Varun Beverages, Grasim, RVNL, Deepak Nitrite: Stocks to watch out for today

Stocks to watch on Wednesday: At 8:09 am, GIFT Nifty traded 87.5 points, or 0.41 per cent higher, at 21,616.5, indicating a positive start for domestic equities on December 20. Benchmark equity indices Sensex and Nifty scaled new lifetime high levels in intra-day trade on Tuesday before ending with gains on the back of buying in index major firms and positive global cues. 

The 30-share BSE Sensex climbed 122.10 points, or 0.17 percent, to settle at 71,437.19. During the day, it jumped 308.62 points, or 0.43 per cent, to reach its all-time intra-day high of 71,623.71.

Here are some stocks that will be in focus on Wednesday, December 20:

Varun Beverages: 

The company signed a Memorandum of Understanding (MOU) with the Government of Jharkhand. The proposed deal is for manufacturing a plant in Jharkhand with a total capital outlay of approximately Rs. 450 crore. 

The company also informed that it will acquire South Africa-based The Beverage Company at an enterprise value of Rs 1320 crore. Global brokerage CLSA has upgraded its call on the counter from the previous 'Outperform' to 'Buy' rating with a higher target of Rs 1419 as against Rs 1070 per share.

Grasim Industries: 

The Rajasthan High Court directed the company to deposit Rs 7.50 crore as stamp duty in compliance with the previous order dated October 11, 2023. 

The company had filed a writ petition against the State of Rajasthan and others, challenging the order dated October 11 for non-consideration of stamp duty on a scheme of arrangement between Indian Rayon and Industries Limited and the company. 

Rail Vikas Nigam (RVNL): 

The KRDCL-RVNL joint venture emerged as the Lowest Bidder (L1) for “Varkala Sivagiri Railway Station". The lead partner is KRDCL with a 51 per cent share. The project is worth Rs 123 crore.

Transformers and Rectifiers (India): 

The company has been awarded orders of transformers for a total contract of Rs 118 crore from Uttar Pradesh Power Transmission Corporation Limited. 

Dalmia Bharat Sugar and Industries: 

Its operations at the Kolhapur and Ninaidevi units have been resumed, which were stopped due to farmer’s Sangathan agitation. 

Deepak Nitrite: 

The board of Deepak Phenotics Limited ('DPL'), a subsidiary of Deepak Nitrite Limited, has approved the execution of a binding Term Sheet between DPL and Petronet LNG Limited (PLL) for the offtake of 250 KTPA of Propytene and 11 KTPA of Hydrogen from Petronet Petrochemical Project at Dahej. 

Mangalam Global Enterprises: 

The company's board has approved the proposal for further investment of $1 million in its subsidiary Mangalam Global (Singapore) Pte Ltd. 

Wipro: 

The IT company's subsidiary, Wipro Holdings (UK) Limited, transferred 100 per cent shareholding in Designit A/S to Wipro IT Services UK Societas.

National Fertilisers:

The company's board has approved the proposal to set up Nano Urea (Liquid) plant at the company.

Ratnamani Metals and Tubes:

The company has executed a joint venture or shareholders agreement with Technoenergy AG, Swizerland and Mr. Andrey Merzlyakov. 

Nippon Life AMC:

In the AMC stock, block deal worth Rs 760 crore is expected. IndusInd Bank is likely to dilute its entire 2.86 per cent shareholding in the company. 

UPL:

The agrochemicals company in an exchange filing informed that its board meeting is scheduled on December 22, 2023 for considering and approving proposal of fund raising.

Manappuram Finance:

On  the analyst day, the NBFC company showed confidence of maintaining 20 per cent return on equity (ROE) and 20 per cent loan growth. The global brokerage has maintained its 'overweight' rating on the counter for  target of Rs 210.

JK Tyre:

The company launched its QIP on Tuesday ( December 19), with the floor price set at Rs 358.96 per share.  The issue price of the QIP shall be decided in the company's board meeting slated to be held on December 22. 

Glenmark Life Sciences:

CCI approved the acquisition of Glenmark Life Sciences by Nirma.

Salasar Techno Engineering:

The company in its board meeting today will consider the bonus share issue. 

Delhivery:

Global brokerage Macquarie has iterated its 'Outperform' rating on the logistics solution provider with a target price of Rs 520. The brokerage is of the view that the company may post better growth in the second half of FY24. For the entire e-commerce space, the brokerage has maintained its estimate of 15 per cent plus Gross Merchandise Value (GMV) growth.  

Astral:

In the pre-opening session, 13.2 lakh shares changed hands in the counter. So far, block deal of 0.5 per cent stake has been executed.

(With inputs from agencies)

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