Rolex Rings, Shree Cement, PNB Housing Finance, CarTrade, Nuvoco IPOs, Macrotech, IDBI stocks in focus

Analysts say that the important lower supports to be watched for this week around 16200-16100 levels and that is going to be a buy on dips opportunity

SGX Nifty was trading 25 points down at 16,243.50 on Singaporean Exchange, suggesting a gap-down start for benchmark indices on Monday. In the previous session, S&P BSE Sensex was 0.4 per cent lower at 54,277 points while Nifty 50 fell 0.35 per cent to close at 16,238. Investors will take cues from ongoing quarterly earnings, macroeconomic data, covid vaccination pace, oil prices, rupee movement and other global cues. The government will release industrial production data for June and inflation data for July this week. Analysts say that the important lower supports to be watched for this week around 16200-16100 levels and that is going to be a buy on dips opportunity. “We expect sharp upside bounce from the dips by mid to later part of next week. On a decisive move above 16350, Nifty may head towards 16500 levels,” Nagaraj Shetti, Technical Research Analyst, HDFC Securities.

Stocks to watch

BSE-listed companies such as Shree Cement, Astrazeneca Pharma India, Balrampur Chini Mills, Birla Tyres, Bombay Dyeing, Chemcon Speciality Chemicals, Clean Science and Technology, Gati, Gujarat State Petronet, Indian Hotels, Laxmi Organic Industries, MRF, Nilkamal, Reliance Power, Satin Creditcare Network, Shalby, Shankara Building Products, Subex, and Suven Life Sciences will announce April-June quarter earnings.

Rolex Rings: Rolex Rings IPO shares will make their stock market debut on Monday, 9 August 2021. Rolex Rings IPO was subscribed 130 times.

CarTrade, Nuvoco: Two new IPOs — Nirma Groups’ Rs 5000-crore Nuvovo Vistas and Rs 2,999-crore Car Trade — will open for subscription today. Nuvoco Vistas has allocated 2.63 crore equity shares to anchor investors at Rs 570 apiece aggregating Rs 1,500 crore. While CarTrade Tech raised Rs 900 crore from anchor investors ahead of its initial public offering.

PNB Housing Finance expects to manage its bad loans better from this month onwards, when the deadline of going soft on borrowers provided by the courts ends on August 31, and would ask the borrowers to start repaying if they are capable to do so, a top company official said.

Macrotech Developers: Macrotech Developers, which sells properties under Lodha brand, has formed four joint ventures in April-June to build projects with a sales value of Rs 3,500 crore and is looking at two such tie-ups every quarter to expand presence in Mumbai and Pune regions, a top company official said.

As many as seven firms, including JM Financial, Ernst and Young and Deloitte, have bid for managing the strategic sale of IDBI Bank. These firms would make a virtual presentation before the Department of Investment and Public Asset Management, which is handling the sale process, on August 10, according to a notice by DIPAM.