GIFT Nifty indicated that Indian equity indices BSE Sensex and NSE Nifty 50 may see a muted opening on Friday. Here’s a look at the key stocks to watch in trade.
Stocks in Focus: GIFT Nifty traded down by 42 points or 0.17% at 24,817 indicating a muted opening for domestic indices NSE Nifty 50 and BSE Sensex on Friday. Previously, on Thursday, the NSE Nifty 50 ended up by 41.30 points or 0.17% to settle at 24,811.50. while the BSE Sensex jumped 147.89 points or 0.18% to 81,053.19.
“The domestic market witnessed modest gains owing to the positive global sentiments. Particularly, the recent signs of weakness in the US non-farm payroll data have strengthened the case for potential interest rate cuts in September,” said Vinod Nair, Head of Research, Geojit Financial Services.
Nair also added that however, in the broader market, investors are being cautious, opting for a selective approach, awaiting more clarity from central bank leaders in Japan and the US.
Stocks to Watch on August 23, 2024
FSN E-Commerce Ventures
Harindarpal Singh Banga, a pre-IPO investor in Nykaa, is reportedly planning to sell up to a 1.4% stake in the beauty and personal care platform. According to media reports, the stake sale is expected to occur at a floor price of Rs 198 per share. As of the end of the June quarter, Harindarpal Singh held a 6.4% stake in Nykaa.
Adani Power
The company announced that the National Company Law Tribunal (NCLT) Hyderabad Bench has approved its Rs 4,101 crore resolution plan to acquire Lanco Amarkantak Power Ltd (LAPL). The NCLT issued the order on August 21, 2024, and it was made available on the NCLT’s website the following day.
Ambuja Cement
Promoter group entity Holderind Investments has initiated a block deal to offload a 2.84% stake in Ambuja Cements, aiming to raise $500 million. According to multiple sources cited by Moneycontrol, the floor price for the block deal is set at Rs 600 per share, reflecting a 5% discount to the last closing price of Rs 631.80 per share on August 22.
Wipro
Rizing Management LLC, a step-down subsidiary of the IT company, has been voluntarily liquidated, effective August 21. Meanwhile, John Lewis Partnership (JLP) has chosen Wipro to transform and modernize its IT infrastructure.
Bharti Airtel
Following the company’s appeal to the Commissioner (Appeals), Central Goods and Services Tax Appellate Authority, Delhi, the Appellate Authority has issued an order reducing the GST demand to Rs 194 crore. The original demand assessed by the GST Department was Rs 604.66 crore.
Jain Irrigation
The company announced on Thursday that it has signed a Memorandum of Understanding (MoU) to facilitate the commercial release of advanced high-quality, disease-resistant coffee plants to growers.
Bharat Forge
Auto components major announced a strategic investment in its wholly-owned subsidiary, Kalyani Powertrain Ltd (KPTL), which focuses on electric vehicle and e-mobility solutions. The investment involves the subscription to 10,545,000 equity shares of KPTL at a face value of Rs 10 each, amounting to up to Rs 105 crore.
Shriram Finance
The company announced on Thursday that the Competition Commission of India (CCI) has approved the sale of its entire stake in Shriram Housing Finance to Mango Crest Investment Ltd, an affiliate of Warburg Pincus. The approval is contingent upon receiving clearances from regulatory authorities.
Bandhan Bank
The bank has introduced “Avni,” an exclusive savings account designed for women. In addition, the bank has launched an enterprise-wide loyalty program named Bandhan Bank Delights, allowing customers to earn “delight points.” These points can be redeemed for purchases and come with exclusive offers.
RailTel Corp
The company has received a work order valued at Rs 52.66 crore from the Uttar Pradesh Police Recruitment and Promotion Board.
SBI Life Insurance
The Deputy Excise and Taxation Commissioner of Rohtak, Haryana, Department of Goods and Services Tax, has issued a demand for GST, including applicable interest and penalties, totaling Rs 239.27 crore for SBI Life for the fiscal year 2020.