SGX Nifty hints at a positive start for Indian benchmark indices Nifty 50 and Sensex. NTPC, Jet Airways, Suven Pharma among stocks to watch.
Indian benchmark indices are likely to open with gains, hinted SGX Nifty on Tuesday. Nifty futures traded higher at 18072 level on the Singapore Exchange. In the previous session, BSE Sensex jumped 721 pts to 60,566, while NSE Nifty 50 rose 208 pts to 18,015. “Market participants shouldn’t read much into a single day rebound and wait for the sustainability of the move. We have the next hurdle around the 18,150-18,200 zone in Nifty so we recommend utilising further recovery to reduce positions. In absence of any major event, the upcoming expiry of December month derivatives contracts will keep the traders busy,” said Ajit Mishra, VP – Technical Research, Religare Broking.
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Stocks in focus on 27 December, Tuesday
NTPC: The country’s largest power generation company has signed a non-binding Memorandum of Understanding with Tecnimont, Indian subsidiary of Maire Tecnimont Group based in Italy. They jointly will evaluate and explore the possibility to develop commercial scale green methanol production facility at a NTPC project in India.
Jet Airways: As uncertainty prevails over the relaunch of grounded carrier Jet Airways, several of its senior management executives, pilots and cabin crew have quit. Among the senior executives who have left the airline are the heads of engineers and human resources departments, said reports on Monday. Jet Airways’ vice president of in-flight services, Mark Turner, has been sent on leave without pay. However, airline’s chief executive officer, Sanjiv Kapoor, and chief financial officer, Vipula Gunatilleka, continue to remain with the company on reduced pay.
Suven: PE major Advent International will acquire a 50.1% stake in Suven Pharmaceuticals from promoter Jasti family for about 6,300 crore, following which it intends to merge the drugmaker with a portfolio company, Cohance Lifesciences. As part of the transaction, Advent will also be making an open offer to acquire an additional 26% stake from public shareholders. Advent International is acquiring the family’s stake at Rs 495 per share, while the open offer price is yet to be finalised.
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Time Technoplast: The company has received prestigious repeat order worth Rs 75 crore, from Adani Total Gas for supply of CNG cascades made from Type-IV composite cylinder. The delivery of these cascades will begin from January 2023.
V-Guard Industries: It had announced that it has signed definitive agreements for acquiring 100% stake in Sunflame Enterprises Pvt Ltd (SEPL) for a consideration of Rs 660 crore. The company said with Sunflame acquisition, its kitchen appliances business will reach near about Rs 500 crore. V-Guard said it would independently drive both the brands and will come out with a strategy on what will be the brand architecture and the price position segments in the due course.
GR Infraprojects: The company has received completion certificate for Expressway carriageway in Madhya Pradesh, from Authority’s Engineer and has declared the project fit for entry into commercial operation with effect from December 20. The said project on EPC mode under Bharatmala Pariyojana has been completed by the company, which had contract cost of Rs 991 crore.
Dev Information Technology: The Ahmedabad-based IT services & products company has sold 5.45% stake in Dev Accelerator (DevX), a managed co-working space business, at a valuation of Rs 104 crore. This secondary sale will bring down Dev IT’s shareholding in DevX from 41.26% to 35.81%.
Share India Securities: The company has received board approval for fund raising via rights issue to eligible equity shareholders, up to Rs 1,000 crore. It is going to appoint Corporate Professionals Capital as a lead Manager to the issue.
