Stocks to watch: ONGC, GAIL, Shemaroo, Landmark Cars, Exide Industries and more

Domestic stock markets opened on a positive note on Friday, supported by improved sentiments among investors. The S&P BSE Sensex and the NSE Nifty50 opened marginally higher and gained further in early trade, supported by a rise in energy, auto and financial services stocks.

Several stocks are likely to be in focus today, including ONGC, GAIL, Reliance Industries, HCLTech, Larsen and Toubro, Exide Industries, Landmark Cars, Coachin Shipyards, Mazagon Dock Shipbuilders and more.

Reliance Industries Limited: Shares of the oil-to-telecom conglomerate will be in focus today as it subsidiary, Viacom18 has secured exclusive media rights to broadcast and live-stream Indian Super League (ISL) football matches for the next two seasons.

The upcoming 10th season of the ISL is scheduled to kick off on September 21.

Shares of Reliance Industries Limited were up 1 per cent to Rs 2,434.40 at around 10 am.

ONGC/GAIL: State-owned company ONGC is planning to invest approximately Rs 15,000 crore in OPaL as part of a financial restructuring effort that will result in the removal of gas utility GAIL from the petrochemical firm.

Currently, ONGC holds a 49.36 percent stake in ONGC Petro-additions Ltd (OPaL), which operates a significant petrochemical plant in Dahej, Gujarat. GAIL (India) Ltd holds a 49.21 percent interest, with the remaining 1.43 percent owned by Gujarat State Petrochemical Corp (GSPC).

Shares of ONGC were up 0.88 per cent at Rs 183.35 apiece, while GAIL shares traded 0.83 per cent higher at Rs 127.10 at around 10 am.

Exide Industries: Exide Industries Ltd announced that it has injected more than Rs 100 crore into its wholly-owned subsidiary, Exide Energy Solutions Ltd, which specializes in the production of advanced chemistry battery cells.

This investment was made through a rights-based subscription for equity shares in Exide Energy Solutions Ltd (EESL), according to a regulatory filing. Importantly, this investment does not result in any alteration of the company's shareholding percentage in EESL.

Shares of Exide Industries were down 0.18 per cent to Rs 273.50 in early trade.

Cochin Shipyard: The company’s management expressed strong optimism for the fiscal year 2024, citing strong order book in both shipbuilding and ship repair segments. Shares of the company surged 20 per cent to hit an all-time high yesterday.

The stock is likely to be in focus today as well, given the positive management commentary. Moreover, it is set to take part in the "Antique Defence Conference" hosted by Antique Institutional Equities Investment Trust of India (ITI Group) on September 8, 2023.

Shares of Cochin Shipyard were up over 9 per cent to Rs 1,250.05 at around 10:10 am.

HCLTech: The company has entered into a multiyear partnership with Siemens AG, a leading German high-tech company, to deliver cloud services and undertake global IT system modernization.

This agreement, as announced by HCLTech on Thursday, primarily revolves around the automation of Siemens' public cloud infrastructure.

Shares of HCLTech were up over 0.70 per cent to Rs 1,262.95 in early trade.

Shemaroo Entertainment: Three company executives, including CEO Hiran Gada, joint managing director Atul Maru, and chief financial officer Amit Haria, were detained by the Central Goods and Services Tax (CGST) department on Thursday.

They were accused of making fraudulent claims for Input Tax Credit (ITC) amounting to Rs 70.25 crore. Subsequently, they were granted bail. This action followed a search operation conducted by the CGST and Central Excise Department at the company's premises on September 5, 2023. The company is currently challenging these allegations through legal procedures.

Shares of Shemaroo Entertainment were down 5 per cent to Rs 131.15 at around 10:20 am.

Mazagon Dock Shipbuilders: Mazagon Dock Shipbuilders announced on Thursday that it has officially signed a Master Ship Repair Agreement (MSRA) with the US government, represented by NAVSUP Fleet Logistics Center (FLC) Yokosuka.

This non-financial agreement holds significant strategic value and establishes MDL as one of only two shipyards in the country to have entered into such a pact.

Shares of the company soared to a 52-week high in early trade and were up 15.18 per cent to Rs 2,404.80 apiece at around 10:20 am.

Landmark Cars: The company has entered into a Letter of Intent with Mahindra and Mahindra to inaugurate a dealership in Howrah, West Bengal. This dealership will be situated within one of Landmark Cars' wholly-owned subsidiaries, Landmark Mobility Private Limited.

The scope of this venture encompasses the sale and after-sales service of Mahindra's Personal, Pickup, and Supro vehicle ranges across Howrah, Hooghly, Kolkata, North 24 Parganas, and South 24 Parganas areas.

Shares of the company were up over 6 per cent in early trade.