Stocks to watch: Shares of Tata Steel, RITES, BEL, Hindustan Petroleum, RVNL, and CESC in focus

At around 9 am on Tuesday (July 30), the GIFT Nifty index was down 94 points, or 0.38 per cent, at 24,858.5, indicating a negative start for Dalal Street. The India VIX, a measure of stock market volatility, was up 5.7 per cent at 12.94 points.

Ahead of the share market opening in India, here’s a look at stocks to watch:

Tata Steel: Tata Steel disclosed on Monday that it has acquired over 557 crore equity shares in its Singapore-based subsidiary for USD 875 million. In May, Tata Steel’s board had approved the infusion of funds into T Steel Holdings Pte Ltd (TSHP) through subscription to equity shares in one or more tranches, as per an exchange filing.

RITES: The transport infrastructure consultancy company signed a Memorandum of Understanding (MoU) with the National Highways Authority of India (NHAI) on Monday. Under the MoU, RITES will conduct external technical audits, infrastructure health monitoring, provide quality assurance, and other related services.

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CESC: Power company CESC Ltd announced on Monday that it has acquired 63.91 per cent equity shares in Purvah Green Power for Rs 205 crore. Following the acquisition, Purvah Green Power Private Limited will become a direct subsidiary of CESC, according to a regulatory filing. The acquisition cost was Rs 205 crore, the company stated.

HPCL: Hindustan Petroleum Corporation Ltd reported a 94.2 per cent year-on-year decline in net profit to ₹355.8 crore for the first quarter ended June 30, 2024, due to thin marketing margins on select petroleum products and lower refining margins. The company had posted a net profit of ₹6,203.9 crore in the corresponding quarter of the previous year.

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RVNL: State-owned RVNL has emerged as the lowest bidder (L1) for the ‘Development of Distribution Infrastructure at CENTRAL ZONE of Himachal Pradesh under the Revamped Reforms-based and Results-linked Distribution Sector Scheme,’ as declared by HPSEBL, according to a regulatory filing.

BEL: Bharat Electronics reported a 46.89 per cent year-on-year increase in net profit to Rs 791.00 crore for Q1FY25, compared to Rs 538.48 crore during the corresponding quarter of FY24.