Network18, Reliance Industries, SREI Equipment Finance, Torrent Power, WPIL

0

Global stocks extended their decline on Tuesday amid soaring bond yields as the specter of steeper rate hikes to contain inflation loomed.

Stocks in Japan and South Korea fell more than 1% each. In Australia, they fell by more than 5%. U.S. futures stabilized following a three-day rout in the S&P 500. The Singapore-traded SGX Nifty — an early barometer of India’s benchmark Nifty 50 index — fell more than 0.5% to 15,689.5 points at 6:30 a.m.

Traders now expect a 75 basis point rate hike from the US Federal Reserve on Wednesday and a 200 basis point hike in the current cycle. This when inflation in the world’s largest economy hit its highest level in four decades.

Elsewhere, crude oil prices held above $120/barrel. The dollar hovered at a two-year high and the yen edged higher from a 24-year low. The rupee fell below 78/dollar for the first time on Tuesday. Bitcoin fell another 10%.

In this context, here are the stocks to watch today:

  • Network18, RIL: Viacom18, a unit of the Reliance Industries-controlled Network18 Group, has secured the broadcast rights to the Indian Premier League for the next five years.

  • Power of torrents: The Gujarat-based company has acquired a 50MW solar power plant in Telangana from SkyPower Group at an enterprise valuation of Rs 416 crore.

  • SREI Equipment Financing: A trustee appointed by the RBI uncovered cases of fraud in the company. The administrator filed a claim with Kolkata NCLT against 14 respondents involved.

  • WPIL: The company has received an order from the Government of West Bengal for the execution of a turnkey project, including the commissioning of a clear water tank. The contract is valued at Rs 430.87 crore and the same will be completed over a period of 24 months.

  • Dynamic Technologies: The company won a contract to manufacture the Airbus A220 escape hatch.

  • Bajaj Finance: Increase in fixed deposit rates by 20 basis points.

Share.

About Author

Comments are closed.