Brightcom Group, RITES, BEML, Vodafone Idea, Radico Khaitan, NBCC among top stocks to track today

Stocks to watch: The shares of Jio Financial Services kept struggling on the bourses for the second successive session on Tuesday (August 22, 2023) after its launch, on a day when Indian domestic equity markets ended flat.

Factors such as concerns about China's economy and the US Fed's interest rate hike loomed large over the Indian share market.

Investors are keenly awaiting the US Manufacturing Purchasing Manager's Index, or PMI, which is set to be released on Wednesday.

At around 8:04 AM on Wednesday, August 23, the GIFT Nifty futures traded 24.75 points lower, or 0.13 per cent at 19,364, suggesting a flat to negative opening of the market.

The major market events that captured imagination of investors on Tuesday were: the BSE postponed the removal of Jio Financial Services Ltd, the demerged non-banking financial services unit of Reliance group, from all the S&P BSE Indices to August 29; debt-ridden telecom operator Vodafone Idea reportedly planned to clear about Rs 2,400 crore of dues to the government by September; and shares of Adani Enterprises Ltd rose over 3 per cent after the promoter group increased its stake in the firm.

These aside, Vedanta Ltd is seeking a minimum of $9.5 for the natural gas it produces from its Rajasthan block; drug firm Glenmark Pharmaceuticals entered into a pact with the US Department of Justice, Antitrust Division (DOJ) to resolve court proceedings related to the pricing of a drug; the Comptroller and Auditor General of India highlighted the underpayment of Rs 1,078.09 crore excise duty, including taxes, to the Uttar Pradesh government by Radico Khaitan Limited, the maker of 8 PM whisky; and SBI Funds Management Ltd on Tuesday said it has completed the liquidation of assets in the six shuttered debt schemes of Franklin Templeton Mutual Fund.
 
ZeeBiz takes you through a list of shares that can be in the limelight on Wednesday (August 23, 2023).

Brightcom Group

The Securities and Exchange Board of India (SEBI) has issued another order in the Brightcom Group Ltd case, and this time around it has passed an interim order against Shankar Sharma and 25 others. SEBI has said in its order that Brightcom Group Ltd, its promoter-cum CMD M. Suresh Kumar Reddy, and CFO Narayan Raju were involved in round-tripping of BGL's own funds in a circular fashion to falsely portray receipt of consideration from allottees of preferential allotments and siphoning off of proceeds of preferential allotments. READ MORE

Jio Financial Services 

Leading stock exchange, BSE, postponed on Tuesday the removal of Jio Financial Services Ltd from all the S&P BSE Indices to August 29.

Earlier, the stock was scheduled to be removed from the indices on August 24.

Jio Financial Services Ltd (JFSL) got listed on the bourses on Monday and hit the lower circuit for the second day in a row on Tuesday.

The stock on Tuesday declined 4.99 per cent to Rs 239.20 -- its lower circuit limit -- on the BSE.

Vodafone Idea 

Debt-ridden telecom operator Vodafone Idea is planning to clear about Rs 2,400 crore of dues to the government by September, sources privy to the development told PTI on Tuesday.

The company recently cleared pending dues of licence fees and spectrum usage charges of about Rs 450 crore for the March quarter of 2022–23, a source told PTI.

"Vodafone Idea will clear dues for the June 2023 quarter and spectrum installment with applicable interest by September," the source said.

The company's share ended today's session higher by 1.98 per cent to Rs 7.71.

Vedanta

Billionaire Anil Agarwal's Vedanta Ltd. is seeking a minimum of $9.5 for the natural gas that it produces from its Rajasthan block, according to a tender floated by the firm.

Vedanta sought bids from users for 0.6 million standard cubic metres per day of gas it plans to produce from the RJ-ON-90/1 block in the Barmer basin of Rajasthan in three months beginning October 1.

Its share traded higher by 0.34 per cent at Rs 235.15 at market close on Tuesday.

Eros International Media Ltd

The Securities Appellate Tribunal (SAT) on Tuesday rejected the appeals of Eros International Media Ltd, its Managing Director Sunil Arjan Lulla, and Chief Executive Officer Pradeep Kumar Dwivedi that challenged Sebi's order restraining them from the capital market in a fund diversion case.

The company's share slid 3.32 per cent to Rs 18.34 at the market close.

Liberty Shoes

Crisil Ratings said in a report on Tuesday that softening input costs and rising demand will help the footwear industry to record an 11 per cent growth in revenue this fiscal.

Footwear demand is seen clipping at 4 per cent this fiscal, the Crisil Ratings report said.

Prices of key inputs such as ethylene vinyl acetate, rubber, and resins have fallen 30 per cent in the past fiscal.

Raw materials constitute around 45 per cent of the total cost of footwear makers.

After the development, footwear stocks such as Liberty Shoes, Mirza International, Campus Activewear, and Relaxo Footwear will be in focus on Wednesday.

Angel One 

SEBI issued a warning to the company in case of negligence in client verification. 

BEML

The company has bagged an order worth Rs 101 crore from the Ministry of Defense. The order is placed for the supply of Command Post Vehicles. 

RITES  

The company has been declared an L-1 bidder for an order value of Rs 65.4 crore by the Railway Board. L-1 bidder announced for Testing & Inspection of Rails of Indian Railways. 60 Lakh MT Rails to get Rs 65.4 crore for investigation in five years. The order is expected to be completed within five years, extendable by one year. 

Linde India 

The company gets a Letter of Acceptance (LoA) for an order from Indian Oil Corporation Limited, or IOCL. The LoA is for the setup of ASU at IOCL's Panipat Refinery Complex. 

NBCC (India) 

The company signed a Memorandum of Understanding (MoU) with Delhi Metro Rail Corporation Limited. 

Radico Khaitan 

Comptroller and Auditor General of India gave information in his report said that Rs 1,075 crore excise duty is not paid to the Uttar Pradesh government.

BCL Industries

Oil manufacturing companies (OMC) have hiked ethanol prices twice in a month. The price hike is attributed to damaged food grains and maize. 

Sterling and Wilson Renewable Energy  

Promoter Khurshed Yazdi Daruvala sold 20 lakh shares (1.05 per cent) stake. 

Sula Vineyards 

Promoter Rajeev Samant sold 8.35 lakh shares (0.99 per cent) stake. 

Hindalco 

Hindalco plans to invest Rs 4,000 crore in extrusion, copper, and e-waste recycling facilities. 

L&T 

Morgan Stanley has maintained a 'buy' and has raised the target to Rs 2,935 apiece from Rs 2,850 apiece. According to the brokerage, the capex cycle continues to gain momentum.

Colgate-Palmolive India

Nomura has maintained a  'Neutral' rating and has raised the target to Rs 2,025 apiece from Rs 1,890 apiece. 

Apollo Tyres 

UBS has double downgraded from 'buy' to 'neutral' for a target of Rs 430 apiece.

Polycab 

Morgan Stanley has maintained an 'overweight' rating on the stock and has raised the target to Rs 5,550 apiece from Rs 4,868 apiece. 

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(With inputs from PTI)