GIFT Nifty indicated that Indian equity indices BSE Sensex and NSE Nifty 50 may see a negative opening on Wednesday. Here’s a look at the key stocks to watch in trade.
Stocks in Focus: GIFT Nifty traded down by 89.50 points or 0.38% at 23,259.50 indicating a negative opening for domestic indices NSE Nifty 50 and BSE Sensex on Wednesday. Previously, on Tuesday, the NSE Nifty 50 ended up by just 5.65 points or 0.02% to settle at 23,264.85 while the BSE Sensex dropped 33.48 points or 0.04% to 76,456.60.
“After a notable rebound, the domestic market has stabilized, awaiting further triggers. With the resolution of uncertainties in government formation, attention has shifted back to global and domestic indicators. Concerns have risen regarding potential U.S. rate cuts following last week’s strong U.S. job data, leading to an increase in U.S. bond yields,” said Vinod Nair, Head of Research, Geojit Financial Services.
Nair also added that, However, FIIs have been net buyers lately. Investors are now gearing up for this week’s policy decisions from the U.S. Fed and the BoJ, as well as key inflation data from the U.S. and India, seeking insights into the trajectory of rate cuts.
Stocks to Watch on June 12, 2024
Union Bank Of India
The board of directors of a state-owned bank has approved a capital raising plan of up to Rs 10,000 crore. This plan includes raising Rs 6,000 crore in equity capital through various methods, including public issues, rights issues, private placements, and preferential allotments.
TVS Supply Chain Solutions
Company has announced the acquisition of a significant 5-year strategic contract with Daimler Truck South East Asia Pte Ltd, a subsidiary of Daimler Truck AG. Under this agreement, TVS SCS will serve as the primary logistics partner for Daimler Truck AG, the world’s largest commercial vehicle manufacturer, throughout the Asia-Pacific region.
InterGlobe Aviation
Rahul Bhatia’s InterGlobe Enterprises has divested a 2% stake in a low-cost airline, generating Rs 3,367.30 crore. The transaction was executed at an average price of Rs 4,362.04 per share. Simultaneously, Citigroup Global Markets Mauritius acquired 31 lakh shares, representing a 0.81% stake in InterGlobe Aviation, for Rs 1,362 crore.
OMCs
India’s oil minister, Hardeep Singh Puri, has revealed plans by the Indian government, led by Prime Minister Narendra Modi, to ramp up efforts towards bringing petrol, diesel, and natural gas under the Goods and Services Tax (GST) regime. Puri made these announcements at the outset of his tenure in the new cabinet on Tuesday.
HCL Technologies
HCLTech has announced a $278 million agreement with Deutsche Apotheker-und Ärztebank eG (apoBank), Germany’s largest cooperative primary bank. Under this deal, HCLTech will assist apoBank in implementing an outcome-oriented managed services model designed to provide resilient, scalable, high-quality, and compliant digital foundation services.
Cipla
Cipla has disclosed that the Additional Commissioner of State Tax has upheld an order issued by the Office of Joint Commissioner of State Taxes against the company. Cipla has stated its intention to file the necessary appeal with the higher appellate authority regarding this matter.
Patanjali Foods
The company’s board has reviewed a proposal from Patanjali Ayurved regarding the sale of its non-food business undertakings. A committee has been established to evaluate the proposal, conduct due diligence, and perform valuations. The committee’s work is currently in progress, and the company will inform the exchanges as soon as there are further developments.
Wipro
The company has introduced the Lab45 AI platform, designed to increase efficiencies and transform business functions. According to the company, the SaaS-based platform accelerates the adoption of generative AI, boosting efficiency and productivity across all business functions.
Tube Investment
The flagship company of the diversified Murugappa Group and its subsidiary, TI Clean Mobility Private Ltd, have entered into a Rs 160-crore agreement with South Asia Growth Invest III LLC and South Asia EBT Trust III, collectively known as GEF.
Trident
Trident Home Textiles, a unit of Trident, has made a further investment in its subsidiary Trident Global B.V. The company acquired 15,000 ordinary shares of Trident Global B.V. at €1 each.