Stocks to watch: Tata Steel, HDFC, Jet Airways, JSW Steel, Biocon, PVR

Stocks to watch today: The Indian equity markets are likely to open muted as global mood turns sour. As of 7:22 AM, the SGX Nifty Futures quoted 15,745 levels, signaling a cut of over 50 points on the Nifty50. Globally, the US markets turned mixed after the Federal Reserve Chairman Jerome Powell emphasized on the hawkish stance to tame higher inflation. While Dow Jones advanced mildly to 0.2 per cent, both NASDAQ Composite and the S&P 500 fell 0.03 and 0.07 per cent, respectively. That said, the US economy slipped to 1.6 per cent in the first quarter of 2022 due to trade deficit.

Besides that, major markets in Asia-Pacific slipped in trade. Japan’s Nikkei 225 dropped 0.7 per cent, Topix slipped 0.5 per cent, and South Korea’s Kospi declined 0.9 per cent.

Meanwhile, back home, here is a list of stocks that are likely to see some action in trade on Thursday:

Tata Steel: The steel major will bet on new big technology development over next three to four years. They have firmed up plans to pump in around Rs 1,200 crore to enter materials beyond steel. In the new materials business, the focus is shifted on how graphene can be mixed with plastic and recycled like brand-new products.

HDFC: Companies like HDFC, Tata Capital Financial Services, LIC Housing Finance raised over Rs 6,000 crore from the bond markets. HDFC, slated to merge with HDFC Bank, raised Rs 4,000 crore through a paper with a maturity of 21 months. In general, HDFC raised funds through long-term papers (5-10 years) but this time, they issued a short-term paper after a long time. READ MORE

Jet Airways: The airline operator is in talks with aircraft manufacturers and leasers to lease 6 to 8 planes as it gears up for re-launch. That apart, the airline is also negotiating with airline operators to secure slots with ‘good timings.’ According to reports, the airline has also decided not to retain the aircraft currently in its fleet and instead dispose them. READ MORE

PVR: The multiplex chain operator anticipates the movie industry to bounce-back gradually in FY23. They plan to open around 125 screens during the year. This move comes after PVR merger with Inox Leisure is slated to be complete this fiscal. READ MORE

Biocon: The pharma major will acquire 26 per cent stake in AMPYR Renewable Energy Resources Eleven (AREREPL) for Rs 7.5 crore. AREREPL is a special purpose vehicle formed for generation and supply of solar power. It will develop a 30 MWac solar power plant at Benkanhal village in Karnataka. READ MORE

JSW Steel: The company has earmarked Rs 10,000 crore to reduce carbon emissions through various measures. Group Chairman Sajjan Jindal said that the company aims to reduce carbon emissions intensity by 42 per cent by 2030. He also added that the company has contracted for about 1 gigawatt of renewable energy, of which 225 megawatt became operational in April 2022, and the balance will come on stream in phases. READ MORE

JSPL: The company said that the prices of steel are expected to rise from July due to high input costs after back-to-back downward corrections. As steelmakers have already increased price of rebars by Rs 2,000 to Rs 55,000 per tonne in the last four days, issues like availability of coal and higher prices of hot rolled coil pressure the steelmakers. READ MORE

Eveready: The company is on the path to chalk out improvement plans for each of its business categories and separate business units. With Eveready roping in consultancy firm Bain & Company, it would advise and support the brand in operational areas. New talent has also been inducted to improve the scale of operations. READ MORE

Ultratech Cement: As per a report by Reuters, Ultratech Cement has been importing cargo of Russian coal and paying using Chinese yuan. The rise in the use of yuan to settle payments in Moscow could help insulate them against western sanctions imposed on Russia over its invasion in Ukraine. That said, reports indicated that the cargo sale was arranged by SUEK’s Dubai-based unit. READ MORE

Stocks in F&O ban: Only Sun TV is banned in the F&O ban period on Thursday, June 30.

Dear Reader,

Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.

We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor