Stocks To Watch On Monday
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From a Rs 16,350 crore steel expansion to a Rs 1 lakh crore infrastructure financing pact and a new wind power project, these three stocks could attract investor attention on Monday.
✨ Key Takeaways
Indian benchmark equity indices ended higher on Friday, July 3, with the Nifty 50 extending its winning streak to a third consecutive session and closing at a two-month high. Gains in information technology and realty stocks supported the rally after softer-than-expected US economic data eased concerns over near-term interest rate hikes by the US Federal Reserve.
The Nifty 50 opened nearly 200 points higher before witnessing profit booking during the session. The index slipped to an Intraday low of 24,252.35 before recovering to settle at 24,270.85, up 95.15 points, or 0.39 per cent. The Sensex also ended in positive territory, gaining 261.79 points, or 0.34 per cent, to close at 77,763.91.
Against this backdrop, the following stocks are likely to remain in focus during Monday's trading session.
JSW Steel commenced development activities for its integrated steel project in the Rayalaseema region of Andhra Pradesh. The project will be developed through JSW Rayalaseema Steel Ltd, a wholly owned subsidiary of JSW Steel. It will be executed in phases with an overall planned investment of Rs 16,350 crore. The first phase involves the establishment of a 1 million tonne per annum (MTPA) integrated steel plant with an investment of Rs 4,500 crore. The facility will manufacture low-carbon-emission steel products. The second phase will expand the plant's capacity to 2 MTPA with an additional planned investment of up to Rs 11,850 crore, taking the total investment to Rs 16,350 crore.
2. Housing and Urban Development Corporation Ltd (HUDCO)
HUDCO signed a memorandum of understanding (MoU) with the Government of Bihar for the planning, development and financing of proposed Greenfield Satellite Cities in the state.
Under the agreement, HUDCO will provide term loans of up to Rs 1 lakh crore over the next five years for urban infrastructure projects, including land acquisition. The funding will be released in phases through statutory authorities designated by the Bihar government. The financing will be offered on flexible terms, including a moratorium period and a repayment tenure of up to 25 years, with the option of prepayment.
Tata Power's subsidiary, Tata Power Renewable Energy Ltd (TPREL), commissioned the 100.8 MW Jewali Wind Project in Maharashtra's Dharashiv district. Electricity generated from the project will be supplied to Tata Power Mumbai Distribution to help meet its Renewable Purchase Obligation (RPO) targets. The project comprises 28 wind turbine generators and is expected to generate nearly 299 million units of clean electricity annually. It is also projected to reduce carbon dioxide emissions by around 245 million kg every year.
Following the commissioning of the Jewali project, TPREL's total wind energy portfolio has crossed 3.9 GW, with more than 1.3 GW already operational and the remaining capacity under various stages of development across Rajasthan, Gujarat, Maharashtra, Andhra Pradesh, Karnataka and Tamil Nadu.
Disclaimer: The article is for informational purposes only and not investment advice.