Stocks to watch out for today: Reliance Industries, Bajaj Finserv, ONGC, Axis Bank, Varun Beverages, Biocon among others
Stocks to watch out for today: Reliance Industries, Bajaj Finserv, ONGC, Axis Bank, Varun Beverages, Biocon among others

US Fed's monetary policy decision along with domestic monthly F&O expiry will drive India's key equity indices on Thursday. On Wednesday, both the indices rallied higher. Besides, broader markets too gained with the majority of the sectors ending in green with banks and financials clearly leading the rally.

During this volatile day, some stocks to watch out for are:

Reliance Industries Limited: Billionaire Mukesh Ambani's Reliance Industries is reported to have held talks with Saudi Aramco on a cash and share deal for the sale of a 20 per cent stake in its oil refining and petrochemical arm. Ambani had in August 2019 announced talks for the sale of a 20 per cent stake in the oil-to-chemicals (O2C) business, which comprises its twin oil refineries at Jamnagar in Gujarat and petrochemical assets, to the world's largest oil exporter.

Axis Bank: Public sector insurer The New India Assurance Co Ltd (NIACL) has been reclassified as a 'public shareholder' of Axis Bank from being a 'promoter' earlier, the private sector lender said on Wednesday. Last week, the country's third-largest private sector lender had received a request from NIACL to reclassify it to public category from promoter category investor.

ONGC: India's flagship oil and gas producer ONGC said it is seeking foreign partners for yet-to-be-developed fields in lesser prospective areas but is shackled by uneconomic gas prices and tax structure. Reacting to a PTI report on the Petroleum Ministry asking Oil and Natural Gas Corporation (ONGC) to sell stake in producing oil fields to private firms, get foreign partners in KG basin gas fields, monetise existing infrastructure and hive off drilling and other services into a separate company to raise production, the state-owned firm said the ongoing discussions with the administrative ministry were neither new nor intended to limit its role or growth.

Bajaj Finserv: Bajaj Finserv Ltd (BFL) on Wednesday reported over four-fold jump in its consolidated net profit to Rs 979 crore for the fourth quarter ended in March 2021, driven by its insurance business. The company had posted a net profit of Rs 194 crore during the corresponding January-March period of 2019-20. The total consolidated income during the March 2021 quarter increased to Rs 15,387 crore as against Rs 13,294 crore in the corresponding period of the previous financial year, BFL said in a regulatory filing.

Varun Beverages: The board of directors of Varun Beverages Ltd will discuss the proposal to issue bonus equity shares in addition to approving the company's unaudited financial results for the financial year ended March 31, the company said in an exchange filing.

Biocon: Bangalore-based Biocon reported a 26 per cent rise in consolidated revenue from Rs 1,621 crore in Q4FY20 to Rs 2,044 crore in Q4FY 2021. Indian biopharmaceutical company registered a net profit of over 100 per cent, at Rs 254 crore in Q4FY20. The consolidated revenue grew 14 per cent to Rs 7,360 crore in FY21 from Rs 6,462 crore in FY20. In FY21, the net profit (before exceptional item and discontinuing operations) was at Rs 754 crore was down 4 per cent.

Tata Communications: On Wednesday, the company posted a consolidated net profit of about Rs 299 crore for the fourth quarter ended March 2021 against a loss of Rs 275 crore a year ago, while a "strong operating performance" for FY21 drove the "highest profit" in the last 11 years. The company's board has recommended a dividend of Rs 14 per share.

(With in put from agencies)

(To receive our E-paper on whatsapp daily, please click here. We permit sharing of the paper's PDF on WhatsApp and other social media platforms.)

Free Press Journal