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Twelve stocks in focus in Tuesday morning trade

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Stocks in news: Allahabad Bank, JSW Steel
NEW DELHI: The Indian market is expected to trade higher on Tuesday tracking positive trend seen in other Asian markets.

"The Nifty50 has failed to get past 7,960, but the breadth still remains positive. The event (RBI review) might dictate the trend, but for the time being, as long as the support from 7,900 level holds, we maintain a positive bias," said Mitesh Thacker, Technical Analyst, miteshthacker.com.

"If we start breaking below 7,900, then I would look at some kind of lightening of long positions as well as exploring some shorting options," he added.

Here is a list of top ten stocks that are likely to be in focus today:

IOC, HPCL, BPCL: IOC has announced that it has reduced Petrol prices by 58p/L and Diesel prices by 25p/L with effect from Monday midnight. State-owned fuel retailers - IOC, BPCL and HPCL revise petrol and diesel prices on 1st and 16th of every month

MMTC: State-owned trading firm MMTC said it will invest about Rs 6,000 crore to double the capacity of Neelachal Ispat Nigam (NINL) in the next four years.

JSW Steel Ltd: Adistrict court in the US has asked a JSW Steel subsidiary to pay a $156 million (Rs 1,040 crore) fine, as it confirmed an earlier ruling by a jury in an antitrust case filed by a local Steel distributor, said a media report.

Alstom India Ltd: Indian Railways on Monday signed two joint venture agreements with global transport majors General Electric and Alstom Transport for setting up two locomotive factories in Bihar with an investment of Rs 40,000 crore.

Tata Global Beverages Ltd: Tata Global Beverages which has entered the branded instant coffee business under Tata Coffee Grand, will source beans from its plantations in South India and use the company's tea network to market the product.

United Breweries Ltd: Promoter firm McDowell Holdings' pledged stake in United Breweries Ltd (UBL) has come down to 3.02 per cent, after lender Yes Bank invoked the pledge on part of the shares encumbered with it.

Natco Pharma Ltd: Drug firm Natco Pharma on Monday said it has received shareholders' approval for amalgamation of its subsidiary Natco Organics into the company.

Allahabad Bank: State-run lender Allahabad Bank may look at divesting stake in Universal Sompo General Insurance Company. The banks board of directors will meet on December 4 to deliberate partial or complete stake sale in the general insurance venture.

IVRCL Ltd: Amid speculation over demerger of its property development and EPC business, debt-ridden IVRCL said the senior lenders of the company will meet this week under the Corporate Debt Restructuring (CDR) mechanism.

Pidilite Industries Ltd: Adhesives and industrial chemicals maker Pidilite Industries Ltd has acquired Chemifix trademark and other brands associated with PVAC adhesives business from Sri Lanka-based CIC Holdings Plc.

Subex Ltd: Subex has allotted 1,86,27,341 equity shares following conversion of $4,320,000 out of the company’s $39.61-million bonds that are outstanding under the $127,721,000 (5.70 per cent) secured convertible bonds due 2017. Post-conversion, FCCBs aggregating to $35.29 million are outstanding, said a media report.

Manappuram Finance Ltd: The company said it will raise Rs 2,000 crore by issuing non-convertible debentures (NCDs) on a private placement basis.


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