Stocks to Watch: The Indian benchmark indices BSE Sensex and Nifty 50 were headed for a slow start, as indicated by the GIGT Nifty index, after Nvidia’s better-than-expected results failed to boost investors’ confidence in the US market and the company’s stock fell nearly 7 per cent, in extended trading.
At 7:50, GIFT Nifty was trading at 25,003.50, around 45 points behind Nifty futures close at 25,048.35.
Meanwhile, Asia-Pacific markets fell on Thursday, with tech stocks dragging South Korean and Taiwanese indexes after Nvidia’ second-quarter results.
South Korean chip heavyweight SK Hynix plunged over 5 per cent, while Samsung Electronics fell more than 2.6 per cent, dragging the Kospi down 0.71 per cent.
The Taiwan Weighted Index lost 1.14 per cent, leading losses in Asia.
Japan’s Nikkei 225 dropped 0.42 per cent, while the broad based Topix was down 0.24 per cent.
Australia’s S&P/ASX 200 was down 0.67 per cent, while Hong Kong Hang Seng index slipped 0.4 per cent, and the mainland Chinese CSI 300 lost 0.31 per cent.
Meanwhile, here are a few stocks likely to be in focus on Thursday, August 29:
Reliance Industries: The Competition Commission of India (CCI) has approved the merger between Reliance Industries-promoted Viacom18 and Walt Disney-owned Star India. This landmark merger is set to create India’s largest media and entertainment firm, with Reliance holding a 56 per cent stake, Disney owning 37 per cent, and Bodhi Tree Systems having 7 per cent. That apart, the company is also holding its AGM for FY24, today.
IndiGo: Rakesh Gangwal, co-founder of InterGlobe Aviation (which operates IndiGo), plans to sell up to $850 million worth of his stake in the country’s largest airline through block deals. The indicative price for the stake is set at ₹4,593 per share, reflecting a 5.5 per cent discount to the current market price.
PB Fintech: Tencent Cloud Europe BV is likely to offload a 2.1 per cent stake (approximately 9.7 million shares) in PolicyBazaar’s promoter through block deals. The floor price for this transaction is set at ₹1,660.2 per share, representing a 4.5 per cent discount to the current market price.
Procter & Gamble Hygiene and Health Care: The company recorded a net profit of ₹81.06 crore for the quarter ended June 2024, a decline of 46.4 per cent compared to the year-ago period. However, revenue grew by 9.3 per cent year-on-year to ₹931.8 crore during the quarter. The board recommended a final dividend of ₹95 per share.
Vedanta: Anil Agarwal-owned mining conglomerate Vedanta will consider a third interim dividend at its board meeting on September 2. The record date for the dividend has been fixed as September 10, 2024.
Tata Steel: The company has acquired 178.34 crore ordinary equity shares worth $280 million (₹2,347.81 crore) in T Steel Holdings Pte (TSHP). Post this acquisition, TSHP will continue to be a wholly owned subsidiary of the company.
KEC International: Infrastructure company KEC International has won new orders worth ₹1,171 crore in its Transmission and Distribution business, including constructing transmission lines in the UAE and Saudi Arabia.
One 97 Communications: Paytm Payments Services (PPSL) has received Finance Ministry’s approval for ‘downstream investment’ from One 97 Communications. PPSL, a wholly owned subsidiary of One 97 Communications, will now resubmit its payment aggregator (PA) application. Paytm emphasizes its ‘compliance-first approach’ and commitment to advancing the Indian financial ecosystem12.
Zomato: Zomato has acquired Paytm’s entertainment ticketing business for Rs 2,048 crore to strengthen its “going-out” segment. The deal includes Orbgen Technologies Pvt Ltd (OTPL) for movie ticketing and Wasteland Entertainment Pvt Ltd for events ticketing.
LTIMindtree: The Karnataka High Court has stayed a tax order worth Rs 378 crore against LTIMindtree for alleged non-payment of Integrated Goods and Services Tax.
YES Bank: The bank collaborates with Newtap Finance to provide personalized financing solutions for creditworthy individuals on payments platform CRED. CRED members will benefit from competitive rates and a superior digital-first experience5.
Sonata Software: The company has secured a multi-million dollar IT outsourcing contract from a US-based premier healthcare and wellness company. The collaboration focuses on optimizing IT budgets and modernizing technology landscape.
Wipro: The global IT services provider, has announced the liquidation of Capco Consulting Services (Guangzhou), its step-down subsidiary based in China. Additionally, the company has completed its subscription in the equity share capital of Huoban Energy.
Macrotech Developers: The realty firm plans to acquire 100 per cent equity stakes in Opexefi Services Private Ltd and One Box Warehouse Private Ltd through executed Share Purchase Agreements. The acquisitions, valued at ₹46.7 crore and ₹49 crore, respectively, will make both companies wholly owned subsidiaries of Macrotech.
NLC India: State-owned NLC India has signed a 25-year power usage agreement with Telangana state discoms for 200 MW of solar energy under the central public sector undertaking scheme.
Vodafone Idea: The Supreme Court of India has scheduled a hearing for Vodafone Idea’s curative petition in the Adjusted Gross Revenue (AGR) case on August 30. This follows the Supreme Court’s acknowledgment of Vodafone Idea’s submission against the 2019 judgment on payments to the government.
VLS Finance: The company announced a share buyback program, intending to repurchase up to 33 lakh fully paid-up equity shares at a price of ₹380 per share, totaling ₹125.4 crore.
Lemon Tree Hotels: The company announced its newest property, Lemon Tree Hotel in Ujjain, Madhya Pradesh. The hotel, expected to open in FY27, will feature 72 rooms, a restaurant, a bar, a swimming pool, and other public areas. It will be managed by Carnation Hotels, a wholly-owned subsidiary of Lemon Tree Hotels.
NALCO, Oil India: Khanij Bidesh India Ltd. (KABIL), a joint venture among NALCO, Hindustan Copper, and Mineral Exploration & Consultancy, has signed an MoU with Oil India for collaboration in mineral exploration and related projects. This partnership aims to address India’s growing needs for mineral resources.
Welspun Living: The promoter of Welspun Living plans to sell up to 4.6 per cent of the company’s stake and raise $106 million. The transaction will be executed at a floor price of ₹197 per share, representing about a 5 per cent discount to the current market price.
TCNS Clothing Company: Religare Invesco Mutual Fund, Edelweiss Mutual Fund – Edelweiss Absolute Return Fund, and Invesco Mutual Fund bought a 3.2 per cent stake in the women’s apparel company. Setu Securities, Morgan Stanley Asia Singapore Pte, and Nomura Singapore sold 3 per cent of shares in the company.
Kesoram Industries: Foreign portfolio investor SG Sundae Holdings LLC sold 0.92 per cent of shares at an average price of ₹207.02 per share.
Shaily Engineering Plastics: Motilal Oswal Mutual Fund bought an additional 0.68 per cent stake at an average price of ₹923.63 per share. Also, they acquired 1.09 per cent of shares at an average price of ₹940 per share.
Annapurna Swadisht: Annapurna Swadisht has opened its qualified institutions placement (QIP) issue on August 28, with an approved floor price of ₹434.96 per share.
Gulshan Polyols: PGIM India Equity Growth Opportunities Fund Series I purchased a 0.8 per cent stake at an average price of ₹216.75 per share.
CIL Nova Petrochemicals: Legends Global Opportunities (Singapore) Pte bought a 4.6 per cent stake at an average price of ₹69.74 per share from New Leaina Investments. Additionally, Albula Investment Fund purchased a 4.7 per cent stake at an average price of ₹70.5 per share from Lotus Global Investments.
PDS: The company has successfully completes a QIP to raise ₹430 crore. The funds will accelerate growth, diversify sourcing regions, and expand global footprint9.
