Stocks To Watch On February 29: Benchmark indices tanked over 1% on Wednesday due to selling in index heavyweights and bank stocks amid weak global market trends. In today’s trade, shares of RIL, Shriram Finance, GPT Healthcare, Coal India, Oil India among others will be in focus due to news-related developments.
Reliance Industries: Reliance Industries, Viacom18 Media and The Walt Disney Corporation on Wednesday entered into an agreement to form a joint venture that would merge the television and digital streaming businesses of Viacom18 and Star India and create an entertainment giant in India.
Coal India and Bharat Heavy Electricals: The two have announced entering into a joint venture agreement to set up of an ammonium nitrate plant as part of the planned coal-to-chemical business. The joint venture will see Coal India owning 51 per cent and BHEL 49 per cent.
Venus Pipes: It has forayed into stainless steel pipes and tubes (fittings business). It will introduce a specialized product line of stainless and titanium welded tubes at a tolal capex of Rs 175 crore.
ICICI Securities: SEBI has issued an administrative warning to the company in connection with the inspection of books and records for the Merchant Banking activities.
Greenply Industries: Its flagship brand Greenply has got the status of ‘well-known trademark’ by the government’s trade mark registry.
Oil India: the state-owned company’s board would meet on Friday, March 8 to consider and declare a second interim dividend for FY24.
Brightcom Group: Market regulator Sebi issued confirmatory orders against Brightcom Group, restraining promoter-cum-chairman and managing director Suresh Kumar Reddy from holding any directorial positions until further notice.
NTPC: NTPC ARM NTPC Green has signed a joint venture agreement with Maharashtra State Power Generation Co (MAHAGENCO) for development of renewable energy parks in Maharashtra.
NSE index rejig: Under the NSE index rejig, Shriram Finance will replace UPL in the Nifty50 index with effect from March 28, 2024.
The Nifty Next 50 Index will include Adani Power, Indian Railway Finance Corporation, Jio Financial, Power Finance Corp and REC. These compaies will be replaced Adani Wilmar, Muthoot Finance, PI Industries, Procter & Gamble Hygiene and Shriram Finance.
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