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  5. Stocks to watch on August 16: SBI, PNB and other PSU banks, Ola Electric, Adani Power and SpiceJet

Market News

Stocks to watch on August 16: SBI, PNB and other PSU banks, Ola Electric, Adani Power and SpiceJet

Upstox
By Upstox News Desk

4 min read | Updated on August 16, 2024, 09:05 IST

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SUMMARY

SpiceJet, which is looking to raise funds, on Wednesday, posted a 27% decline in standalone profit at ₹149.96 crore in the three months ended June compared to the year-ago period.

Stock list

ADANIPOWER
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SPICEJET
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OLAELEC
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Ola Group on Thursday announced its foray into the electric motorcycle segment

Ola Group on Thursday announced its foray into the electric motorcycle segment

At 07:55 AM, the GIFT Nifty futures were trading 0.75%, or 180.50 points, higher at 24348.50 levels, indicating a positive start to trading on Dalal Street on Friday, August 16.

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Here's a list of stocks that may remain in focus today.
Adani Power: Adani Power said on Thursday it was committed to supplying electricity to Bangladesh, saying a recent amendment to power export rules does not affect its existing contract.

The amendment by the government facilitates connectivity to the Indian grid but does not impose any obligation on India to buy electricity, Adani Power said in a statement.

Manufacturing, semiconductor, and AI-focussed stocks are expected to hog the limelight on Friday as Prime Minister Narendra Modi, in his Independence Day speech, announced that many global companies are eager to invest in India, with the nation poised to become a global leader in semiconductor production. The PM emphasised the need for state governments to compete to attract these investments, urging them to create policies that ensure good governance and law and order.
SBI, PNB, and other PSU banks may remain in focus today as the Karnataka government has ordered all its departments, boards, corporations, public sector units, and universities to withdraw all their deposits and investments in the State Bank of India and the Punjab National Bank and stop any business with these institutions on August 12.

The order was reported on August 14.

On Thursday, the State Bank of India and Punjab National Bank said they were engaged with the state for an “amicable resolution” on the matter.
Ola Electric: Ride-hailing to electric mobility player Ola Group on Thursday announced its foray into the electric motorcycle segment with the launch of three models and two more in the pipeline.

The group has also rebranded its ride-hailing service as Ola Consumer, announced a partnership with ONDC, and launched automated warehousing solutions to cater to quick commerce requirements.

Besides, Ola said it will bring to the market the first indigenously designed and developed family of chips for AI, general computing, and Edge by 2026 under its Krutrim venture.

SpiceJet: SpiceJet, which is looking to raise funds, on Wednesday, posted a 27% decline in standalone profit at ₹149.96 crore in the three months ended June compared to the year-ago period. The budget carrier had a standalone profit of ₹204.56 crore in the June 2023 quarter.

The profit is higher compared to the three months ended March this year, when the amount stood at ₹118.99 crore. Its total income declined to ₹2,067.21 crore in the first quarter of the current financial year as against ₹2,268.06 crore recorded in the same period a year ago.

ALSO READ | Trade Setup for August 16
REC Ltd has established a new wholly-owned subsidiary, Rajasthan IV 4B Power Transmission Ltd, as part of its ongoing efforts to enhance power infrastructure in Rajasthan's Renewable Energy Zone (REZ).
Defence stocks such as HAL are expected to hog the limelight as, according to reports, the defence ministry is estimated to sign a ₹21,000 crore deal to acquire jet engines for its Su 30MKI fighter fleet. The engines will be made in India from the raw material stage by Hindustan Aeronautics Limited (HAL) and will replace older engines that are coming to the end of their service life.
Glenmark Pharma: Glenmark Pharmaceuticals reported an over two-fold increase in the consolidated net profit to ₹340 crore for the first quarter ended June 30. The Mumbai-based drug firm had reported a net profit of ₹150 crore in the April-June quarter of the last fiscal. For the period under review, the firm said its consolidated revenue from operations stood at ₹3,244 crore compared to ₹3,036 crore in the June quarter last year.
Mahindra & Mahindra: Mahindra & Mahindra on Thursday said it aims to make Thar range leader in the fast-growing mid-sized sports utility vehicle segment over the next 3-5 years. The company on Wednesday rolled out five-door Thar Roxx and may also introduce new products under the brand over the next few years to cater to different sets of customers.
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