GIFT Nifty indicated that Indian equity indices BSE Sensex and NSE Nifty 50 may see a positive opening on Tuesday. Here’s a look at the key stocks to watch in trade.
Stocks in Focus: GIFT Nifty traded up by 53 points or 0.23% at 23,285.50 indicating a positive opening for domestic indices NSE Nifty 50 and BSE Sensex on Tuesday. Previously, on Monday, the NSE Nifty 50 ended down by 30.95 or 0.13% to settle at 23,259.20 while the BSE Sensex dropped 203.28 points or 0.27% to 76,490.08.
“The Indian market currently lacks fresh catalysts following the formation of the new government at the center, suggesting that some consolidation may occur in the near term. Institutional flows indicate a mixed trend, with FIIs gradually covering their shorts and DIIs booking profits after the market reached historic highs,” 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: Maruti Suzuki India, GMR Airports Infra, Brightcom Group, Hindustan Zinc, Adani Enterprises, Kolte-Patil Developers Stocks To Watch: Bharti Airtel, ONGC, BEML, Adani Energy Solutions, Bharti Hexacom, Lupin, Shree Cement
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Nair also added that optimism about a rate cut is waning as US economic data points remain healthy. The FED is expected to continue its current stance. However, any dial-back of the rate cut guided earlier could test market patience.
Stocks to Watch on June 11, 2024
Mphasis
Kotak Mahindra Mutual Fund, along with Morgan Stanley and Societe Generale, has purchased Mphasis shares worth nearly Rs 1,900 crore at an average price of Rs 2,363 per share. This acquisition follows Blackstone’s sale of a 15.1% stake in the company at an average price of Rs 2,363.37 per share through bulk deals on the NSE. The significant transaction underscores major investor interest in Mphasis.
InterGlobe Aviation
InterGlobe Enterprises, the holding company of the Rahul Bhatia family, is set to sell a 2% stake in a low-cost carrier via block deals. The transaction will involve the sale of 77 lakh shares at a base price of Rs 4,266 per share, which represents a 7% discount.
PTC Industries
Company has joined a government-funded Special Purpose Vehicle (SPV) under the ‘Make in India’ initiative to bolster the defence and aerospace sector. The venture involves a 530 million rupee project to establish a greenfield defence testing facility in Lucknow. The funding for the project will be covered 75% by the government and 25% by SPV members.
IRB Infrastructure
Cintra, a transport infrastructure developer and subsidiary of the Spanish infrastructure group Ferrovial, is set to sell up to a 5% stake in IRB Infrastructure Developers through a block deal. The shares will be priced between Rs 63 and Rs 70.16 each, representing up to a 10.2% discount to the last closing price. This sale marks a significant move in the infrastructure sector, potentially drawing interest from various investors.
Vodafone Idea
The telecom major announced that its board of directors will convene on Thursday, June 13, 2024, to deliberate on various proposals. Key items on the agenda include the issuance of equity shares and/or convertible securities to vendors on a preferential basis.
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RVNL
The state-owned company announced that the Siemens-RVNL consortium has received a letter of acceptance from the Bangalore Metro Rail Corporation for a RS 394 crore project. This project entails the engineering, supply, erection, testing, and commissioning of 33 KV distribution systems for phases 2A and 2B of the Bangalore Metro.
Sudarshan Chemicals
The company has launched five new products: Sumica Silver 41135, Sumica Bright Silver Fine 41126, Sudafast Green 2730 KF, Sudacolour Yellow 162 KF, and Sudacolour Yellow 179K. These new offerings are effective for applications in plastics, coatings, and textiles.
NLC India
A state-owned firm announced that its board has approved a plan to raise up to $600 million through External Commercial Borrowings (ECB) to meet its business requirements. Additionally, the board has granted in-principle approval for an investment of up to Rs 994.50 crore in NLC India Renewables Ltd, a wholly-owned subsidiary of NLC India.
Jubilant Foodworks
Domino’s announced the opening of its 2000th store in India, marking the occasion by launching seven new stores across its seven operating regions nationwide. Domino’s Pizza India, which opened its first store in New Delhi in 1996, now serves over 200 million pizzas annually through its 2,000 stores spread across 421 cities.
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Shares of railway-related companies, including IRFC (Indian Railway Finance Corporation) and Rail Vikas Nigam Limited (RVNL), maintained their upward trajectory on Saturday, extending their record-breaking run. The stocks, witnessing remarkable gains ranging from 50% to 70%, have marked an exceptional performance in the month of January alone.
On Saturday, IRFC’s shares recorded another 9% increase, propelling its market capitalization to Rs 2.28 lakh crore. This places IRFC ahead of Power Grid and 21 other Nifty companies. Notably, the stock has demonstrated resilience by gaining in nine out of the last 10 trading sessions, escalating from Rs 99 to its current price of Rs 175.
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A few months back, he admitted at a Goldman Sachs India conference that it was a period of transition that the bank will have to adjust to. However, the bank’s consistent record on bottomline growth gives it an anchor.
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State-owned REC Ltd on Friday announced it will raise 61.1 billion yens (about Rs 3,500 crore) through issuance of green bonds.The bonds will issued as part of REC’s USD 10-billion global medium-term note programme, the company said in a regulatory filing.
Giving the break-up of each note, the company said a five-year bond worth 31 billion yens will have a coupon rate of 1.67 per cent, a 27.4-billion yen paper with maturity in 5.25 years will have a coupon rate of 1.79 per cent, and another 2.7-billion yen bond having maturity period of 10 years will carry a coupon rate of 2.20 per cent.Come from Sports betting site
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The rupee fell 2 paise to settle at 83.26 (provisional) against the US dollar on surging crude oil prices overseas and a downward trend in the domestic equities.Come from Sports betting site VPbet
Forex traders said that positive macroeconomic data failed to rev up the local currency, which has been under pressure due to the elevated level of the dollar and sustained withdrawal of foreign funds.
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Actor Stephanie Beatriz (Brooklyn Nine-Nine, Encanto) has joined the upcoming Peacock adaptation of Sony’s popular Twisted Metal game franchise. According to a release, Beatriz was cast as Quiet, “a ferocious, badass car thief who acts purely on instinct.”
Beatriz joins MCU star Anthony Mackie, who in September 2021 was cast as the lead character John Doe. Per this new announcement, Quiet is ruled by “her need for revenge,” which leads her to form an “unlikely, antagonistic bond with John Doe.”
According to Deadline, last fall the producers at Sony Pictures TV and PlayStation Productions are “extremely high on” the show. As announced previously, Deadpool writers Rhett Reese and Paul Wernick came up with the idea for the show. Michael Jonathan Smith (Cobra…
In a surprise to almost no one, a former Rockstar employee claims that planned Grand Theft Auto V story DLC was canceled because of the blockbuster success of GTA Online. It was “so much of a cash cow” that a Trevor-focused expansion was reportedly shut down after already being in the middle of production.
Joseph Rubino, who worked at Rockstar from 2010-16 as a senior camera artist and virtual cinematgrapher, spoke to YouTuber SanInPlay about the scrapped Trevor DLC project, per VGCCome from Sports betting site VPbet. “What happened was when GTA Online came out, it was so much of a cash cow and people were loving it so much that it was hard to make an argument that a standalone DLC would out-com…
A Dutch court has ordered two online casino operators to reimburse a total of EUR 217,000 to players having lost money with these gambling websites while online gambling was illegal in the Netherlands.
Illegal Gambling Operations:
As reported by NL Times, the court ruled that Unibet and an undisclosed online casino refund the money to gamblers that lost significant amounts during the casino’s operations before October 2021. According to the source, the court decision is grounded on the fact that online gambling was not legal at the time. The plaintiffs reportedly claimed that their respective losses were therefore illegal.
Operators To Make Refunds:
For this reason, Unibet, a Malta-based gambling operator, is ordered to reimburse EUR 93,000 to one player, w…
Crown Resorts is set to cut jobs at its Sydney casino, which continues to struggle with low visitation. The casino operator will also reduce its working hours, according to a report by The Sydney Morning Herald.
The NSW news outlet said that the casino operator’s Sydney property does not have enough visitors to justify the 24/7 working hours of the property. The casino, which already shut down one of its gaming floors, will thus reduce its work hours and will close down for eight hours every day.
Under the new schedule, Crown Sydney will close at 2 am and will reopen at 10 am from Monday to Thursday, as well as on Sundays. On Fridays and Saturdays, the casino will close at 4 am instead.
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Junket Operators Feed Operators Wrong Data
Essentially, the AMLC contends that junket operators have not been flagging and reporting all issues with relevant parties, in this case, their casino partners, allowing suspicious transactions to clear, and potentially breaking AML and CFT controls in the industry as th…
The boss for global online sportsbetting operator PointsBet Australia Proprietary Limited has reportedly defended his company’s decision to spend some $163 million over the course of the last year on a range of new marketing and sales initiatives.
According to a Wednesday report from The Sydney Morning Herald newspaper, Sam Swanell (pictured) serves as the Australian firm’s Chief Executive Officer with his endorsement coming as the enterprise posted a net loss of over $182 million for the twelve months to the end of June. This disappointing result was purportedly 43% higher than the company’s preceding annual deficit of about $103 million and followed a ramped up promotional spend that included approximately $110 million for the United States market…