Stocks to Watch: JSW Steel, JSW Holding, Tata Tech, REC, Flair Writing, UltraTech Cement

Stocks in Focus: GIFT Nifty traded up 70.5 points or 0.35% at 20,329.5, indicating a positive opening for domestic indices NSE Nifty 50 and BSE Sensex on Friday. Previously, on Thursday, the NSE Nifty 50 advanced 36.55 points or 0.18% to settle at 21,133.15, while the BSE Sensex added 86.53 points or 0.13% to 66,988.44.

“India’s GDP growth upgrade to 6.4% from 6.0% for FY24 by S&P Global Rating has bought optimism to the broad market. The Nifty50 could cross the psychological level of 20,000 and be able to sustain the gains providing long-term support. Bold performance of the global markets and IPOs listing are adding glitters to mid & small caps. State exit poll and the final result slated to be announced on Sunday may bring some cautiousness,” said Vinod Nair, Head of Research at Geojit Financial Services.

Tata Technologies

The share of the company made a blockbuster debut on the bourses yesterday. Warren Harris, Tata Technologies chief executive officer, said although the company will continue to focus on its main strengths, it may also look at areas like high-tech and medical equipment in the future. “The response to the IPO will surely help improve brand perception. The company is currently focusing on building capabilities across multiple dimensions,” he said in an interview with FE Online recently.

REC

State-owned REC has approved a proposal to increase the borrowing to Rs 1.5 lakh crore from Rs 1.2 lakh crore for the financial year 2023-24, the company said on Thursday. “The board of directors of REC, in its meeting held on November 30, 2023, approved revision in its market borrowing programme under different debt segments with interchangeability among various instruments, including bonds/debentures, term loans, external commercial borrowing, commercial papers etc. on private/public placement basis from Rs 1,20,000 crore to Rs 1,50,000 crore for 2023-24,” the company said in a regulatory filing.

UltraTech Cement

India’s largest cement producer, has agreed to acquire Kesoram Industries’ cement assets in a share-swap deal for an enterprise valuation of Rs 7,600 crore, a move that would help it maintaining the leadership position. The transaction, expected to be completed in 9-12 months, is subject to regulatory approvals. UltraTech will issue one share for every 52 shares of Kesoram as recommended by the valuers and accepted by the board, UltraTech said after it received board approvals for the deal. The deal value includes debt of about Rs 1,700 crore.

Flair Writing

Shares of the company are scheduled to make their debut on the bourses. Flair Writing’s shares’ GMP has surged 44.74% ahead of its listing, indicating a favorable listing.

Dixon Technology

Padget Electronics, a subsidiary of Dixon Technologies on Thursday said it has set up a new facility with an investment of Rs 256 crore in Noida to manufacture Xiaomi smartphones. The new plant is built across 270,000 sq feet, and has an annual capacity to manufacture 25 million phones.

(With agency inputs.)