GIFT Nifty indicated that Indian equity indices BSE Sensex and NSE Nifty 50 may see a negative opening on Wednesday. Here’s a rundown of the key stocks to watch today in trade.
Stocks in Focus: GIFT Nifty traded down by 36 points or 0.15% at 23,684.50, indicating a negative opening for domestic indices NSE Nifty 50 and BSE Sensex on Wednesday. Previously, on Tuesday, the NSE Nifty 50 ended up by 183.45 points or 0.78 percent to settle at 23,721.30, while the BSE Sensex gained 712.44 points or 0.92 percent to 78,053.52.
A financial sector-driven rally boosted domestic markets, with private banks helping the Nifty Bank reach a fresh high and the Sensex crossing 78,000. However, there was profit booking in realty, power, metals, and midcaps, said Vinod Nair, Head of Research at Geojit Financial Services.
Nair further added that expectations from the forthcoming budget are keeping the market upbeat amidst moderate consolidations and sector rotations. He said they would also watch the progress of the monsoon for insights into the consumption outlook. Stocks to watch Today.
Stocks to watch June 26, 2024
Elecom Stocks
On the first day of bidding on Tuesday, it received bids worth Rs 11,131 crore from three telcos. Reliance Jio, Bharti Airtel, and Vodafone Idea. Rs 96,000 crore worth of airwaves are at stake in the auction.
ICICI Bank
ICICI Bank’s market capitalization crossed $100 billion for the first time on Tuesday. Ecoming the sixth-ever entity to do so as its shares touched an all-time high. Shares of ICICI Bank closed at Rs 1,199, up 2.5%, valuing the firm at Rs 8.44 trillion ($101 billion) after touching a record high of Rs 1,207.
Coforge
The deal, in which the IT firm is picking up a majority stake in Cigniti Technologies, has been cleared by the Competition Commission of India on Tuesday. Coforge’s board approved a top-end acquisition of 54% stake in Cigniti Technologies in May.
Mazagon Dock Shipbuilders
In a notification to the exchange, the PSU announced that the Department of Public Enterprises has accorded it “Navratna” status. The status will make it the country’s 18th PSU.
UltraTech Cement
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Nearly a month after offering to acquire a 31.6 percent stake in UAE-based RAKWCT.UltraTech Cement revised the deal to 25 percent.
On May 27, UltraTech Cement offered to acquire 31.6 percent of RAK Cement Co for White Cement and Construction Materials PSC.
They planned to buy 15.80 crore shares in the UAE-based company as part of this initial acquisition proposal by UltraTech.
UltraTech Cement Middle East Investments Ltd., a wholly-owned subsidiary, made the offer on behalf of the Indian cement maker.
Yes Bank
It informed exchanges that private lenders are eyeing funds raised through debt securities on August 23, 2024. Yes Bank’s share price settled at ₹24.08 at the close of trade on Tuesday, June 25.
CE Info System
In CE Info Systems, the parent company of MapMyIndia. A block deal will involve offloading part of promoter Rakesh Kumar Verma’s equity stake. Specifically, they value the contract at Rs 114.6 crore for about 0.9 percent of the total equity of CE Info Systems. Furthermore, with this transaction, they set the floor price at Rs 2,293.20 per equity share, making it a 5 percent discount from the closing price of the scrip at Rs 2,413 on the NSE. Additionally, the broker for this deal is JM Financial.
Sanghi Industries Ltd.
Promoter Ambuja Cements, along with Ravi Sanghi, is going to offload a stake of up to 3.52 percent in Sanghi Industries through Offer for Sale (OFS) on June 26-27. The floor price for OFS has been fixed at Rs 90 a share.
Adani Ports and SEZ
Sushant Kumar Mishra has resigned as CEO-Logistics with effect from June 25 on account of internal restructuring. Divij Taneja, who has been appointed the new CEO-Logistics, will replace him effective from the same date.