GIFT Nifty indicated that Indian equity indices BSE Sensex and NSE Nifty 50 may see a positive opening on Friday. Here’s a look at the key stocks to watch in trade.
Stocks in Focus: GIFT Nifty traded up by 53.50 points or 0.22% at 24,189.50 indicating a positive opening for domestic indices NSE Nifty 50 and BSE Sensex on Friday. Previously, on Thursday, the NSE Nifty 50 ended up by 175.70 points or 0.74% to settle at 24,044.50 while the BSE Sensex gained 568.93 points or 0.72% to 79,243.18.
“The benchmark indices exhibited bullish momentum, buoyed by expected revival in the IT sector and consolidation in the cement industry. However, the broader market remained sideways due to valuation concerns and FII selling owing to rising US bond yields,” 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: Eicher Motors, LIC, Cochin Shipyard, Biocon, Oil India, SJVN, Grasim, Alkem Lab, OLA Electric Mobility Stocks To Watch: Bharti Airtel, ONGC, BEML, Adani Energy Solutions, Bharti Hexacom, Lupin, Shree Cement
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Nair also added that meanwhile, the US market put up a mixed performance, with investor sentiment remaining cautious ahead of key US data releases for the week, including the PCE price index, which could provide new impetus for rate cuts.
Stocks to Watch on June 28, 2024
Reliance Industries
Reliance Jio announced on Thursday, June 27, a tariff hike of 12% to 25% on its prepaid and postpaid plans, marking the first price increase in two and a half years.
Telecom Stocks
The new plans will take effect from July 3. This announcement follows Jio’s acquisition of 14.4 MHz of spectrum in the 1800 MHz band for Rs 973 crore in the recent auction. Other major telecom operators, Bharti Airtel and Vodafone Idea, are also expected to raise their tariffs soon.
Wockhardt Hospitals
Wockhardt Hospitals, Mira Road, has received accreditation for its Advanced Stroke Centre from the Quality and Accreditation Institute’s (QAI) Centre for Accreditation of Health and Social Care (CAHSC). The CAHSC operates accreditation and certification programs in the health and social care sector.
Raymond
Raymond shareholders have approved the reappointment of Gautam Hari Singhania as Chairman and Managing Director for a five-year term starting July 1, 2024. Singhania received majority support during the company’s Annual General Meeting on Thursday.
JSW Infrastructure
On Thursday, JSW Infrastructure announced it will acquire a 70.37% stake in Navkar Corporation for approximately Rs 1,012 crore, marking its entry into the logistics industry. The company has signed a share purchase agreement with certain promoters and members of the promoter group of Navkar Corporation to acquire 10,59,19,675 equity shares, representing 70.37% of Navkar’s total equity share capital, at a price of Rs 95.61 per share, according to a filing by JSW Infrastructure.
BHEL
State-owned engineering firm BHEL has secured a Rs 13,300 crore order to establish a 1,600 MW thermal power plant in Koderma, Jharkhand, from Damodar Valley Corporation (DVC). DVC finalized the tender for the engineering, procurement, and construction (EPC) package of Koderma TPS (2X800MW) with BHEL on June 26, 2024, according to a power ministry statement. This investment is expected to significantly boost the local economy and benefit residents, raising DVC’s installed thermal generation capacity to 8,140 MW by 2030.
AU Small Finance Bank
The Private sector lender will raise up to Rs 5,000 crore through Qualified Institutional Placement (QIP) and other methods, and plans to borrow up to Rs 6,000 crore by issuing debt instruments.
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India Cements
Billionaire investor Radhakishan Damani and his associates sold a 23% equity stake in India Cements for Rs 1,889 crore. The transaction was executed at an average price of Rs 267.74 per share on the BSE. UltraTech Cement, India’s leading cement manufacturer, acquired the entire block, aiming to strengthen its presence in the southern market.
UltraTech Cement
UltraTech Cement, India’s largest cement company, has announced that its board has approved the acquisition of nearly a 23% stake in India Cements.
Polycab
Promoters are set to sell up to a 2.04% stake through block deals, with an offer price range between Rs 6,535 and Rs 6,989.25 per share. This range represents a discount of up to 6.5% from Thursday’s closing price. At the lower end of the price band, the offer size totals Rs 2,005.9 crore. Additionally, there will be a lock-up period of 90 days on any further sale of shares.
Ambuja Cement
On Thursday, June 27, Adani Group’s Ambuja Cements Ltd announced that its board of directors has approved the merger with Adani Cementation Ltd (ACL).
RBL Bank
The board has approved plans to raise funds amounting to Rs 3,500 crore in one or more tranches, which will constitute 15% of the post-issue paid-up equity share capital of the bank. Additionally, the lender has authorized the issuance of debt securities on a private placement basis, with plans to raise up to Rs 3,000 crore in one or more tranches over time.
Samhi Hotel
GTI Capital Alpha is reportedly planning to sell a 3% stake in Samhi Hotels through block deals. The floor price is set at Rs 187.07 per share, representing a 1% discount to Thursday’s closing price. The initial size of the deal is 3%, with an option to increase it to 5%. At the base size, the deal amounts to Rs 120 crore, and if upsized, it could reach Rs 193 crore. As of the end of the March quarter, GTI Capital Alpha held a 6.24% stake in Samhi Hotels.
(Disclaimer: Views, recommendations, and opinions expressed are personal and do not reflect the official position or policy of Financial Express.com. Readers are advised to consult qualified financial advisors before making any investment decisions. Reproducing this content without permission is prohibited.)
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