GIFT Nifty indicated that Indian equity indices BSE Sensex and NSE Nifty 50 may see a subdued opening. Here’s a look at the key stocks to watch in trade.
Stocks in Focus: GIFT Nifty traded a tad higher as the index was up 11.50 points or 0.05% at 22,081.00 indicating a subdued start for domestic indices NSE Nifty 50 and BSE Sensex on Tuesday. Previously, on Friday, the NSE Nifty 50 gained 84.80 points or 0.39% to settle at 22,096.75, while the BSE Sensex closed 190.75 points or 0.26% higher at 72,831.94.
Stocks to watch on March 26, 2024
Jindal Stainless
Jindal Stainless and IIT Kharagpur will jointly work on metallurgical projects like primary alloy production and materials characterisation. It is an industry-academia collaboration under which the premier educational institution will offer technical and operational solutions, the company said in a statement on Saturday.
Reliance Jio and Bharti Airtel are likely to adopt different strategies for tariff hikes after the parliamentary elections. According to company executives, while Bharti Airtel will go for a hike in headline tariffs, Jio may not do the same. Instead, the company will bank on measures promoting higher data consumption, leading users to move to higher packs, which will see an improvement in its average revenue per user (ARPU).
Tech Mahindra
The company said it plans to merge its two wholly-owned subsidiaries, Born Group and Tech Mahindra (Americas), to synergise business operations, optimise operational costs, and reduce compliance risks.
Jindal Steel
Visco Orinoco, an entity related to industrialist Naveen Jindal, has taken control of Venezuela’s largest iron-ore facility owned by CVG Ferrominera Orinoco. The company, which expects to commence operations “immediately”, expects to export 600,000 metric tonne of iron ore from the facility by the end of this calendar year. It will also make “substantial” investments in the facility, sources close to the development said, but did not divulge details.
JSW Energy
JSW Energy’s arm JSW Renewable Energy has signed an agreement with Reliance Power to acquire its 45 MW wind power project in Vashpet, Maharashtra, for Rs 132 crore.
Wipro
Wipro has promoted six employees to senior vice president roles and 25 others to vice president roles, two internal memos seen by Reuters showed. The promotions, seen by industry watchers as a move to stem senior-level attrition, came after a series of high-profile exits at the country’s No.4 software services exporter. Many senior executives have left Wipro in the past year, including finance chief Jatin Dalal, Chief Growth Officer Stephanie Trautman, and Digital and Cloud head Barath Narayanan.
The Securities and Exchange Board of India issued an administrative warning to ICICI Securities Limited on Friday. An administrative warning has been issued in connection with the inspection of books and records for the Merchant Banking activities of the company conducted in December 2023, said the company in a statement.
One9 Communications (Paytm)
Amid the looming regulatory scrutiny around Paytm with Paytm Payments Bank receiving regulatory warnings and RBI imposing severe business restrictions on the subsidiary company, Motilal Oswal Financial Services estimated that Paytm’s FY25E revenue is expected to decline by 24%.
On Friday, Hindustan Aeronautics inked a deal with Guyana Defence Force for the supply of two Hindustan-228 Commuter Aircraft, valuing the contract at nearly Rs 194 crore.
Dr Reddy’s Laboratories
On Friday, the company announced it has entered a licensing agreement with US-based company Pharmazz to commercialise Centhaquine, a first-in-class resuscitative agent in India. According to the agreement, Dr Reddy’s will receive exclusive rights to market and distribute Centhaquine in India and Nepal, while Pharmazz will be entitled to upfront payments and royalties.
On Friday, Exide Industries said its wholly-owned material subsidiary Chloride Metals has received an income tax assessment order for the assessment year 2022-2023 which has resulted in a tax demand of Rs 133.03 crore.
