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Stocks to Watch Today: RIL, IDBI Bank, oil marketing companies, NBFCs, HDFC

16 Feb , 2022   By : Kanchan Joshi


Stocks to Watch Today: RIL, IDBI Bank, oil marketing companies, NBFCs, HDFC

NEW DELHI: Here are 10 stocks that could be in focus on Wednesday:


Reliance Industries: In partnership with Assets Care & Reconstruction Enterprise has emerged as the highest bidder in the second round of bidding for bankrupt Sintex Industries Ltd offering Rs3,405 crore, while Himatsingka Ventures' Rs3,297 crore offer was second-highest.


IDBI Bank: The Centre is looking to kickstart the privatisation of IDBI Bank this month, with advisor KPMG reaching out to multiple suitors, including large private equity buyout funds and long-only funds, inviting them to a roadshow next week. This will be a virtual interaction, to be attended by government officials and the bank's management.


HDFC: CLSA has upgraded its rating on mortgage lender Housing Development Finance Corporation to 'buy' from 'outperform', and maintained the price target of Rs3,050, implying a 30% potential upside. Shares of HDFC rose nearly 2% on Tuesday to end at Rs2,339.90. An improving risk to reward is the key reason behind the upgrade, said CLSA.


Oil marketing companies: State-owned oil retailers eed to hike the rates of petrol and diesel by Rs5-6 per litre to align them with runaway international prices. OMCs have kept prices unchanged for over 100 days now, given assembly polls in several states.


NBFCs: The Reserve Bank of India has allowed non-bank financial companies another six months to adhere to new NPA (non-performing asset) recognition norms. Earlier, 31 March was the deadline for non-bank lenders to upgrade NPAs only after all arrears and principal dues are paid. The RBI clarified that loans classified as NPA will be upgraded to standard category only if all dues are paid.


Reliance Capital: Lenders to Reliance Capital have reached an agreement on an Expression of Interest (EoI) document to be floated by the company's administrator to prospective bidders. The EoI could be ready as early as Friday. RBI-appointed administrator will seek approval from NCLT for the proposed EoI terms.


Srei group: Promoters of the company have approached the National Company Law Tribunal contesting a KPMG forensic audit, which had been ordered by bankers. The bankers had tasked KPMG to carry out a forensic audit in March 2021 as they were considering a loan recast. An RBI special audit in November 2020 had identified multiple related party dealings at their companies.


Aditya Birla Fashion and Retail: Is making an aggressive push into Indian ethnic wear, including designer labels and internet-first businesses, by incubating or acquiring new-age, digital brands in fashion and beauty. The company could invest in and build as many as 30 internet-first brands in the next 3-5 years.


SpiceJet Ltd: Reported a consolidated net profit of Rs42.45 crore in the three month period ended 31 December compared to a loss of Rs66.78 crore in the year ago quarter, primarily due to compensation claimed for grounding of Boeing 737Max planes. Consolidated net revenue rose 43% on year to Rs2,677.34 crore.


Burger King India: The company closed its qualified institutional placement issue and finalised the issue price at Rs129.25 per share, a discount of 5% to the floor price of rs136.05 per share.


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