Indian equity markets are likely to extend gains on Thursday as trends on SGX Nifty indicated a positive start for BSE Sensex, Nifty 50. The Nifty futures were trading around 17,283.50 level on the Singaporean Exchange. Global cues were positive as Asian markets were trading higher tracking positive US markets after the US Federal Reserve hiked interest rates. “Markets will first react to the US Fed meeting outcome in early trade on Thursday. Besides global updates, the scheduled weekly expiry would further add to the volatility. We recommend booking some profits on the rise, citing immediate hurdles around the 17,150 zone and focusing on identifying opportunities in sectors that are trading in sync with the benchmark,” said Ajit Mishra, VP – Research, Religare Broking. 

Stocks in focus on 17 March, Thursday

Reliance Industries (RIL): Future Retail (FRL) on Wednesday said that it is committed to getting back the hundreds of stores that have been taken over by the Reliance group, claiming that the “drastic and unilateral action” taken by the latter has come as a surprise. In a regulatory filing, FRL said its board has taken strong objection to such an action by Reliance Group and has put it on notice to reconsider all other actions initiated over the last few days.

In other news, Reliance Industries is planning to make a foray into coal-based power generation by submitting an application to acquire bankrupt Lanco’s Amarkantak unit. RIL had earlier made an announcement to get into the renewable power generation business by investing $10 billion in three years but its bid for a coal-based power plant is considered as deviation from its green energy policy.

Adani Power: The company has completed the acquisition of Essar Power’s 1,200 MW thermal power project in Mahan, Madhya Pradesh. The cost of acquisition of Essar Power M P Ltd, which is undergoing insolvency resolution, is over Rs 4,250 crore, including the estimated cost of compliance with environmental and emission norms, it said in a regulatory filing. “Adani Power Limited has completed today the acquisition of 100 per cent of paid up share capital and management control of EPMPL (Essar Power M P Ltd), a company undergoing insolvency resolution under the Insolvency and Bankruptcy Code,” the company said.

Bharat Petroleum Corporation (BPCL): BPCL has deferred a maintenance shutdown of a crude unit at 240,000 barrels per day (bpd) Mumbai refinery to May as it seeks to gain from strong fuel cracks, sources aware of the plan told Reuters. India’s second-biggest state refiner had plans to shut a 120,000 bpd crude unit and some secondary units including a diesel hydro desulphuriser and a hydrogen generation unit for 20-25 days from the end of this month, they said.

Oil India: The company said on Wednesday that its subsidiary Numaligarh Refinery will invest Rs 6,555 crore for implementation of petrochemical project at Numaligarh, Assam. The board also approved formation of a joint venture company between Assam Gas Company (AGCL) and Oil India (OIL) for the three geographical areas offered by Petroleum and Natural Gas Regulatory Board [PNGRB].

Glaxosmithkline Pharmaceuticals: The company has completed the transaction for sale of its trademarks pertaining to ‘lodex’ and ‘Ostocalcium’ brands in India to GlaxoSmithKline Asia Private Limited.

Yasho Industries: The specialty and fine chemicals maker has received board approval for a capital expenditure of Rs 350 crore in Phase 1 for its greenfield project at Pakhajan (Dahej), Gujarat. The company intends to manufacture lubricant additives and rubber chemicals with a total capacity of 15,500 MT per annum in phase 1 at this new facility.

Voltas: The company will enter into a joint venture arrangement with Highly International (Hong Kong), a wholly-owned subsidiary of Shanghai Highly (Group) Company. With this JV, the company will engage in the business of design, development, manufacture, marketing, sale and service of inverter compressors for room air-conditioners, motors for inverter compressors, and their associated parts including sourcing of raw materials & components required for manufacturing these products.