Stocks in focus: SBI Cards, MTAR Technologies, Titan Company, ONGC, JSPL, Kotak Mahindra Bank

Nifty futures were trading 66 points or 0.44 per cent higher at 15,095 on Singaporean Exchange, suggesting gap-start for BSE Sensex and Nifty 50 on Monday. February’s Wholesale Price Index (WPI) numbers are scheduled to be released later in the day. Investors will continue to keenly watch updates on COVID-19 situation, oil prices, movement in rupee and other global cues. According to an analyst, the 14850/50150 could be a decisive support and if it breaks, the Nifty/Sensex could move closer to 14650/49500 or 14500/49000. “It seems difficult to get out of weakness immediately. However, if Indices hold above 15,200/51250 levels, we can see an upward activity,” said Shrikant Chouhan, Executive Vice, Equity Technical Research at Kotak Securities.

Stocks in focus today:

SBI Cards and Payment Services Ltd: SBI Cards and Payment Services Ltd (SBI Card) on Friday said it has received the board’s nod to raise up to Rs 2,000 crore by issuing bonds. “The board of directors of the company, at its meeting held today (Friday), has approved raising of funds by way of issuance of non-convertible debentures (NCDs) aggregating to Rs 2,000 crore,” it said in a regulatory filing.

MTAR Technologies: MTAR Tech shares will make its market debut today. The IPO was sold in the price badn of Rs 574-575 per share. Analysts expect a bumper listing for MTAR Technologies.

JSPL: Jindal Steel and Power Ltd on Friday reported an 18 per cent jump in its crude steel output to 6.53 lakh tonnes (LT) in February this year. The company had produced 5.54 LT steel in February 2020.

ONGC: ONGC has seen its contribution to the national production jump to over 70 per cent from under 53 per cent a decade back, petroleum ministry data showed. While Oil and Natural Gas Corporation maintained production levels, output by other operators has dropped, leading to an overall fall in India’s output and a sharp rise in import dependency.

The board of directors approved dividend on 8.10 percent non-convertible perpetual non-cumulative preference shares for FY21. The company’s board approved the payment of dividend on 100 crore Nos. 8.10% Non-Convertible Perpetual Non-Cumulative Preference Shares of face value of Rs 5 each for the period commencing from April 1, 2020 till March 31, 2021, as per their terms of issue.

Titan Company has completely exited from the joint venture (JV) with Montblanc India Retail Private Limited (MB India). MB India ceased to be an associate/JV company of Titan w.e.f March 12, 2021.