Overnight Digest – Stocks to look out for on Sept 2

The stocks which could witness a significant movement on Sept 2 are Inter Globe Finance, Patel Engineering, Oricon Enterprises, Alstom India, Inox Wind.

a) Inter Globe Finance: Company has informed the bourses, that it has acquired entire paid up equity share capital of 6 companies namely Ason Project, Jeevan Rekha Agro, Jiban Jyoti Multitrade & Service, Sebika Medical College & Hospital International, SPD Project and Subhakamona Realty Project lndia and has made them its wholly owned subsidiaries.  

b) Patel Engineering:  Company’s debt will be reduced by more than 50 per cent after Cabinet decision on Arbitration Awards. The decision of the government will reduce the company’s debt by 75 per cent. Company had won an Arbitration Award of Rs 2500 crores.

c) Oricon Enterprises: Company has informed the bourses, that it has entered into a Joint Development Agreement with Indiabulls Infraestate Limited, a majority owned subsidiary of the Indiabulls Real Estate Limited, to develop a 7810 sq.mt plot in Worli, Mumbai. 

d) Alstom India: Company is expected to declare its Q1FY17 results. The BSE 500 stock, on Sept 1 closed at Rs 600, down by 1.73 per cent.

e) Inox Wind: Company will also declare its Q1FY17 results on Sept 2. The scrip of the company closed at Rs 186, marginally down by 1.33 per cent.