GIFT Nifty indicated that Indian equity indices BSE Sensex and NSE Nifty 50 may see a positive opening on Wednesday. Here’s a look at the key stocks to watch in trade.
Stocks in Focus: GIFT Nifty traded up by 18.50 points or 0.08% at 22,457 indicating a positive opening for domestic indices NSE Nifty 50 and BSE Sensex on Wednesday. Previously, on Tuesday, the NSE Nifty 50 ended up by just 3.05 points or 0.01% to settle at 22,335.70, while the BSE Sensex gained 165.32 points or 0.22% to 73,667.96.
“The domestic market witnessed range bound trading today after the previous day’s sharp profit booking. However, mid and small-cap stocks remained pressured, primarily due to apprehensions regarding inflated valuations, Vinod Nair, Head of Research, Geojit Financial Services.
Nair also added that Global sentiment remained mixed as investors awaited key US inflation data, which could offer insights into the Fed’s interest rate decisions. Additionally, market participants are anticipating India’s inflation figures scheduled for release today, to remain consistent with the previous month, which will be at the middle of RBI’s tolerance range.
Stocks to Watch on March 13, 2024
ITC
British American Tobacco (BAT) reveals plans to sell up to 3.5% of its stake in ITC through block deals, offering shares at a price range of Rs 384-400.25 per share, representing a 5% discount to the current market price. The estimated deal value stands at Rs 16,775 crore.
Vedanta
The Securities Exchange Board of India (SEBI) instructs Vedanta to pay Rs 77.62 crore to Scottish explorer Cairn for delayed dividend payments. The entire board of Vedanta is barred from accessing the capital market due to the same issue.
ICICI Pru AMC
ICICI Pru AMC announces the cessation of lumpsum investments in mid- and small-cap schemes from March 14, 2024. The decision, approved by ICICI Prudential Trust Ltd, affects ICICI Prudential Midcap Fund and ICICI Prudential Small-Cap Fund.
Aurobindo Pharma
Eugia Pharma, a subsidiary of Aurobindo Pharma, restarts the distribution of aseptic products and plans to commence commercial production from a septic lines in a phased manner starting next week.
Shalby
Multi-speciality hospital chain Shalby announces the acquisition of a 100% stake in Healers Hospital Private Ltd (HHPL) for Rs 104 crore. The transaction, conducted through a secondary acquisition, is expected to be completed within 30 days post-approval.
Shree Cement
Shree Cement enters into an asset purchase agreement with Starcrete LLP to acquire five ready-mix concrete plants located in Maharashtra for Rs 33.5 crore.
Glenmark Life Sciences
Nirma, headquartered in Ahmedabad and renowned for its detergents, soaps, and dishwashing bars, announced on Tuesday the successful completion of the acquisition of a 75% stake in Glenmark Life Sciences. The company specializes in the development, manufacturing, and sale of Active Pharmaceutical Ingredients (APIs) and intermediaries, along with providing contract development and manufacturing organization services for APIs.
Ramco Cements
Ramco Cements inaugurates the Gati Shakti Cargo Terminal project in Andhra Pradesh, facilitating the transportation of crushed limestone through railway wagons from mines in Budawada to its integrated cement plant in Jayanthipuram.
Muthoot Capital
Kerala-based two-wheeler loan company, Muthoot Capital Services, announces a partnership with Greaves Finance Ltd, a subsidiary of Greaves Cotton Ltd. The collaboration aims to enhance the accessibility of financing solutions for electric two-wheelers across the country through Greaves Finance’s EV-focused lending platform ‘evfin.’
JG Chemicals
The company’s shares are set to make their debut on the stock exchanges on Wednesday, with an issue price of Rs 221 per share. The Rs 251.19-crore IPO witnessed a subscription rate of 27.78 times during its third and final day.
