Stocks to Watch
Here are the top ten stocks that are likely to be in focus:
InterGlobe Aviation: IndiGo (InterGlobe Aviation Ltd), India’s largest airline, has imposed a fuel surcharge in the range of Rs 300-1,000 on airfares due to the steep rise in jet fuel prices, the airline said. The surcharge will be added to airfares booked from 6 October onwards. “The decision follows the significant increase in aviation turbine fuel (ATF) prices, which have surged in the last three months with consecutive price hikes every month", the airline said.
PB Fintech: Japanese tech giant SoftBank is set to divest an additional 2.54% stake in PB Fintech, the parent company of the renowned online insurance platform Policybazaar. This divestment will take place through a block deal, as confirmed by multiple industry insiders familiar with the matter. The offer price range for this transaction falls between Rs 752 and Rs 767 per share, which represents a discount of 0-2%.
Valiant Laboratories: Valiant Laboratories is poised to make its stock market debut this Friday. Analysts anticipate the stock's initial listing price to command a premium of approximately 15-18% above the IPO price. This optimistic projection stems from the IPO's healthy subscription rate. As a result, industry experts foresee the stock opening in the range of Rs 161-168, compared to the IPO price of Rs 140.
HPCL/IOC: The petroleum ministry has increased the LPG distributors’ commission to Rs 73.08 per cylinder from Rs 64.84 fixed in May last year. In a letter dated 3 October, sent to the oil marketing companies (OMC), the ministry, however, said that the revision in the distribution commission would not result in a revision in retail LPG prices. It said the government approved the revision of the distributor’s commission to Rs 73.08 per 14.2 kg cylinder and Rs 36.54 per 5.0 kg cylinder.
Godrej Consumers: Godrej Consumer Products Ltd has recorded mid-single-digit volume growth for the July-September quarter in the domestic market despite weak macros and adverse weather conditions. The performance of Park Avenue and KamaSutra brands, which the Godrej Group FMCG arm acquired earlier this year from Raymond Group, has "improved sequentially and are on track to achieve full-year guidance", it added.
Manappuram Finance: Asirvad Micro Finance, a subsidiary of listed NBFC Manappuram Finance on Thursday filed preliminary papers with capital market regulator Sebi to garner Rs 1,500 crore through an initial public offering (IPO). The maiden public issue is purely a fresh issue of equity shares with no offer-for-sale (OFS) component, according to the draft red herring prospectus (DRHP).
Tata Steel: Tata Steel said its subsidiary Tinplate Company of India Limited (TCIL) has received a tax notice, imposing a penalty of about Rs 40 lakhs in connection with a demand order pertaining to the 2016-17 fiscal. "The said demand order is presently pending appeal before the Commissioner of Commercial taxes, Ranchi", Tata Steel said in a regulatory filing. Domestic steel major Tata Steel owns a majority stake in Kolkata-headquartered TCIL, a tinplate producer.
Vedanta: In a major relief to Cairn India, a part of Anil Agarwal-led Vedanta Ltd, the Securities Appellate Tribunal set aside Sebi’s May 2021 order that imposed a penalty on the company for allegedly making the misleading announcement of its buyback offer. A bench led by Justice Tarun Agarwala said, “The appeal is allowed and the order of the Sebi’s adjudicating officer is set aside".
Thomas Cook India: The rating agency Crisil said it has upgraded Thomas Cook India Limited’s (TCIL’s) rating to AA-/Stable for the long-term and to CRISIL A1 for the short-term. The upgrade comes on the back of Thomas Cook’s sharp revival after the pandemic and a significant increase in revenues across segments as it continues to maintain healthy operating margins benefitting cash generation, Crisil said in a statement.
Metro/Relaxo/Bata India: The footwear industry is likely to register a moderate growth of 7-8 percent in the current fiscal against 28 percent in FY23. The industry witnessed a muted revenue growth in the first half of FY24, mainly on account of factors like sluggish volume growth and no significant increase in average selling price, it added. The mass segment faces headwinds, and demand is unlikely to improve significantly in the near term.
