SBI, JSW Steel, Vedanta, IRB Infrastructure Developers, Bank of Baroda stocks in focus

The SGX Nifty indicated a muted start for domestic indices, Nifty and Sensex. Vedanta, IRB Infrastructure Developers, Bank of Baroda are some of the stocks in focus today.

The SGX Nifty is trading flat, mildly in the green, higher by 14 points. Nifty futures on the Singaporean exchange are at the 17,699 level, indicating a tepid start for the domestic equity indices, BSE Sensex and NSE Nifty. On Monday, the markets extended their gaining streak for the sixth day, as Nifty rose 24 points to settle above 17,600 at 17,624 while Sensex ended flat, eking out mild gains of 14 points. 

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“Sentiments in the domestic market improved after the RBI’s decision to keep rates unchanged, coupled with positive revisions in GDP and inflation forecasts. The positive quarterly business updates from auto and real estate firms caused strong movements in their respective sectors, but the overall mood was slightly dampened by solid US job data, which raised fears of further rate hikes by the Fed. The release of inflation data in India and the US, along with the FOMC minutes, have now become crucial in determining the market trend,” said Vinod Nair, Head of Research, Geojit Financial Services.

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SBI

The country’s largest private lender is considering raising long term funds, of up to $2 billion through either a public offer and/or a private placement of senior unsecured notes. The bank’s board of directors will meet on 18 April to decide the same.

VEDANTA

The company’s board of directors will meet on 13 April to consider fund raising, the firm said in a notification to the stock exchanges. Additionally, Vedanta will be allowed to open the Sterlite Copper Plant for upkeep, after the Supreme Court upheld the closure of the copper smelter plant at Thoothukodi. 

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IRB INFRASTRUCTURE DEVELOPERS

The company, along with its wholly owned subsidiaries and JVs under its private InvIT, collected Rs 3,700 crore in toll, with the collections increasing 21% on-year. 

NEOGEN CHEMICALS

Neogen Chemicals signed an agreement with MU Ionic Solutions Corporation, Japan. MU Ionic Solutions (MUIS) is a JV between Mitsubishi Chemical Corporation (MCC) and UBE Corporation. Neogen will obtain the license from MUIS for manufacturing technology for making Neogen’s electrolyte solutions at its manufacturing facility in India with a planned max installed capacity of up to 30,000 MT per annum. These electrolytes will be targeted by Neogen to meet the growing demand of lithium-ion cell manufacturers in India. 

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JSW STEEL

JSW Steel reported its highest ever quarterly consolidated crude steel production at 6.58 million tonnes for Q4 FY23, registering a growth of 13% on-year and 7% QoQ. This was driven by  improved capacity utilisation at the Indian operations (capacity utilisation of 96% in Q4 FY23 versus 91% in Q3 FY23).

BANK OF BARODA

Bank of Baroda‘s advances rose 19% on-year to Rs 9.7 lakh crore in FY23. The deposits clocked in at Rs 12.01 lakh crore, adding 15.1% on-year while the total business of the public lender surpassed Rs 21 lakh crore, increasing 16.8% on-year.