Stocks to Watch Today: RIL, HDFC, Birlasoft, IndiGo, Coal India, IT shares

Stocks to Watch Today: HDFC and HDFC Bank are likely to be in focus as the stocks exchanges have approved the proposed merger for these two corporates.

Stocks to Watch Today: The markets are likely to start trade on a tepid note and thereafter look at key index heavyweights for a directional move given the news flow at most of the counters. As of 07:00 AM, the SGX Nifty futures quoted at 15,700, indicating an opening loss of 50-odd points. 

Meanwhile, the following stocks are likely to see some action in trades on Monday.

Metals, Oil producers: The recently announced special tax on the export of steel, iron ore and petroleum products, and a windfall profit tax on crude oil producers are likely to hit the overall corporate earnings in FY23. Mining & metals and crude oil producers - such as Tata Steel, JSW Steel, Vedanta, Hindalco, ONGC, and Reliance Industries – had led corporate earnings’ growth in FY22 and any dip in their earnings due to regulatory changes is likely to pull down profits for FY23. READ ANALYSIS

InterGlobe Aviation (IndiGo): More than half the flights operated by IndiGo were delayed on Saturday after a large number of cabin crew members of the airline reported sick at the last moment, in midst of a massive recruitment drive by competitors Tata-owned Air India, Jet and Akasa. READ MORE

Reliance Industries (RIL): Institutional shareholders of RIL are expecting big-ticket announcements from the company, including timeline for listing of its telecom and retail subsidiaries. They expect this to unlock value in the company, which has seen a sharp fall in market valuation on Friday. READ MORE

IT stocks:  Amid concerns of a likely recession in the US and Europe and rising inflation worldwide, the first-quarter results of FY23 in the Indian IT services industry will be keenly watched for management commentary on the demand outlook. With supply-side challenges yet to settle down, margins will be under pressure due to higher retention costs, and travel. However, the silver lining could be a falling rupee. READ ANALYSIS

HDFC, HDFC Bank: The proposal of merger of HDFC with its banking subsidiary HDFC Bank, the biggest transaction in India's corporate history, has got approval from stock exchanges. The merger still requires a series of approvals from financial sector regulators including RBI and CCI before it goes to NCLT and shareholders. READ MORE

Birlasoft: The company has fixed July 15 as the record date for the proposed buyback worth Rs 390 crore. The company’s board had approved buyback of up to 78 lakh shares at Rs 500 each. The stock last traded at Rs 350.

Bharat Forge: The auto parts maker along with subsidiary BF Industrial Solutions has successfully completed the acquisition of Coimbatore-based JS Autocast Foundry India. The enterprise value of the transaction was Rs 489.63 crore.

Coal India (CIL): The state-owned company said its coal production increased 29 per cent YoY to a record 159.8 MT in April-June this fiscal.  CIL on an average supplied 1.684 MT of coal per day to the power sector in June 2022 quarter compared to a daily requirement of 1.650 MT.

Shriram Transport Finance: Shriram Group is on track for the technological integration and merger between Shriram City Union Finance Ltd (SCUF) and Shriram Transport Finance Ltd (STFC). The company has laid the groundwork for super app ‘Shriram One’ to starting the training process for 50,000 employees.

State Bank of India (SBI): The state-run bank plans to increase its focus on gold loans for personal use and agricultural after lending more than Rs 1 trillion in that segment till June 2022. The bank’s agriculture gold loan portfolio increased to Rs 73,601 crore in FY22 from Rs 66,878 crore in FY21. READ MORE

NTPC: The company informed BSE that its 100 megawatt (MW) floating solar photovoltaic project in Telangana was fully operational.