Stocks to watch on Wednesday

Equities are likely to extend Tuesday’s losses tracking declines in overseas markets. Market sentiment turned jittery after crude prices hit yet another record high.

Oil hovered just above $129 on Wednesday, within striking distance of the previous session's record high as OPEC again said it would not raise supply while demand rages on and a weaker dollar supports funds buying.

There are concerns on inflation front also as RBI governor Yaga Venugopal Reddy on Tuesday said that inflation rate, which is at its highest in three-and-a-half years, is totally unacceptable and the official data underestimates the actual rate of inflation.

In a blow to Reliance Industries’ exploration story, the government has confiscated the company’s five blocks in the Kerala-Konkan basin after it failed to meet the minimum work programme. Of the five blocks, one lies in offshore shallow water and four in deepwater. RIL held seven blocks in the basin. The director general of hydrocarbons (DGH) has written to RIL that the blocks stand “relinquished” and it should immediately submit the data on them. Shares of Reliance Industries closed at Rs 2,602, down 1.26 per cent on the BSE.

In another development on SEZ front, Business Standard reported that 10,000-hectare Mumbai Special Economic Zone project, being set up by Reliance Industries Chairman Mukesh Ambani and his associate Anand Jain on the outskirts of Navi Mumbai, appears to take off with the Maharashtra government clearing the developer's rehabilitation and resettlement package.

Rising cost of raw materials had hit ACC in the fiscal’s first quarter, but the second quarter profitability for the company, could also see a fall, a senior company executive said on Tuesday. “It is quite clear that margins in Q2 (second quarter) will be under further pressure,” managing director Sumit Banerjee said at a conference. Shares of ACC closed 682.45, up 0.35 per cent on the BSE.

Aiming to grow its castings business, Mahindra &Mahindra is learnt to be close to buying out partner Hitachi Metals’ stake in Mahindra Hinoday, a manufacturer of components for automotive, electronics, telecom and other sectors. M&M holds 66 percent in the Pune-based joint venture while Hitachi Metals owns the remaining 34 per cent stake. M&M bought the stake in 2005 from DG Piramal, in what was then DGP Hinoday. Shares of Mahindra &Mahindra closed 1.44 per cent lower at Rs 652.65 on the BSE.

Orbit Corporation is close to acquiring Orkay Mills, located at Andheri-Kurla road near Saki Naka for over Rs 150 crore. Orkay Mills is a four lakh square feet property which Orbit plans to develop into a commercial complex. The stock gained 4.66 per cent to close at Rs 522.95 on the BSE.

Ranklin Solutions will acquire 51 per cent in BPO/ITES company Logic Bytes for a total consideration of Rs 91.80 lakh. Shares of Ranklin Solutions closed at Rs 149.40, up 9.81 per cent on the BSE.

Tata Tea is eyeing to acquire Turkish tea-maker Dogus Cay, reports DNA Money. The report quoted Dogus Cay chairman Suleyman Karakan saying that talks were on for a possible partnership with Tata Tea. The stock closed at Rs 922.15, down 2.64 per cent on the BSE.

Key Results Today: Alfa Transformers, Bajaj Auto Finance, Gabriel, Gammon Infra, HDIL and Thermax.