Buzzing stocks: The SGX Nifty hinted at a positive start for domestic indices Nifty and Sensex in trade today. Here’s a look at the key stocks to watch in trade.
Stocks in focus: The SGX Nifty gained 0.46% in trade on Monday morning, signaling that domestic indices NSE Nifty 50 and BSE Sensex would open on a positive basis. Nifty futures were 85 points higher on the Singaporean exchange at 18,714. Nifty 50 and Sensex concluded last Friday’s session in positive territory. Nifty 50 rose 0.25% to 18,534 and Sensex jumped 119 points to 62,547.
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“The domestic market experienced significant volatility due to mixed signals from global counterparts. The approval of a debt deal that prevented a US default instilled optimism among global investors. Contrary to the global trend, domestic indicators favour bullish sentiment. The release of domestic GDP data, surpassing expectations, and robust Q4 earnings bolstered the growth prospects of the domestic market. As we enter a new month, investors are anticipating the release of data points such as PMI and US payroll data, in addition to the outcome of the central banks’ monetary policy meeting,” said Vinod Nair, Head of Research, Geojit Financial Services.
Stocks to Watch on 5 June, 2023
Indian Oil, NTPC
India Oil Corporation has incorporated a joint venture company with NTPC Green Energy Limited (a wholly owned subsidiary of NTPC Limited), named IndianOil NTPC Green Energy. The JV will develop renewable energy-based power projects to meet the round the clock power requirements of new projects of IndianOil Refineries.
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Bajaj Finserv
Bajaj Finserv signed a MoU with the Government of Maharashtra to invest Rs 5,000 crore in Pune in their financial services business.
Indian Overseas Bank
The Reserve Bank of India imposed a penalty of Rs 2.20 crore on public bank Indian Overseas Bank for deficiencies in regulatory compliance. The bank failed to make a minimum mandatory transfer of a sum equivalent to 25% of its disclosed profit for the financial year 2020-21 to its reserve fund, RBI said.
Bajaj Finance
Bajaj Finance clarified that the firm has no plans to spin-off its payments business as a separate entity. “Payments business is an integral part of the company,” said the firm in a filing with the exchanges.
Vedanta
Vedanta-parent Vedanta Resources raised $450 million from two of its rivals. It raised $200 million from commodities firm Trafigura Group and borrowed $250 million from Glencore International AG. Additionally, Vedanta’s embattled Sterlite Copper plant has been given orders by the Tuticorin district administration to start some of the upkeep works as per the Supreme Court order.
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SBI Life
Sahara India Life Insurance’s business will be transferred to SBI Life, following the approval from insurance regulator IRDAI.
Tech Mahindra
TechM’s subsidiary Comviva Technologies and Comviva Technologies B.V. agreed to divest 0.04% and 99.96% of their shareholding in Comviva Technologies do Brasil Indústria for an total consideration of $20,000 and deferred payment of $1.42 million to Druid Internet Systems Comércio E Serviços.
Lupin
Lupin announced the launch of Darunavir Tablets, 600 mg and 800 mg, a generic equivalent of Prezista tablets of Janssen Products, LP which is used to treat and prevent HIV/AIDS.
