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 37 points or 0.17% at 21,899 indicating a positive opening for domestic indices NSE Nifty 50 and BSE Sensex on Wednesday. Previously, on Tuesday, the NSE Nifty 50 ended down by 238.25 points or 1.08% to settle at 21,817.45, while the BSE Sensex plunged 736.37 points or 1.01% to 72,012.05.
“Following the BoJ’s decision to hike interest rates for the first time in 17 years, the Asian peers’ mood turned sour, which pulled the Indian market to continue its recent pessimism. The correction in the domestic market has also been triggered by concerns over premium valuations and the delay of rate cuts by the US Fed due to hotter than expected inflation, which is evident from the upward trend in the dollar index,” said Vinod Nair, Head of Research, Geojit Financial Services.
Nair also added that, Investors are exercising caution as they await the upcoming US Fed meeting, seeking indications on the potential timing of a reversal in the rate cycle. Additionally, the gradual increase in crude oil prices is further dampening market sentiment.
Stocks to Watch on March 20, 2024
TCS
TCS has been chosen by the Central Bank in the US to modernize its core technology infrastructure. This strategic move aims to streamline customer onboarding processes and foster continued growth for the bank, as per a stock exchange filing.
Vodafone Idea
Vodafone Idea received a noteworthy request from ATC Telecom Infrastructure Private Ltd to convert optionally convertible debentures (OCDs) worth Rs 1,440 crore into equity shares, marking a significant financial transaction for the telecom operator.
SBI Card
SBI Card’s board of directors approved an interim dividend of Rs 2.50 per equity share for the fiscal year 2023-24. The record date for determining the entitlement of the interim dividend is set for Thursday, March 28, 2024, with the dividend expected to be credited or dispatched on or before April 17, 2024.
Shakti Pumps
Shakti Pumps announced the opening of a qualified institutional placement (QIP) to raise up to Rs 200 crore, with a fixed floor price at Rs 1272.09 per share. The issue price will be determined later in consultation with the appointed book-running lead managers, indicating a strategic move to strengthen the company’s financial position.
Tata Steel
The board of Tata Steel approved a fundraising endeavor of Rs 2,700 crore via the issuance of non-convertible debentures (NCDs). The NCDs are slated for allotment on March 27, marking a significant move towards bolstering the company’s capital base.
Adani Enterprises
Adani Enterprises’ subsidiary, Adani Tradecom Limited (ATL), completed the acquisition of the remaining 49% stake in Adani Green Technology Ltd (AGTL) from Adani Trading Services LLP (ATS LLP) for Rs 4 lakh, signaling a notable consolidation within the conglomerate.
Persistent Systems
Persistent Systems executed a share purchase agreement (SPA) for the acquisition of its UK arm from Ireland’s Aepona Group for GBP 7,430,000. This acquisition enhances Persistent Systems’ capabilities in telecommunications API gateway services, reflecting strategic expansion efforts.
UltraTech Cement
In a significant regulatory development, the Competition Commission of India (CCI) granted approval to UltraTech Cement’s proposed acquisition of Kesoram Cement Business from Kesoram Industries. This clearance marks a significant step in the consolidation within the cement industry.
NBCC
NBCC’s subsidiary, HSCC (India), secured a noteworthy work order worth Rs 14 crore for lab equipment procurement for the Himachal Pharma Testing Lab, reflecting continued success in securing government contracts.
Deccan Gold Mines
Deccan Gold Mines’ Tanzanian unit made a substantial discovery of gold and lithium reserves in Tanzania. This development aligns with the company’s strategic diversification efforts into critical minerals, marking a significant milestone in its expansion endeavors.