Stocks to Watch Today: Cipla, RIL, PNB, Reliance Power, Metals, Restaurants

Stocks to Watch Today: Shares of metal companies are also to be in focus as copper prices fell to 17-month lows amid new COVID restrictions in China, slowing global manufacturing activity and a jump i

Stocks to Watch Today: The markets are likely to start trade on a quiet note on Tuesday. As of 07:30 AM, the SGX Nifty futures quoted at 15,870, indicating an opening gain of 35-odd points. 

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

Earnings Watch: PTC India is scheduled to announce Q1 results today.

Cipla: The company informed BSE that the US FDA conducted a Pre Approval Inspection (PAI) at the company’s Indore plant from June 27 to July 01, and has received two observations on FDA Form 483 with respect to ANDA filed for the product to the manufactured at the plant.

Reliance Industries (RIL): Global and domestic brokerages continue to have a ‘Buy’ rating on RIL despite the government’s move to levy new taxes on petrol, diesel, and aviation turbine fuel. READ MORE

Avenue Supermarts (DMart): The stock has hit a stiff valuation hurdle. Since January 2022, the stock has fallen 26 per cent while the Nifty has fallen 11 per cent. Further, the stock is down 41 per cent from its 52-week high of Rs 5,899 in October 2021. READ ANALYSIS

Hotels & Restaurants: The Central Consumer Protection Authority (CCPA) on Monday barred hotels and restaurants from levying service charge by default in food bills, and allowed customers to file complaints in case of a violation of the norms. There should not be any collection of service charge by any other name, it added. READ MORE

Marico: The company informed BSE that it raised its stake in its recently acquired subsidiary Apcos Natural from 52.38 per cent to 56.52 per cent on acquiring additional equity up to 4.14 per cent.

Reliance Power: The shareholders of the company turned down the company’s asset monetisation plan during its AGM. The special resolution needed at least 75 per cent votes in favour of the proposal, but the company could garner only 72 per cent favourable votes.  A report by Institutional Investor Advisory Services (IiAS) last month said the company defaulted on loans to the tune of Rs 3,561 crore as on March 31, 2022. READ MORE

Punjab National Bank (PNB): Benefitting from the dip in bond yields worldwide, the state-run bank raised Rs 2,000 crore in capital through tier I bonds at a fine rate of 8.75 per cent. Bond dealers said the paper from the public-sector lender was placed at a lower yield against an indicative rate of 9-9.25 per cent. READ MORE

HDFC Bank: India’s largest private lender reported a 21.5 per cent YoY growth in advances to Rs 13.95 trillion in Q1FY23. 

Tata Motors: The company is eyeing a 5x growth in sales of electric vehicles (EVs) from the current levels by the end of 2023-24, the automaker’s chairman N Chandrasekaran told the shareholders at the AGM.

Metals: Copper prices fell to 17-month lows on Monday as new COVID restrictions in top consumer China, slowing global manufacturing activity and a jump in inventories sparked demand worries and a sell-off.  Prices of the metal used in power and construction earlier fell to $7,918, the lowest since February 2021. READ MORE

Tata Steel: The steel major said that it completed the acquisition of 93.71 per cent in Neelachal Ispat Nigam Limited through its listed step-down subsidiary, Tata Steel Long Products.