Stocks in Focus: GIFT Nifty traded down 50.5 points or 0.24% at 21,046.5, indicating a negative opening for domestic indices NSE Nifty 50 and BSE Sensex on Thursday. Previously, on Wednesday, the NSE Nifty 50 gained 82.55 points or 0.40% to settle at 20,937.65, while the BSE Sensex advanced 357.59 points or 0.52% to 69,653.75.
“Impressive winning streak continued for the 7th straight session as the street is now anticipating a strong popular mandate for the BJP in the upcoming 2024 Lok Sabha polls. Also, falling crude oil prices and hopes that the US Federal Reserve will initiate rate cuts in the coming year boosted investors’ confidence,” said Prashanth Tapse, Senior VP (Research), Mehta Equities.
Stocks to Watch on December 7, 2023
Oil and Natural Gas Corporation
State-controlled ONGC plans to wheel green electricity to its installations in the Arabian Sea to replace natural gas it uses in operation of oil wells as part of its ambitious decarbonisation programme, its Chairman Arun Kumar Singh said. India’s top oil and gas producer has substantially cut gas flaring — burning of methane gas is produced when oil is extracted from below surface — and would look to bring it down to nil as part of its environmental commitments, he said while speaking at the 28th UN Climate Change Conference in Dubai, called COP28.
Himadri Speciality Chemicals
Kolkata-headquartered Himadri Speciality Chemicals made its one of its most ambitious announcements of setting up what it claims will be India’s first commercial plant for manufacturing Lithium Iron Phosphate (LFP) Cathode Active Material (CAM) in Odisha in the next 27-36 months, Himadri revealed to Financial Express Online. The plant with an initial capacity to produce 40,000 MTPA will see an investment of around Rs 1,125 crore, which will then be scaled to a planned capacity of 200,000 MTPA seeing an overall investment of around Rs 4,800 crore.
Delta Corp
The High Court of Calcutta has granted interim relief to DGL and directed that no effect shall be given to any order passed by the Tax Authority in relation to the show cause notice for the Rs 6,384 crore goods and service tax (GST) demand case, the company said in a regulatory filing.
Bharat Electronics
The defence company has received an order of Rs 580 Crore from the Indian Army for AMC of Radars. This project will have participation of Indian electronics and associated industries, including MSMEs, which are sub-vendors of BEL, according to the information available on the NSE.
Adani Power
Gautam Adani, chairman of the Adani Group, on Wednesday said that Adani Electricity is on course to provide 60 % renewable electricity to Mumbai by 2027 and will set a global record for the country’s financial capital. He further said that over 38% of Mumbai’s power supply is green at present. “As world leaders gather for COP28, Adani Electricity stands out with its green initiatives. We are on course to provide 60% renewable electricity to Mumbai by 2027, setting a global record for a major city. Currently, over 38% of our supply is green. This Diwali, we achieved a landmark by fuelling Mumbai entirely with 100% renewable energy, demonstrating our dedication to a sustainable future,” the Adani said in a post on X formerly known as Twitter.
Ircon International
The Indian Government has put forth a proposition to divest an 8% stake of the company, equivalent to 7,52,41,218 equity shares with a face value of Rs 2 each, through an offer-for-sale (OFS) scheduled for December 7-8, 2023.
