Stocks to Watch: Tata Technologies, ICICI Bank, Fedbank Financial Services, Gandhar Oil Refinery, UltraTech Cement

Stocks in Focus: GIFT Nifty traded flat at 20,105 down merely 0.08%, indicating a tepid opening for domestic indices NSE Nifty 50 and BSE Sensex on Thursday. Previously, on Wednesday, the NSE Nifty 50 soared 206.90 points or 1.04% to settle at 20,096.60, while the BSE Sensex jumped 727.70 points or 1.10% to 66,901.91.

“Investors placed strong bullish bets one day before the monthly F&O expiry, as funds have started flowing back into the secondary market after the recent IPO rush. There are hopes that interest rates may not firm up further in the US, and along with India’s strong economic data points, things could look better for markets in the medium term. However, exit poll results of five states on Friday could trigger a knee-jerk reaction, and intra-day volatility is not ruled out. Technically, Nifty could find support at 19,991-19,751 levels and resistance at 20,251-20,501 range,” said Prashanth Tapse, Senior VP (Research), Mehta Equities.

ICICI Bank

The Board of Directors of the Bank approved the draft scheme of arrangement for delisting of equity shares of ICICI Securities by issuing equity shares of the Bank to the public shareholders of ICICI Securities in lieu of cancellation of their equity shares in ICICI Securities (Scheme), thereby making ICICI Securities a wholly-owned subsidiary of the Bank, said the Bank in a regulatory filing.

UltraTech Cement

The Company has acquired a 0.54 mtpa cement grinding assets of Burnpur Cement, located at Patratu in Jharkhand at a consideration of Rs 169.79 crores in terms of the provisions of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 read with the Security Interest (Enforcement) Rules, 2002, said the company in a regulatory filing. This investment marks the Company’s entry in the State of Jharkhand.

Gandhar Oil Refinery (India)

The shares of Gandhar Oil are scheduled for listing on the stock exchanges today.

Fedbank Financial Services

Shares of Fedbank Financial Services will be listed on the stock exchanges today.

L&T Finance

The Nomination and Remuneration Committee (NRC) of the Company approved the allotment of 13,07,500 equity shares under L&T FHL Employee Stock Option Scheme – 2013, to those option grantees who have exercised their options. The said equity shares will rank pari – passu with the existing equity shares of the Company in all respects and be entitled for dividend to be declared hereafter.

Dixon Technologies

ICRA has re-affirmed its ratings and revised the outlook on the long term rating to Positive from Stable.

(With agency inputs.)