Stocks to watch: L&T, Adani Power, Ambuja Cements, LIC, Paytm, JSW Steel

Stocks to watch today: After domestic markets snapped eight-day winning streak on Friday, choppy momentum is likely to stay intact on Monday amid sour mood overseas. As of 7:32 AM, the SGX Nifty Futures quoted 17,670 levels, indicating a downside of 88-odd points on the Nifty50.

Globally, the US markets faltered in trade on Friday amid rate hike fears. Dow Jones dropped over 200 points to close at 0.8 per cent lower, while the S&P 500 slipped 1.2 per cent, and NASDAQ Composite declined 2 per cent.

Asia-Pacific markets, too, lost in tandem in Monday morning’s trade. South Korea’s Kospi shed 0.7 per cent and Hong Kong’s Hang Seng was down 1 per cent.

Back home, rupee movement, foreign fund flows, and August F&O expiry will guide markets this week.

Meanwhile, here are few stocks that will likely see some action on Monday:

L&T: The engineering major commissioned a new green hydrogen plant at Hazira in Gujarat. After five months of sealing deal with Indian Oil Corporation and ReNew Power, the company moved a step forward for the production of green hydrogen and electrolysers. The plant will produce 45 kg of green hydrogen for captive consumption in the Hazira manufacturing complex. READ MORE

Adani Power: The company will acquire thermal power assets of DB Power for nearly Rs 7,017 crore in an all-cash deal. The initial term of the agreement will be completed by October 31, 2022, which may be extended by mutual agreement. The proposed transaction will help Adani Power to expand offerings and operations in the thermal power sector in the state of Chattisgarh, said the management. READ MORE

Future Enterprises: More whammy for the debt-ridden Future Enterprises as the company defaults on payments of interest of two non-convertible debentures (NCDs) of around Rs 12.6 crore. The Future Group has missed interest payments of several NCDs in the past three months. READ MORE

Central Bank of India: The state-owned bank inked pact with co-lending partnerships Protium Finance and Incred Financial Services to offer loans to the MSME borrowers. The lender expects the partnerships to provide greater expansion of the portfolio by the bank and to these players. READ MORE

Ambuja Cements, ACC: The Adani Group is likely to launch open offer on Friday, August 26 worth Rs 31,000 crore to acquire 26 per cent stake in each Swiss firm Holcim’s Ambuja Cements and ACC. The managers of open offer – ICICI Securities and Deutsche Equities India – will oversee tendering of shares in the open from August 26 till September 9, 2022. READ MORE

Wockhardt: The drug firm tied up with various partners to roll out products in the US markets as their Illinois based manufacturing plant is set to relieve all workers in a phased manner as part of business restructuring in the US market. The Mumbai-based company engaged with US Food and Drug Administration (USFDA) approved manufacturing partners in the US market, after due diligence and inspection of their facilities, to manufacture various products for sale in the US. READ MORE

Paytm: Shareholders of One97 Communications have approved re-appointment of Vijay Shekhar Sharma as managing director and chief executive officer of the company. That apart, Paytm’s President and Group Chief Financial Officer Madhur Deora was reappointed as well.

LIC: The insurance behemoth witnessed a decline of nearly 20 per cent in death claims in the first quarter of this fiscal with the COVID impact seen to be ebbing. In the June quarter of the previous fiscal, settlement of death claims was to the tune of Rs 7,111 crore, which for Q1 of this year was Rs 5,743 crore.

Gensol Engineering: The company approved acquisition of a majority stake in Gensol Electric Vehicles, which would further acquire technical and business know-how and brand name of electric vehicles from the US-based company. The company will also raise Rs 140 crore from promoters and non-promoters by allotting 13,51,030 equity shares on a preferential basis at an issue price of Rs 1,036.25 a share.

Oriental Hotels: Nippon Life India Trustee offloaded 1.95 lakh equity shares, or 0.1 percent stake, in the company through open market transactions. With this, their shareholding in the company reduced to 3.1687 percent, down from 3.2783 percent.

AstraZeneca Pharma India: The pharma company received import and market permission from the Drugs Controller General of India for Olaparib film-coated tablets to treat BRCA-mutated HER2- negative high-risk early breast cancer.

JSW Steel: The company has entered into a 50-50 joint venture agreement with National Steel Holding (NSHL) for establishing scrap shredding facilities in India. NSHL is engaged in the business of metal recycling, collection, and processing based in Auckland, New Zealand.

Stocks in F&O ban: Balrampur Chini Mills, Tata Chemicals, and Delta Corporation were banned in the F&O ban period on Monday, August 22.