Stocks to Watch: RIL, ONGC, Gail India, ICICI Sec, LIC, Nazara Tech
Reliance Industries: Viacom18, controlled by Reliance Industries Ltd, has picked up exclusive media rights for televising and live-streaming Indian Super League (ISL) football matches for the next two seasons. The 10th season of the ISL is set to start on 21 September with a match between Kerala Blasters FC and Bengaluru FC in Kochi. For the first time, India’s premier football league will be aired by Viacom18, replacing Disney Star, which had been the official broadcaster for the last nine seasons.
ONGC/GAIL India: State-owned Oil and Natural Gas Corporation (ONGC) will invest ₹15,000 crore in ONGC Petro-additions Ltd (OPaL) as part of a financial restructuring exercise. The move will result in gas utility GAIL being edged out of the petrochemical firm, according to a report by news agency PTI. ONGC currently holds 49.36% stake in OPaL, which operates a mega petrochemical plant at Dahej in Gujarat.
GAIL (India) Ltd has 49.21% interest and Gujarat State Petrochemical Corp (GSPC) has the remaining 1.43 per cent, according to the report. ICICI Securities: Both Norway's government pension fund manager and an Indian PMS are poised to oppose the proposal for the delisting of ICICI Securities, amidst a growing chorus of discontent among investors who perceive the stock as ripe for a potential revaluation, reports MoneyControl. Norway's Norges Bank holds a 3.13% stake and a portfolio management service based in southern India also maintains approximately a 3% ownership stake in the company.
Life Insurance Corporation: Sebi on Thursday disposed of adjudication proceedings against state-owned LIC with respect to alleged violations of mutual fund norms. The case pertained to the insurer's shareholding in IDBI Mutual Fund. In a
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