RIL, Reliance Comm, Jindal Steel and Power, Dr. Reddy's Laboratories, and Bharti Airtel are among the stocks on investors'

Share Market

On the Singaporean Exchange, Nifty futures were trading 39 points, or 0.22 percent, higher at 17,398.50, indicating a bullish start for the BSE Sensex and Nifty 50 on Monday. The BSE Sensex rose 277 points, or 0.48 percent, to 58,130 in the previous session, while the Nifty 50 index rose to 17,320. Nifty retains a breakout continuation shape on daily and intraday charts, according to technical analysts, signalling a continued advance from current levels. “While the short-term trend remains strong, traders may want to book profits near the 17500 resistance level, which might lead to some profit booking.17150 and 17000 might be crucial support levels for trend-following traders, while 17500 and 17700 could be important resistance levels for the market,” said Shrikant Chouhan, Executive Vice President, Equity Technical Research, Kotak Securities.

Stocks to watch Today

RIL: Strand Life Sciences has been bought by Reliance Strategic Business Ventures (RSBVL), a wholly-owned subsidiary of Reliance Industries Ltd, for Rs 393 crore in cash. By March 2023, the company plans to invest up to Rs 160 crore further, bringing its total investment to Rs 553 crore. According to a BSE filing, the company's shareholding will climb to over 80.3 percent as a result of this.

Reliance Communications: The Supreme Court on Friday sought the government's response to a petition filed by ailing Anil Ambani companies Reliance Communication (RCL) and Reliance Telecom (RTL) seeking a refund of an excess amount of over Rs 104 crore that was allegedly "illegally and unlawfully" encashed by the Department of Telecommunications against their dues of Rs 774 crore for deferred spectrum dues.

Jindal Steel & Power (JSPL), founded by industrialist Naveen Jindal, has gained shareholder permission to sell a 96.42 percent ownership in its subsidiary Jindal Power (JPL) to Worldone for Rs 7,401 crore (WPL).

Dr. Reddy's Laboratories: The business has signed a definitive agreement to transfer the rights to the anti-cancer drug E7777 to Citius Pharmaceuticals (denileukin diftitox).

Bank of Maharashtra: On the basis of improved economic mood, the Bank of Maharashtra (BoM) is well positioned to cross Rs 3 lakh crore in total business soon, according to a top official. According to BoM managing director and CEO A S Rajeev, the bank has performed well in a number of critical areas, including deposit mobilisation, credit growth, recovery, risk management, and so on.

Bharti Airtel: Moody's Investors Service has rated Bharti Airtel's rights issuance as credit positive, noting that the fresh capital will keep the company's leverage reasonably stable amid 5G investments, ongoing cash payments for spectrum, and AGR settlement outgo.

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