Top stocks to watch — RIL, SpiceJet, IRCTC, Mazagon Dock Shipbuilders, Coal India, Power Grid, Future Lifestyle, Happiest Minds Tech and others

Top stocks to watch — RIL, SpiceJet, IRCTC, Mazagon Dock Shipbuilders, Coal India, Power Grid, Future Lifestyle, Happiest Minds Tech and others
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Amidst negative cues from global markets, Indian stock-market indices are likely to open on a tepid note on Thursday. At 7:50 am, the SGX Nifty was down 0.44%, indicating a subdued start for Nifty50.

US equities also fluctuated on Wednesday as investors sold off technology stocks that benefited from virus lockdowns. The Dow Jones Industrial Average closed 23.29 points lower, whereas, the S&P 500 closed 0.77% higher.

These are the stocks to watch out for during the trading session today:

SpiceJet

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Budget carrier SpiceJet on Wednesday reported a net loss of ₹112.6 crore for the quarter ended September 30. It had posted a net loss of ₹462.6 crore for the corresponding period last year. The airline’s total income stood at ₹1,305 crore in the quarter, down from ₹3,074 crore in the year-ago period.

The shares of SpiceJet ended 6% higher on Wednesday.

Reliance Industries

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The Competition Commission of India (CCI) on Wednesday said it had approved internet major Google’s proposed purchase of 7.73% stake in Jio Platforms. The transaction will facilitate Google and Jio Platforms Ltd (JPL) to develop and launch a new smartphone in the country. In July, it was announced that Google had agreed to invest ₹33,737 crore to buy a 7.7% stake in the Reliance Industries’ technology venture.

The shares of Reliance Industries ended 4% lower on Wednesday.

Coal India

State-run Coal India Ltd on Wednesday reported a 16 per cent fall in its consolidated net profit to ₹2,951 crore in the second quarter ending September 30. The miner had posted a net profit of ₹3,523 crore in the year-ago period. Although, the company’s revenue from sales was at ₹19,484 crore during the quarter under review as against ₹18,986 crore in the year-ago period.
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The shares of Coal India ended 1% higher on Wednesday.

Power Grid

State-owned Power Grid posted an over 20% rise in consolidated net profit to ₹3,094.10 crore in the September quarter, mainly due to higher revenues. Total income during the period under review rose to ₹9,831 crore from ₹9,260.46 crore in the same period a year ago.

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The shares of Power Grid ended 2.14% higher on Wednesday.

Apollo Hospitals

Corporate hospital major Apollo Hospitals is set to acquire the remaining 50% stake in Apollo Gleneagles Hospitals held by Gleneagles Development PTE Ltd, Singapore for ₹410 billion. Consequent to this development, Apollo Gleneagles would become a 100% wholly-owned subsidiary of the city-based Apollo Hospitals.

The shares of Apollo Hospitals ended 8% higher on Wednesday.
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Happiest Minds Tech

Ashok Soota backed Happiest Minds Tech has entered into a strategic partnership with lo-Tahoe to provide their clients with effective data discovery and governance solutions.

The shares of Happiest Minds Tech ended 2% higher on Wednesday.

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Future Lifestyle Fashion

CARE Ratings has downgraded long-term bank facilities and NCDs from CARE BB to CARE C, with outlook staying unchanged at credit watch with negative implications for Future Lifestyle Fashion.

Kotak Mahindra Asset Management Company has also sold a part of its holdings in Future Lifestyles Fashions (FLFL) in the past three days at yields in the range of 35-50%.

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The shares of Future Lifestyle Fashion ended 1% higher on Wednesday.

Coffee Day Enterprises

Coffee Day Enterprises told investors that the exchanges had given a notice for compulsory delisting of the company.

Eicher Motors, IRCTC, Mazagon Dock Shipbuilders and Page Industries

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Eicher Motors, IRCTC, Mazagon Dock Shipbuilders, Page Industries and others are slated to report their quarterly earnings today.

SEE ALSO: Spicejet is losing one rupee where it was losing four thanks to cheaper fuel and cut in rentals

Indian government approves the Production Linked Incentive scheme for 10 sectors worth ₹2 lakh crore
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