Stocks to Watch- Reliance Industries, Adani Ports, Cyient, Force Motors

Stocks to Watch: Reliance Industries, Adani Ports, Cyient, Force Motors

Stocks in Focus: GIFT Nifty traded up 54.5 points or 0.26% at 21,079.5, indicating a positive opening for domestic indices NSE Nifty 50 and BSE Sensex on Wednesday. Previously, on Monday, the NSE Nifty 50 dipped 90.70 points or 0.43% to settle at 20,906.40, while the BSE Sensex dropped 377.50 points or 0.54% to 69,551.03.

“The Nifty has formed a bearish engulfing pattern on the daily chart, suggesting a possibility of a bearish reversal. On the higher end call writers have built a heavy position at 21000. On the lower end, put writers are heavily present at 20,800 and 20,900. Therefore, the Nifty is likely to remain mostly sideways to negative as long as it remains below 21000. Only a decisive move above 21,000 might induce a resumption of the uptrend. Support is placed at 20,800, below which the index may consolidate further,” said Rupak De, Senior Technical analyst at LKP Securities.

Adani Ports

Adani Ports & Special Economic Zone (APSEZ), India’s largest private port operator, on Tuesday received board approval to raise up to Rs 5,250 crore through issuance of bonds and preference shares. The Adani Group company would issue non-convertible debentures (NCDs) of up to Rs 5,000 crore in one or more tranches on a private placement basis. The company intends to use the funds for capex, refinancing of its existing debt and general corporate purposes, APSEZ said in a stock exchange update.

Cyient

A global Intelligent Engineering, and Technology Solutions company, inaugurated the CyientifIQ Experience Center (CEC) in its Hyderabad Campus. The CEC is a remarkable experiential demonstration of 100+ intelligent engineering and technology solutions built in collaboration with 10+ partners, the company said in a press release.

Force Motors

The manufacturer of commercial vehicles, announced the acquisition of a 12.21% stake in TP Surya for Rs 2.68 crore. This strategic decision, sanctioned by the board of directors during a meeting on December 12, 2023, signifies Force Motors’ venture into the renewable energy sector.

Laurus Synthesis

Laurus Synthesis Private (LSPL), a wholly owned subsidiary of Laurus Labs underwent US FDA inspection for the manufacturing facility in Parawada, Anakapalli, near Visakhapatnam, Andhra Pradesh. The inspection was conducted from December 4, 2023, to December 12, 2023, the company said in a regulatory filing. We have been issued a Form 483 with five observations and the Company will address the observations within stipulated timelines.

(With agency inputs.)