GIFT Nifty indicated that Indian equity indices BSE Sensex and NSE Nifty 50 may see a muted opening on Wednesday. Here’s a look at the key stocks to watch in trade.
Stocks in Focus: GIFT Nifty traded down by 27 points or 0.11% at 24,690 indicating a muted opening for domestic indices NSE Nifty 50 and BSE Sensex on Wednesday. Previously, on Tuesday, the NSE Nifty 50 ended up by 126.20 points or 0.51% to settle at 24,698.85 while the BSE Sensex jumped 378.18 points or 0.47% to 80,802.86.
“The domestic market started the session with a strong surge, buoyed by positive global sentiment amidst Israel-Hamas ceasefire talks and diminishing US recession fears due to recent favourable data. Concurrently, easing geopolitical risks and weak China demand have led to a decline in crude prices, benefiting the domestic economy,” said Vinod Nair, Head of Research, Geojit Financial Services.
Stocks To Watch: Hindustan Zinc, Suzlon Energy, Glenmark Pharma, Hindustan Aeronautics, Vedanta Stocks To Watch: Zomato, Bajaj Auto, IndusInd Bank, Poly Medicure, HCL Tech, Saraswati Saree Depot Stocks To Watch: HUL, NBCC, ICICI Prudential, Zydus Life, Wipro Stocks To Watch: Vedanta, Vodafone Idea, Happiest Minds Technologies, Asian Paints, Piramal Enterprises
Also Read
Nair also added that the Meanwhile, inflationary pressure in Japan and the appreciating Yen cautioned the rally. This week’s Japan inflation data and FOMC minutes will provide insights into future interest rate trajectories and market trends.
Stocks to Watch on August 21, 2024
L&T
The Bombay High Court has overturned a show-cause notice issued by the GST authorities. The notice, issued by the Principal Commissioner of GST and Service Tax, Mumbai, pertained to a service tax demand of Rs 2,237 crore concerning an erstwhile subsidiary. The company had challenged the notice through a Writ Petition, arguing that the tax had already been paid for transactions conducted after a demerger.
Zomato
Antfin Singapore Holding Pte, a subsidiary of Alibaba, sold a 1.05% stake in the food delivery giant, with shares being sold at an average price of Rs 257.46 and Rs 257.17 per share, respectively.
Ola Electric
Ola’s S1 X 3 kWh and S1 X 4 kWh scooters have received certification for compliance with the Production Linked Incentive (PLI) scheme requirements for the automobile and auto components industry. Both models have met the Ministry of Heavy Industries’ stringent localization criteria, achieving a minimum localization rate of 50%.
Exide Industries
Exide Industries has announced a further investment of Rs 75 crore in its subsidiary, Exide Energy Solutions, on a rights basis. This latest infusion brings the total investment in the subsidiary to Rs 2,652.24 crore. The company’s shareholding percentage in Exide Energy Solutions remains unchanged following this investment.
Cyient DLM
Promoter Cyient plans to sell a 14.5% stake, equivalent to 1.15 crore equity shares, in Cyient DLM through block deals scheduled for August 21. The transaction, valued at approximately Rs 860.9 crore, will set the floor price at Rs 748.65 per share. Following the sale, Cyient’s ownership in Cyient DLM is expected to decrease from 66.66% to 52.16%.
Tata Chemicals
SES ESG Research (SES) has assigned Tata Chemicals an adjusted Environmental, Social, and Governance (ESG) Score of 69.4, equivalent to a Grade B, based on fiscal year 2024 data. Notably, Tata Chemicals did not request this rating; SES conducted the assessment independently using publicly available information for FY24.
Also Read
PNB Housing Finance
General Atlantic Singapore Fund FII Pte is set to sell a 5.1% equity stake in the company through a block deal, as reported by media group. The deal, with a floor price of Rs 775 per share, is expected to amount to approximately Rs 1,032.7 crore.
Genus Power
Genus Power Infrastructures’ wholly-owned subsidiary has secured three Letters of Award (LOAs) totaling Rs 3,608.52 crore for the appointment of advanced metering infrastructure service providers (AMISPs). The contracts involve the design and implementation of an Advanced Metering Infrastructure (AMI) system, which includes the supply, installation, and commissioning of approximately 4.26 million smart prepaid meters, system meters, and DT meters, along with energy accounting on a DBFOOT basis.
Petronet LNG
The company has entered into a Memorandum of Understanding (MoU) with LTL Holdings (LTL) of Sri Lanka for the supply of Liquefied Natural Gas (LNG) to LTL’s dual-fuelled power plants located in Kerawalapitiya, Colombo. The LNG will be supplied from Petronet’s Kochi LNG terminal, utilizing LNG ISO tank containers through a multi-modal transport system. The initial term of the LNG supply agreement is set for five years, with the possibility of extension based on mutual agreement.
Reliance Industries
Reliance Jio, a subsidiary of Reliance Industries, added 19.11 lakh subscribers in June 2024, a slight decrease compared to the 21.95 lakh subscribers added in May. As of June 2024, Reliance Jio held a market share of 40.71% in terms of wireless subscribers.
Bharti Airtel
The telecom operator added 12.52 lakh subscribers in June 2024, slightly higher than the 12.50 lakh users added in May. As of June 2024, the company’s market share stood at 33.23% in the wireless subscriber segment.
Vodafone Idea
The third-largest telecom operator saw a decline of 8.60 lakh subscribers in June 2024, an improvement from the 9.24 lakh users lost in May. Despite the subscriber loss, the company’s market share in the wireless segment stood at 18.56% as of June 2024.
