Stocks to watch on August 30: Sugar stocks, SpiceJet, NTPC, LIC, Infosys, Jai Corp, ITI and more

Here is a list of stocks that may remain in focus today. 

Sugar stocks: The government on Thursday permitted the use of sugarcane juice and sugar syrup for ethanol production in the 2024-25 ethanol supply year, reversing last year's ban. In December 2023, the government prohibited the use of sugarcane juice or sugar syrup for ethanol production in the 2023-24 ESY (December-November) to ensure adequate sugar availability for domestic consumption and keep prices in check. 

IndiGo: InterGlobe Aviation promoter Rakesh Gangwal's family trust on Thursday sold a 5.24% stake in the airline for ₹9,549 crore through open market transactions. The share sale is part of Gangwal's decision in February 2022 to trim his shareholding after a bitter feud with co-founder Rahul Bhatia over alleged corporate governance issues.

SpiceJet: Aviation watchdog DGCA on Thursday decided to place crisis-hit SpiceJet under enhanced surveillance that will entail increased spot checks and night surveillance to ensure the safety of the airline's operations. Based on reports of cancellation of flights and financial stress being experienced by SpiceJet, DGCA said it conducted a special audit of the airline's engineering facilities on August 7 and 8, and certain deficiencies were found.

LIC: Life Insurance Corporation of India (LIC) on Thursday said tax authorities have slapped a demand notice of about ₹605.58 crore on it for short payment of Goods and Services Tax (GST) for financial year 2019-20. The corporation has received a communication/demand order for interest and penalty for Maharashtra, LIC said in a regulatory filing.

Zomato: Online food delivery platform Zomato has received GST tax demand orders of over ₹ 4.59 crore, including applicable interest and penalty, from Tamil Nadu and West Bengal authorities. The company said it plans to appeal against the demand orders passed by the Assistant Commissioner of GST and Central Excise, Nungambakkam Division, Tamil Nadu, and Assistant Commissioner of Revenue, Government of West Bengal.

Reliance Industries (RIL): Shares of the oil-to-telecom conglomerate are expected to be in focus as the company made a slew of announcements in its 47th AGM, held yesterday. Click here to read more.

CDSL: Central Depository Services (India) Limited (CDSL), as per reports, announced it has secured approval from the Securities and Exchange Board of India (SEBI) for the appointment of Nehal Vora as the company’s Managing Director and Chief Executive Officer (MD & CEO). The regulatory nod was granted through SEBI’s letter dated August 29, 2024.

Jai Corp: The company has set September 10 as the record date for determining shareholders who will be eligible for share buyback. The company announced it will buy back 29,44,415 shares, or 1.65% of its equity, for ₹400 per share. The buyback size will be a little over 117 crore. The buyback will be done via tender route. 

Gillette India: Shaving products maker Gillette India on Thursday reported a 26.4% rise in profit after tax (PAT) to ₹115.97 crore for the June quarter. The company, which follows the July-June financial year, had reported a profit of ₹91.75 crore in the year-ago period. Its revenue from operations increased 4.17% to₹645.33 crore during the quarter under review from₹619.44 crore in the corresponding period a year earlier.

Infosys: Infosys on Thursday announced the expansion of its collaboration with NVIDIA for AI-powered, customer-centric solutions to drive innovation and operational excellence for telcos. Leveraging Infosys Topaz, an AI-first set of services, solutions, and platforms using generative AI technologies, the collaboration will help telcos enhance their customer experiences, streamline network operations, and accelerate service delivery, the company added. 

Lemon Tree Hotels: Lemon Tree Hotels announced its new signing - Lemon Tree Hotels, Ayodhya, Uttar Pradesh. The property, which shall be managed by Carnation Hotels Private Limited, a wholly-owned subsidiary of Lemon Tree Hotels Limited is expected to open in FY 2026. Lemon Tree Hotel, Ayodhya will feature 72 well-appointed rooms, a restaurant, a rooftop bar, two banquet halls, meeting rooms, a fitness center and a swimming pool.

Shipping Corporation of India: The company has received a demand notice of approximately ₹160.4 crore from the Maharashtra goods and services tax department for alleged mismatches in input tax credit and differences in turnover in the returns. The notice comprises a tax component of ₹77.7 crore along with interest and penalties. The discrepancies were identified during a GST audit for financial year 2019.

NTPC: State-owned NTPC on Thursday said it has commissioned its 160 MW capacity of 320 MW Bhainsara solar project in Jaisalmer, Rajasthan. With this, the total installed and commercial capacity of the NTPC group will go up to 76,294 MW, the company said in a regulatory filing.

ITI: ITI Limited, the telecom manufacturing company, announced on Thursday it has bagged its first Electronic Voting Machine (EVM) order from the State Election Commission (SEC) of West Bengal for the supply of 500 sets of electronic voting machines. 

Oil-linked stocks: Oil prices gained as concerns over Libyan supplies helped offset a smaller than expected draw in US crude inventories, which tempered demand expectations. Brent crude futures last seen were trading at $80.08 per barrel, up 0.18%.