Stocks in focus: Titan, Kotak Mahindra Bank, Bajaj Finance, Sobha, Paytm in news today

Analysts see high volatility in markets one day ahead of weekly options expiry.

Nifty futures were trading 54.50 points or 0.34 per cent down at 15,786.50 on Singaporean Exchange, suggesting a negative start for BSE Sensex and Nifty 50 on Wednesday. In the previous session, the 30-share index reached a fresh all-time high of 53,129 but failed to hold gains at close and ended flat. NSE Nifty 50 index lower at 15,818. Analysts see high volatility in markets one day ahead of weekly options expiry. “On daily charts Nifty made a bearish inverted hammer like pattern. Hence, at over 15,850 levels, a lot of selling pressure seems to be emerging from investors. 15738 is the support for the Nifty in the near term while 15915 continues to be resistance,” Deepak Jasani, Head of Retail Research, HDFC Securities, said.

Stock to watch

Bajaj Finance on Tuesday reported a rise in new loans booked during the June 2021 quarter to 4.6 million compared to 1.8 million in Q1FY21. Reporting provisional numbers for the June quarter, the company said assets under management (AUM) for the June quarter stood at Rs 1,59,000 crore compared to Rs 1,38,055 crore as of June 30, 2020.

Tata Group company Titan has said the second Covid wave proved to be a setback for its FY’22 business plans that were made with a lot of “ambition, substantial excitement and passion”. The company, however, said it is moving ahead with “calmness and composure” and is confident of overcoming all the challenges.

Kotak Securities Limited, a subsidiary of Kotak Mahindra Bank Limited, has entered into an agreement with Kredent InfoEdge Private Limited dated July 6, 2021 for investment of Rs 10 crore for a 9.96% in the total share capital of KIPL.

Paytm: Digital payments firm Paytm is expected to seek shareholders’ approval to raise up to Rs 16,600 crore through an initial share sale, giving it a valuation of over Rs 1.78 lakh crore, PTI cited a source as saying. The extraordinary general meeting of Paytm is scheduled for July 12 in which the company may seek approval to raise up to Rs 12,000 crore through issuance of fresh equity.

Sobha: Sobha achieved total sales volume of 8.95 lakh square feet of super built-up area valued at Rs 682.9 crore in Q1FY22 against 6.50 lakh square feet of super built-up area valued at Rs 487.7 crore sold in Q1FY21.