Stocks to watch on Wednesday

MUMBAI: The relief rally across the globe after US Federal Reserve's sharpest interest rate cut by 75 bps is likely to give a leg-up to Indian equities. But volatility cannot be ruled out. Investors will be in the mood to seek out bargains, encouraged by the recovery on Wall Street, where benchmarks managed to recover from their lows after a feverish trading session on Tuesday.

Elsewhere in Asia, Japan's Nikkei 225 Stock Average surged 3.5 per cent, Topix gained 3.71 per cent, Hang Seng rose 5.17 per cent and Straits Times was up 1.18 per cent. Back home, irrigations companies have something to cheer about as fund shortage won’t be parching the irrigation sector for sure. The Centre is readying a Rs 7,000-crore plan to revitalise it. The GoM on Accelerated Irrigation Benefit Programme, headed by agriculture minister Sharad Pawar, has in principle approved the programme’s revamp that will place the sector at the centre of national priorities.

Sanjay Dalmia group flagship company GHCL is demerging its businesses into three separate firms which would all be listed entities. The company is currently engaged in chemicals business through the soda ash division apart from home textiles. As per the plan, it is likely to demerge into three companies which would be involved in soda ash, home textiles and retailing. Existing investors of GHCL will get shares of the three firms. Shares of GHCL closed at Rs 97.40, down 20 per cent on BSE.

New Delhi Television has entered into a preliminary deal to sell 26 per cent of an overseas unit to NBC Universal Inc and a subsidiary of NBCU for $150 million. The overseas unit is the parent of NDTV Imagine, NDTV Labs, NDTV Lifestyle, NDTV Emerging Markets and also the joint venture partner of NGEN Media Services. NDTV shares, which ended 0.41 per cent lower at Rs 392.35, are likely to flare up on the news. The share closed at Rs 392.35 on the BSE.

Arvind Mills plans to invest Rs 400 crore in next four years to expand its retail venture by opening retail centres. The company would be investing Rs 300 crore in large-format retail centres and Rs 100 crore in small stores, say reports. Shares of Arvind Mills closed at Rs 41.75, down 22.61 per cent on the BSE.

According to reports, state-run NTPC plans to invest Rs 1,729 crore for development of the Jharkhand coal mine. The company is weighing two options for development of the project. While the first option involves no outsourcing of infrastructural work and productivity norms based on Indian standards, the second option involves outsourcing of equipment via a mine development operator and productivity based on international norms. The company’s shares likely to witness some action on the news. NTPC ended 4.35 per cent lower at Rs 196.70.

Following results will be announced today:

Agro Tech Foods

Avaya Global

Ballarpur Industries

Bank of Maharashtra

Bank of Rajasthan

Bongaigaon Refinery & Petrochemicals

Canara Bank

Chennai Petroleum

D-link India

Dena Bank

Empee Distilleries

Fortis Healthcare

Graphite India

Hindustan Zinc

Imp Power

KEC Infra

Lakshmi Overseas

Mid-day Multimedia

Mirc Electronics

Monsanto

Mro-tek

Nandan Exim

PVR

Renuka Sugar

SRF

Union Bank

Varun Shipping

Vivimed Labs