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With the market under pressure and crude oil crossing USD 100 per barrel, three stocks have company-specific developments that could put them on investors' radar in Thursday's session.
✨ Key Takeaways
The Indian benchmark equity indices, Sensex and Nifty 50, ended lower on Wednesday as renewed escalation in the Middle East conflict pushed Brent crude above USD 100 per barrel. The rise in crude oil prices has raised concerns for India, the world's third-largest crude oil importer, as higher oil prices can put pressure on inflation and the country's import bill.
At close, the Nifty 50 settled at 23,431.50, down 203.60 points, or 0.86 per cent, marking its lowest level in 13 weeks. The Sensex also ended in the red, falling 813.35 points to close at 74,764.23. The decline extended the benchmark index's losing streak to three consecutive sessions.
Against this backdrop, here are three stocks that are likely to remain in focus during Thursday's trading session.
Shakti Pumps (India) Ltd has received a Letter of Empanelment from Maharashtra State Electricity Distribution Company Ltd (MSEDCL) for the supply of 10,000 Off-Grid Solar Photovoltaic Water Pumping Systems (SPWPS). The pumps will have capacities of 3 HP, 5 HP and 7.5 HP and will be supplied across Maharashtra under the Magel Tyala Saur Krushi Pump Yojana.
According to the company, the total value of the 10,000 pumps is around Rs 235.92 crore, inclusive of GST. The order is to be executed within 60 days from the issuance of the work order or Notice to Proceed (NTP).
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2. Focus Lighting & Fixtures Ltd
Focus Lighting & Fixtures Ltd has secured an order from Larsen & Toubro Ltd's Construction Division valued at approximately Rs 10-17 crore. The order involves the execution of infrastructure illumination work for street lighting poles across the Northern Region of India. As part of the project, Focus Lighting & Fixtures will manufacture and supply street lighting poles according to the technical specifications and requirements stipulated by Larsen & Toubro Ltd.
The company said the order marks another milestone in its business and strengthens its presence in the infrastructure and outdoor lighting segment. The order from a major infrastructure player such as Larsen & Toubro Ltd could keep the stock in focus as investors track the company's Order Book and execution prospects.
Gujarat Ambuja Exports Ltd has proposed setting up an 850 TPD greenfield corn wet milling plant at Hubli, Karnataka, subject to the necessary regulatory approvals and clearances. The proposed facility will be located next to the company's existing 750 TPD corn wet milling plant at Hubli. The new facility is expected to have the capacity to manufacture 400 TPD of corn starch, 150 TPD of sweeteners and 300 TPD of feed ingredients.
Once completed, the expansion will take the total manufacturing capacity at the Hubli unit to 1,600 TPD. This will include 700 TPD of corn starch, 400 TPD of sweeteners and derivatives, and 500 TPD of feed ingredients. The company also plans to increase its overall corn wet milling capacity to 9,000 TPD by 2030.
Disclaimer: The article is for informational purposes only and not investment advice.