Stocks To Focus: Reliance Industries, Wipro, ONGC, RVNL, Mahindra & Mahindra, Bansal Wires

Stocks To Focus: Reliance Industries, Wipro, ONGC, RVNL, Mahindra & Mahindra, Bansal Wires
The stock market in India is expected to have a quiet start on Wednesday, similar to the mixed performance of global markets. The GIFT Nifty indicates a weak start, with flat Nifty 50 futures at 24,485. In Asia-Pacific, Japan's Nikkei 225 rose by 0.27%, and the broader Topix index climbed by 0.33%. However, South Korea's Kospi fell by 0.26%, and the small-cap Kosdaq slumped by 0.43%. Australia's S&P/ASX 200 slipped by 0.47%. On the other hand, futures for Hong Kong's Hang Seng index were trading 1.12% higher at 17,720 levels, showing a mixed performance across the region despite the rise in key Wall Street benchmarks following dovish comments from US Federal Reserve Chairman Jerome Powell.
Wipro: Wipro Ltd has settled a lawsuit with Cognizant's former chief financial officer, Jatin Dalal. According to a US SEC filing dated July 2, 2024, Cognizant's board of directors approved a payment of $505,087 to cover the settlement and legal fees related to the dispute.
ONGC: The state-owned company has announced plans to invest approximately Rs 2 lakh crore to build renewable energy sites and green hydrogen plants. Their goal is to achieve net-zero carbon emissions by 2038. As part of this initiative, the company will invest Rs 97,000 crore by 2030 to develop 5 gigawatts of renewable energy capacity, green hydrogen, biogas, pump storage plants, and offshore wind projects.
RVNL: The state-owned firm has been identified as the lowest bidder for a project valued at ₹202.87 crore from the South Eastern Railway. This project involves the design, supply, erection, testing, and commissioning of a 132 KV traction substation, sectioning posts, and sub-sectioning posts in a 2x25KV system on the Kharagpur-Bhadrak section of the Kharagpur division.
Reliance Industries: The company has introduced the JioTag Air, the successor to last year’s JioTag. This new asset tracker is designed to help users locate and track valuables such as keys, ID cards, wallets, purses, luggage, and even pets.
Mahindra & Mahindra: On Tuesday, the company announced a special celebratory ex-showroom price for the AX7 range, available for four months. This pricing aligns with the upcoming three-year anniversary of the XUV700 in the market. Additionally, the SUV recently reached a milestone with the production of 200,000 units in less than three years.
Delta Corp: An online gaming company reported a 68.04% year-on-year decline in net profit, totaling Rs 21.7 crore for the first quarter ending on June 30, 2024. This marks a significant decrease from the Rs 67.9 crore net profit reported in the same period the previous year. Furthermore, the company's revenue from operations decreased by 30.3% to Rs 180.7 crore, compared to Rs 259.3 crore in the corresponding period of the previous fiscal year.
Delhivery: The Canada Pension Plan Investment Board is planning to sell its entire 3.18% stake in a logistics firm through block deals. The block issue is valued at Rs 886 crore, with an offer price range set between Rs 378 to Rs 389 per share. This represents a discount of 0.7% to 3.5% compared to the current market price (CMP).
Infosys: An IT company has announced a strategic five-year collaboration with Sector Alarm to transform its core enterprise business systems to the cloud. Infosys will work closely with Sector Alarm to migrate its disparate, on-premises Enterprise Resource Planning platform onto Microsoft Dynamics 365 Finance and Operations (F&O).
Bansal Wire Industries: Bansal Wire Industries is expected to have a strong debut on July 10 due to high demand from market participants in all categories. The stock is priced at Rs 256 per share and is anticipated to open at a premium of around 30%, potentially starting at approximately Rs 330-340 per share.
Emcure Pharma: Emcure Pharmaceuticals is anticipated to have a successful stock market debut on July 10, as indicated by trends observed in the grey market. The stock currently holds a premium of Rs 340 in the grey market, suggesting potential gains of around 33.73 percent.