Stocks to Watch: Adani Group, Fertilisers, HDFC Bank, Canara Bank, Suzlon Energy

Actions to watch today: Key benchmark indices are likely to start trading on a bearish note following losses in global markets. As of 06:45 am, SGX Nifty futures were trading at 17,477, versus Nifty cash’s close of 17,656 on Tuesday.

In the meantime, these are the stocks that are likely to see some action in trading on Wednesday.

Fertilizer sector: The government may seek to privatize power supplies in the sector. According to the PSE policy, 2021, the government will seek to leave non-strategic sectors, such as fertilizers, steel and tourism, by privatizing or closing the PSUs. READ MORE

Adani Group: Gautam Adani’s conglomerate has cited an improvement in the ratio of net debt to operating profit and a reduction of more than half in loans from PSU banks to allay concerns about over-leveraging. In a 15-page note responding to the CreditSights report calling the group over-leveraged, he said the group’s companies have consistently deleveraged, with net debt-to-Ebitda ratio down to 3.2 times from 7, 6 times in the last nine years. READ MORE

Pidilite Industries: The stock has been a major outperformer in the consumer basket, gaining 30 per cent in the past three months, compared with 13 per cent gains for BSE Fast Moving Consumer Goods, its index peer. To find out what’s working for stocks, READ ANALYSIS

Suzlon energy: The renewable energy solutions provider said it has won an order to set up a 180.6 MW wind power project from Sembcorp’s Green Infra Wind Energy arm. The project is expected to start up in 2024.

InterGloble Aviation (IndiGo): Pieter Elbers, the new chief executive officer (CEO), took office on Tuesday. Elbers, who spent three decades at KLM Royal Dutch Airlines, replaced Ronojoy Dutta in the top job. In a note to staff, Elbers said, the next few years will be among the most exciting of his professional life. READ MORE

HDFC Bank: India’s largest private-sector lender on Tuesday sold additional Tier 1 (AT-1) bonds worth Rs 3 billion at a hurdle rate of 7.84 percent, the lowest rate paid by any bank, so far in fiscal year 23. Tuesday’s bond sale marks the first time a private bank has tapped into debt capital markets by issuing AT-1 bonds in the current fiscal year.

Canara Bank: The state bank raised the benchmark MCLR by as much as 0.15 percent, a move that will make lending more expensive. The benchmark one-year MCLR rose to 7.75 percent from the previous rate of 7.65 percent.

Actions in F&O ban: Delta Corp is the only stock in the F&O ban period on Wednesday.

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