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 36 points or 0.15% at 23,684.50 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 183.45 points or 0.78% to settle at 23,721.30 while the BSE Sensex gained 712.44 points or 0.92% to 78,053.52.
“The domestic market experienced a financial sector-driven rally today, primarily led by private banks, with the Nifty Bank reaching a new high and the Sensex surpassing 78,000. However, profit booking was evident in sectors such as realty, power, metals, and midcaps,” said Vinod Nair, Head of Research, Geojit Financial Services.
Stocks To Watch: Nykaa, Ambuja Cement, Adani Power, Wipro, Bharti Airtel, Jain Irrigation Stocks To Watch: Zomato, Reliance Industries, L&T, Ola Electric, Cyient DLM, Petronet LNG, Genus Power Stocks To Watch: Maruti Suzuki India, GMR Airports Infra, Brightcom Group, Hindustan Zinc, Adani Enterprises, Kolte-Patil Developers Stocks To Watch: Eicher Motors, LIC, Cochin Shipyard, Biocon, Oil India, SJVN, Grasim, Alkem Lab, OLA Electric Mobility
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Nair also added that amidst moderate consolidations and sector rotations, the market is moving upwards due to expectations from the upcoming budget. Additionally, the progress of the monsoon is being watched for insights into the consumption outlook.
Stocks to Watch on June 26, 2024
Telecom Stocks
On Tuesday, telecom operators Reliance Jio, Bharti Airtel, and Vodafone Idea placed bids worth Rs 11,131 crore on the first day of the spectrum auctions. Airwaves worth Rs 96,000 crore are up for sale in the auction.
ICICI Bank
On Tuesday, ICICI Bank’s market capitalization surpassed the $100 billion mark for the first time, making it the sixth company ever to achieve this milestone as its shares reached an all-time high. After hitting a record high of Rs 1,207, shares of ICICI Bank closed at Rs 1,199, up 2.5%, valuing the firm at Rs 8.44 trillion ($101 billion).
Coforge
The Competition Commission of India on Tuesday approved the IT firm’s proposal to acquire a majority stake in Cigniti Technologies. In May, Coforge’s board of directors had approved the acquisition of a 54% stake in Cigniti Technologies.
Mazagon Dock Shipbuilders
The public sector undertaking (PSU) announced in an exchange filing that it has been granted “Navratna” status by the Department of Public Enterprises. This recognition makes it the country’s 18th PSU to receive this status.
UltraTech Cement
Almost a month after making an offer to acquire a 31.6% stake in UAE-based RAKWCT, Aditya Birla group firm UltraTech Cement announced on Tuesday that it has revised the deal to 25%. On May 27, UltraTech Cement had initially offered to acquire 31.6% of RAK Cement Co for White Cement and Construction Materials PSC (RAKWCT) and purchase 15.80 crore shares. The offer is being made by UltraTech Cement Middle East Investments Ltd (UCMEIL), a wholly-owned subsidiary of the Indian cement maker in the UAE.
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Yes Bank
The private lender informed exchanges that it will consider raising funds via debt securities on August 23, 2024. Yes Bank’s share price settled at ₹24.08 at the close of trade on Tuesday, June 25.
CE Info System
Rakesh Kumar Verma, the promoter of CE Info Systems, the parent firm of MapMyIndia, is set to sell a portion of his equity stake through a block deal. The deal involves 0.9% of the total equity of CE Info Systems, valued at Rs 114.6 crore. The transaction is set at a floor price of Rs 2,293.20 per equity share, representing a 5% discount to the scrip’s closing price of Rs 2,413 on the NSE. JM Financial is the broker for the deal.
NTPC
NTPC announced that it will consider raising up to Rs 1,200 crore through Non-Convertible Debentures (NCDs) on June 29, 2024. NCDs are financial instruments used by corporations to raise long-term funds from the public or institutional investors.
Sanghi Industries
Promoter Ambuja Cements and Ravi Sanghi are set to divest up to a 3.52% stake in Sanghi Industries through an offer for sale (OFS) on June 26-27. The floor price for the OFS has been set at Rs 90 per share.
Mahindra & Mahindra Finance
Vivek Karve has resigned as Chief Financial Officer of M&M Financial Services and Financial Services Sector to pursue personal, social, and professional interests beyond full-time employment.
Adani Ports and SEZ
Sushant Kumar Mishra has stepped down from his role as CEO-Logistics due to internal restructuring, effective June 25. Concurrently, Divij Taneja has been appointed as the new CEO-Logistics, effective from the same date.
DEE Development Engineers
The company is set to debut on the stock exchanges on June 26 with an issue price fixed at Rs 203 per share.
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