Reliance Industries, Titan, HCL Tech, Adani Enterprises, Zee Learn, Colgate, Wockhardt stocks in focus

Domestic equity market benchmarks BSE Sensex and Nifty 50 were staring at a muted start on Friday, as suggested by trends on SGX Nifty in early trade. Nifty futures were trading 13.50 points up at 17,833 on the Singaporean Exchange. In the previous session, headline indices snapped their 4-day rally due to a decline in the overseas markets after minutes of the US Federal Reserve’s recent meeting suggested an earlier-than-expected rise in interest rates. Sensex tanked 621 points of 1.03% to end at 59,601 while NSE Nifty 50 sunk 179 points or 1% to close at 17,745. Technical analysts say that after an intraday sharp fall, the market took the support near 17650/59300 and reversed but failed to surpass 17800/59800 resistance level which is broadly negative. In addition, on daily charts, the index has formed a Hammer kind of candlestick formation that also supports short-term weakness. The texture of the market is volatile and remain volatile in the near future,” Shrikant Chouhan, Head of Equity Research (Retail), Kotak Securities, said.

Stocks to watch

Reliance Industries Ltd: Mukesh Ambani’s RIL on Thursday said it has raised $4 billion in India’s largest-ever foreign currency bond issuance. The multi-tranche bonds were oversubscribed three times. In another development, Dunzo on Thursday said it has raised $240 million in its latest round of funding led by Reliance Retail Ventures (Reliance Retail) along with participation from existing investors Lightbox, Lightrock, 3L Capital and venture debt provider Alteria Capital.

Wockhardt: Pharmaceuticals firm Wockhardt Ltd on Thursday said its board has approved a proposal to raise up to Rs 1,000 crore through a rights issue. The objective of the issue is to meet the company’s financing needs for repayment of subordinated debt due, financing research and development initiatives and general corporate purposes, among others, permitted by law, Wockhardt Ltd said in a regulatory filing.

Sterling And Wilson Renewable Energy: Shapoorji Pallonji and Company on Thursday said it has sold 1.84 crore shares of Sterling And Wilson Renewable Energy (SWREL) to Reliance New Energy Solar after which its stake in SWREL has come down to 33.06 per cent.

Titan Company: Tata group firm Titan on Wednesday said it has witnessed “strong demand” across its consumer businesses and clocked 36 per cent growth over the festive quarter last year.

Adani Enterprises, NTPC: Billionaire Gautam Adani’s port-to-energy conglomerate on Thursday said it had won a contract to supply imported coal to state-owned electricity generator NTPC but played down its significance saying the volume of 1 million tonnes was small.

Colgate-Palmolive: The standoff between traditional distributors and Colgate-Palmolive has been finally called off after the oral healthcare company met the representatives of All India Consumer Products Distributors Federation (AICPDF) and addressed their concerns.

Zee Learn: Spring Ventures acquired 50 lakh equity shares at Rs 19.57 per share, however, IndusInd Bank Ltd Client A/C sold 71,32,775 equity shares at Rs 17.77 per share. Morgan Stanley Asia (Singapore) Pte – ODI offloaded 47.69 lakh equity shares at Rs 18.44 per share on the NSE, the bulk deals data showed.

HCL Technologies: HCL Tech completed acquisition of 51 percent stake in German IT Consulting Company, Gesellschaft für Banksysteme GmbH (GBS).