Stocks to watch: ONGC, CGDs, automobiles, PSU banks, SpiceJet, YES Bank

At 08:49 am, Nifty futures on the Singapore Exchange (SGX) were trading 87 points or 1 per cent lower at 8,533.80, indiacting a negative start for the Indian market on Wednesday. 

Here's a look at the top stocks that may remain in focus today - 

GAIL, CGDs, ONGC: Shares of city gas distribution companies (CGDs) such as Mahanagar Gas, Indraprastha Gas, Gujarat Gas, and oil companies such as GAIL, and ONGC, and RIL are expected to hog the limelight today as Natural gas prices on Tuesday were cut by a steep 26 per cent to its lowest rate since the pricing was made formula-driven in 2014. The move is likely to translate into lower CNG and piped cooking gas prices.

RBL Bank: The bank is scheduled to issue a statement around its fourth quarter business parameters today. 

PSU banks: The mega merger of PSU banks comes into effect from today. The government on March 4 had notified the amalgamation schemes for 10 state owned banks into four as part of its consolidation plan to create bigger size stronger banks in the public sector.

Auto stocks: Shares of automobile companies are expected to be in focus today as they will start releasing their sales numbers for March. 

YES Bank: Markets regulator Sebi on Tuesday imposed a penalty of Rs 50 lakh each on two promoter entities of YES Bank for not making requisite disclosures pertaining to encumbrance of shares. The two entities that have been penalised are YES Capital (India) and Morgan Credits.

SpiceJet: Budget carrier SpiceJet has decided to cut 10-30 per cent salary of all its employees in March, with Chairman Ajay Singh opting for highest 30 per cent trimming in compensation, the airline said in an e-mail communication to the staff on Tuesday.

Biocon: The company's subsidiary has received the Establishment Inspection Report (EIR) from the USFDA for the Pre-Approval Inspection (PAI) of its Insulins manufacturing facility in Malaysia, for Insulin Glargine.

HAL: Hindustan Aeronautics Limited (HAL) on Tuesday announced a record turnover of over Rs 21,100 crore (provisional and unaudited) for 2019-20. This amounts to a growth of 7 per cent over the previous year’s turnover of Rs 19,705 crore.

GE Power: GE Power on Tuesday said it has bagged an order worth Rs 690 crore to supply and install FGD (Flue-gas desulfurization) system at NTPC's Unchahar thermal power plant.

Sterling & Wilson: The company's promoters have paid another Rs 500 crore against outstanding loans. 

Adani Enterprises: Adani Enterprises on Tuesday said it has won a Rs 866 crore highway project from National Highways Authority of India (NHAI) in Madhya Pradesh. The project pertains to four-laning of Nanasa to Pidgaon section of NH-47 under Bharatmala Pariyojana Phase-I (Economic Corridor) on Hybrid Annuity Mode (HAM).