HDFC, Wipro, Hero MotoCorp, HPCL, JK Paper, Adani Wilmar, JSW group stocks in focus on F&O expiry

Indian benchmark indices BSE Sensex and NSE Nifty 50 are likely to open in red on weekly F&O expiry amid weak global cues. SGX Nifty hinted at a negative start for domestic share market as Nifty futures were trading 153 pts or 0.84% down at 18009 on the Singapore Exchange. “Markets will react to the outcome of the US Fed meet in early trades and then the focus would shift to the MPC’s special meet. The outcome of these events could trigger some volatility but the market tone is likely to remain positive. We thus recommend focusing more on accumulating quality stocks on dips,” said Ajit Mishra, VP – Research, Religare Broking.

Stocks in focus on 3 November, Thursday

JSW group stocks: JSW Group plans to invest Rs 1 lakh crore in Karnataka over the next five years across all its businesses, including steel, green energy, cement, paints and a new greenfield port, chairman Sajjan Jindal said. The proposed investment would be in addition to the Rs 1 lakh crore already invested in the state.

Punjab National Bank: State-run PNB has revised up its credit growth forecast for the current fiscal to 12-13% from 10% projected earlier, given the impressive growth in recent months amid heightened economic activity, its managing director and chief executive Atul Kumar Goel said on Wednesday. The bank has sought permission to open a special rupee vostro account of the correspondent banks of a partner trading country to facilitate cross-border trade settlement in rupees.

Wipro: The IT major on Wednesday said it has launched a new financial services advisory capability in India. Capco, a Wipro company, will supplement Wipro’s presence in the Indian financial services sector through its business in Mumbai to jointly offer end-to-end transformation services for this sector. Wipro acquired London-headquartered Capco for $1.45 billion in March last year, the largest acquisition in Wipro’s history.

Spandana Sphoorty Financial: The company said its Management Committee of the Board of Directors has approved the issuance of non-convertible debentures up to Rs 50 crore in two series on a private placement basis.

JK Paper: The paper manufacturer recorded its highest0ever quarterly consolidated turnover of Rs 1,722.63 crore, a 72% growth compared to September FY22 quarter. EBITDA for the quarter at Rs 587.13 crore increased 130% and profit at Rs 324.23 crore rose 174% after providing Rs 33.64 crore as exceptional item for the quarter ended September FY23 compared to corresponding quarter of previous financial year.

Rail Vikas Nigam: Life Insurance Corporation of India (LIC) has offloaded 2.02% equity stake in the company via open market transactions. With this, LIC’s shareholding in the company reduced to 6.7%, down from 8.72% earlier.

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Q2 Results: HDFC, Hero MotoCorp, Hindustan Petroleum Corporation, Vodafone Idea, Adani Enterprises, Ajanta Pharma, Amara Raja Batteries, Adani Total Gas, Adani Wilmar, Bank of India, Blue Star, Coromandel International, Devyani International, Indian Bank, JK Lakshmi Cement, Raymond, SRF, and Welspun Corp will report their Q1FY23 earnings on 3 November.