional (IRP) in charge of Amtek Auto Ltd has called for expressions of interest from potential investors to present a resolution plan under the insolvency and bankruptcy code (IBC).
ABB India: ABB India has surpassed the 5 GW milestone for the supply of solar inverters in India. From schools to airports, canal tops and mega solar plants, ABB’s solar inverters with global technology made In India power various solar Installations across the country.
Sibar Auto Parts: Sibar Auto Parts has received a purchase order from Sundaram Clayton for manufacturing and supply of automobile castings (pipe-Volve), valued at Rs 3 lakh per month, this value may increase time to time.