GIFT Nifty indicated that Indian equity indices BSE Sensex and NSE Nifty 50 may see a positive opening on Thursday. Here’s a look at the key stocks to watch in trade.
Stocks in Focus: GIFT Nifty traded up by 82.50 points or 0.35% at 23,451.50 indicating a positive opening for domestic indices NSE Nifty 50 and BSE Sensex on Thursday. Previously, on Wednesday, the NSE Nifty 50 ended up by 58.10 points or 0.25% to settle at 23,322.95 while the BSE Sensex jumped 149.98 points or 0.20% to 76,606.57.
“Ahead of US inflation data and the FOMC meeting, global markets largely remained positive. The consensus indicates expectations of stable US inflation, but the trajectory of potential rate cuts holds significant importance for future direction,” said Vinod Nair, Head of Research, Geojit Financial Services.
Nair also added that, as rate cut expectations have tempered to 2 from 3 earlier. The domestic market is trading at new high on expectations of a final budget with a focus on growth, which was amplified by the RBI’s upgrade in GDP growth forecast.
Stocks to Watch on June 13, 2024
Nestle India
The FMCG major announced it will continue paying royalties to its parent firm at the existing rate of 4.5% of net sales after shareholders rejected a proposal to increase it. The company’s board has approved the continuation of general license fees at the current rate of 4.5% to Société des Produits Nestlé S.A. (licensor).
L&T Finance
Private equity major Bain Capital, through its affiliates BC Asia Investment VI and BC Asia Growth Investment, is likely to exit L&T Finance Holdings by divesting its 3.54% stake at a floor price of Rs 169.17 per share. This divestment, representing approximately 88.2 million shares, is part of a clean-up trade.
Torrent Pharma
The company reported that the USFDA conducted a pre-approval inspection and a GMP inspection at its Indrad facility from June 3 to June 12, 2024. Following the inspection, the company received a Form 483 with five observations. The company noted that none of the observations are related to data integrity.
Sobha
The realty major realty firm announced plans to raise Rs 2,000 crore through a rights issue of shares. The company intends to issue 1.21 crore rights equity shares on a partly-paid basis. Assuming full subscription and payment of call monies, the company expects to raise the targeted Rs 2,000 crore.
Dr Reddy’s lab
Drug major Dr. Reddy’s Laboratories announced that its step-down wholly-owned subsidiary, Dr. Reddy’s USA, has entered into a license agreement with Ingenus Pharma. Under the agreement, Dr. Reddy’s USA has obtained the exclusive rights to commercialize Cyclophosphamide Injection RTD from Ingenus.
Whirlpool
A leading washing machine maker and Hindustan Unilever have announced a new marketing alliance for Surf Excel, Hindustan Unilever’s laundry brand. Under this alliance, both brands will engage in joint marketing initiatives.
Exide Industries
The company has invested an additional Rs 75 crore in the equity share capital of its wholly-owned subsidiary, Exide Energy Solutions, through a rights issue. This brings the total investment made by the company in Exide Energy Solutions to Rs 2,452.24 crore.
Saksoft
The company announced its plan to acquire 100% equity in Augmento Labs, aiming to enhance its capabilities and presence in the product engineering space. The total acquisition cost is Rs 100 crore, including an upfront cash consideration of Rs 35 crore and the remaining as earnout consideration based on performance over two financial years.
PTC India Financial Services
The Securities and Exchange Board of India (SEBI) has fined Pawan Singh Rs 25 lakh and barred him from taking a director’s post in a listed company for two years. Pawan Singh is the former MD & CEO of the company. Additionally, SEBI has fined Rajib Kumar Mishra Rs 10 lakh and barred him from taking a director’s post in a listed company for six months.
Gensol Engineering
The company has emerged as the successful bidder for a 250 MW/500 MWh battery energy storage system (BESS) tender issued by the Gujarat Urja Vikas Nigam Ltd (GUVNL). This project aims to provide on-demand electricity to the distribution companies (discoms) of Gujarat during both peak and off-peak hours.
Additionally, there is a greenshoe option available to GUVNL to award a second tranche of the same order under identical terms and conditions. If exercised, this greenshoe option could potentially generate revenue of Rs 2,680 crore over the 12-year battery energy storage program agreement.