Stocks

Markets likely to open flat, stock-specific action seen

KS Badri Narayanan Chennai | Updated on February 10, 2021 Published on February 10, 2021

Indian benchmarks may open flat on Wednesday with a positive bias, as SGX Nifty is currently hovering around 15,152, as against NIfty futures Tuesday's close of 15,105.75. Asian markets too little changed on Wednesday though Vietnam has hogged the limelight with over 3 per cent gain. Australia and Japan markets eked out marginal gains, while Kospi (Korea) has just a shade lower.

Snapping their six-day rally, Indian equity markets on Tuesday ended with marginal losses. Benchmarks though hit another record high of 15,257 (Nifty) and 51,835 (Sensex) during intraday, corrected sharply in the last hour of trade due to profit booking.

According to analysts, after a strong rally since the Budget, the market may see some healthy correction. The action will now shift to stock-specific, they added.

As markets are already at all-time highs with rich valuations, the market may see some amount of pullback in the near term. Investors must be cautious at these levels and focus on quality companies with sound earnings potential and margins of safety, said Binod Modi, Head Strategy at Reliance Securities.

Stocks to Watch

Asian Energy Services (formerly Asian Oilfield Services), which had bid for a tender for carrying out 3D Seismic Survey along with Exploration in Rajmahal Coalfield (Bihar) of Central Mine Planning & Design Institute Ltd (CMPDI), has received the Letter of Acceptance from CMPDI for Rs 51.09 crore.

IG Petrochemicals: The board on Tuesday approved the greenfield expansion of phthalic anhydride & its derivatives up to 80,000 tpa at an outlay of approx. Rs 600 crore. The demand for Phthalic Anhydride in domestic market is expected to increase due to Govt. focus on Infrastructure spending and demand growth in downstream products like Paints, Plasticizers, Polyvinyl chloride, Unsaturated polyester resins (UPR) etc., led by good GDP growth in India.

Linde India/Phoenix Mills has sold and disposed of land and buildings pertaining to its closed factory (Packaged Gases Plant) at Kolkata for Rs 300 crore to Mindstone Mall Developers Private Limited, a wholly owned subsidiary of Phoenix Mills. In furtherance, the company has executed a deed of conveyance for transfer of ownership of the land. The operations of the erstwhile Packaged Gases Plant were earlier shifted to Uluberia unit.

Polyplex Corporation: The board has declared payment of third Interim dividend (Special) for the Financial Year 2020-21 at Rs 100 a share, subject to TDS / Withholding Tax. The 'Record Date' for the purpose of payment of Third Interim Dividend for the Financial Year 2020-21 has been fixed as February 19, 2021 and is proposed to be paid within the time prescribed under law.

Rama Phosphates Ltd has launched its new product Phosphogypsum (Powder and Granulated) under the brand name "Suryaphool Gold +" at Pune Unit with production capacity of 150 TPD. Phosphogypsum Granules is primarily used for all vegetables / fruits / oil seeds grown as it is helps in improving yield of produce by providing strength to root, rejuvenate soil with calcium sulphate and Sulphur which are main source for plant nutrition.

Saurashtra Cement: The board on Tuesday decided to invest up to Rs 100 crore in various projects under the building / finishing material portfolio such as Indoor cement tiles, paints, construction chemicals, etc. The Board has authorised Executive Vice Chairman and/or Managing Director to identify opportunities for growth and diversification and negotiate the terms for acquisition of assets / business and Capital Expenditure.

Tata Steel (PP): The board of on Tuesday approved making of the first and final call of ₹461 a partly paid-up share (on 7,76,36,788 outstanding shares), issued by the company on a rights basis, pursuant to its Letter of Offer dated January 22, 2018. The record date to identify the shareholders for making the first and final call is fixed as February 19, 2021.

Result Calendar: ABB India, Asian Granito India, Aurobindo Pharma, Bank of India, Bata India, Bharat Wire, BEML, Eicher Motors, GAIL India, , Gujarat State Petronet, Hindalco Industries Happiest Minds Technologies, Metropolis, MindSpace, Indraprastha Gas, Metropolis Healthcare, NBCC India, NLC India, Page Industries, Pricol, Quest, RITES, Religare, Ruchi Soya, Schneider, Shalimar Paints, SpiceJet, Titan Company, TTK Prestiege and Ujjivan Financial Services are among 330 companies that are slated to announce their quarterly earnings on February 10

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Published on February 10, 2021
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