Despite Asian shares trading in the deep red, GIFT Nifty clocked mild gains in Thursday’s early trading session, indicating a mildly positive open for domestic indices BSE Sensex and NSE Nifty 50. Here’s a look at the key stocks in focus.
Stocks in focus: The GIFT Nifty traded higher during Thursday’s early trading session, up by 0.14% at 19,527, indicating a mildly positive opening for domestic indices NSE Nifty 50 and BSE Sensex. Benchmark indices NSE Nifty 50 and BSE Sensex ended in the red after tanking in trade on Wednesday, as global markets fell on Fitch Ratings’ downgrade of US credit ratings. The Nifty 50 gave up 207 points to close at 19,526.55. On the other hand, Sensex slipped 1.02% to end at 65,782.78.
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“The Indian market witnessed a broad sectoral slide, affected by weak global market trends. Negative news regarding the US rating downgrade on fiscal concerns, coupled with weak factory activity data from Eurozone and China, led to widespread worries across the globe. Additionally, prolonged FII selling, triggered by a rise in US bond yields, has disrupted the mood of the domestic market,” said Vinod Nair, Head of Research at Geojit Financial Services.
Stocks to Watch on 3 August, 2023
Vedanta
Twin Star Holdings, a promoter in Vedanta, might offload a 4.3% stake in the firm via a block sale and is set to garner around $500 million or Rs 4,136 crore. The stakeholder is planning on selling 16 crore shares, at the price of Rs 258.5 per equity share, clocking in at a 5% discount from Wednesday’s closing price.
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JSW Steel
JSW Steel signed a joint-venture deal with Japan’s JFE Steel to produce cold-rolled grain oriented silicon steel. The total consideration for the project is Rs 5,500 crore, which will be financed by a mix of equity and debt.
Titagarh Rail Systems, Ramkrishna Forgings
Titagarh Rail Systems and Ramkrishna Forgings formed a joint venture, Ramkrishna Titagarh Rail Wheels to manufacture and supply forged wheels for a long term agreement under Aatma Nirbhar Bharat. Currently, both the companies own an equal share in the JV.
Hero MotoCorp
After searching 12 locations in the case against Pawan Munjal, chairman and MD of Hero MotoCorp, the ED seized assets worth Rs 25 crore in the alleged money laundering case.
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InterGlobe Aviation
InterGlobe Aviation, parent of Indigo, reported its first quarterly earnings with a profit after tax of Rs 3,090.6 crore, a record for the company. The airline reported a loss of Rs 1,064.3 crore in the corresponding quarter last fiscal.
Ambuja Cements
Ambuja Cements, a cement firm acquired by the Adani Group, is understood to have closed a deal to acquire Sanghi Cement at an enterprise valuation of about Rs 6,000 crore. This would be the first acquisition by the Gautam Adani-helmed firm after the US-based Hindenberg Research claimed there are significant governance issues within the Adani Group.
Tata Power
Tata Power Renewable Energy has inked two separate pacts to supply a total of 350 MW electricity from its solar projects to Maharashtra State Electricity Distribution Company (MSEDCL).
Adani Enterprises, Adani Power, Bharti Airtel, Dabur India, Piramal Pharma, Eicher Motors, Lupin, ICRA, LIC Housing Finance, Zomato, Sun Pharma, Minda Corporation
Shares of Adani Enterprises, Adani Power, Bharti Airtel, Dabur India, Piramal Pharma, Eicher Motors, Lupin, ICRA, LIC Housing Finance, Zomato, Sun Pharma, Minda Corporation will be in focus today as the firms gear up to announce their first fiscal quarter earnings results.
