Reliance, Suzlon Energy, Bharti Airtel, Zydus Lifesciences, Poonawalla Fincorp, APL Apollo stocks in focus

Reliance, Suzlon Energy, Bharti Airtel, Zydus Lifesciences, Poonawalla Fincorp, APL Apollo stocks in focus

Indian equity markets are expected to start the week and month on a negative note. SGX Nifty was in red ahead of the session, hinting at a gap-down start for NSE Nifty 50 and BSE Sensex. “The week is a holiday-shortened one and marks the beginning of the new month also, so important data like auto sales, S&P Manufacturing PMI and S&P Services PMI will be in focus. Besides, the performance of global markets, FIIs trend, and movement in currency and crude will also remain on participants’ radar,” said Ajit Mishra, VP – Research, Religare Broking.

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Poonawalla Fincorp: Care Ratings has upgraded the long-term rating of Poonawalla Fincorp and its subsidiary, Poonawalla Housing Finance (PHFL) to ‘AAA’ with a stable outlook. This rating is applicable for bank loan facilities, non-convertible debentures, market-linked debentures and subordinated debt.

Bharti Airtel, Reliance: 5G networks in India were officially inaugurated last week. Bharti Airtel and Jio are set to launch their 5G plans in India soon. Jio will bring in its 5G plans by Diwali, around October 22 – 26. The service will initially be available in Delhi, Mumbai, Kolkata, and Chennai. Airtel rolled out 5G services in eight Indian cities starting Saturday. While Airtel hasn’t clarified which eight cities these are, metro cities like Mumbai and Delhi are expected to be included. Sunil Bharti-led Airtel has also announced that it will bring 5G connectivity all across India by March 2024.

Suzlon Energy: Shares of Suzlon Energy will trade ex-rights for its rights issue of 5 shares for every 21 shares held by the shareholder. Last month, the company had announced earlier that its board has decided to issue equity shares of the company via a rights issue to the eligible equity shareholders of the company. The total number of equity shares and rights issue size is 240 crore equity shares of Rs 2 each at an issue price of Rs 5 per equity share, aggregating to Rs 1,200 crore.

Dilip Buildcon: The company received a provisional completion certificate for rehabilitation and up-gradation from two to four lane for Varanasi – Dagamagpur section of the National Highway-7 on EPC mode in Uttar Pradesh. With this, the authority declared the project fit for entry into commercial operation on September 29.

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APL Apollo Tubes: The steel tube maker registered the highest quarterly sales volume of 6.02 lakh tonnes in Q2FY23, up 41 percent YoY and growing 42 percent sequentially. The sales volume for the first half of FY23 was 10.25 lakh tonnes compared to 8 lakh tonnes in the same period last year. In the second half of FY23, the sales volume would get a further boost from the commissioning and ramp-up of the new Raipur plant, the company said.