GIFT Nifty indicated a flat start for domestic indices BSE Sensex and NSE Nifty 50. Here’s a look at the stocks to watch in trade on Tuesday.
Stocks in focus: GIFT Nifty traded flat during Tuesday’s early trading session at 20,117.5, indicating a flat opening for domestic indices NSE Nifty 50 and BSE Sensex. Indian equity indices NSE Nifty 50 and BSE Sensex added gains for the seventh consecutive session on Monday. Nifty 50 surpassed the 20,000 mark for the first time during the day, Sensex fell just short of its all-time closing high by approximately 400 points, settling at 67,571.90 points.
“The domestic markets began the day on a positive note, bolstered by the historic consensus achieved at the G20 summit, which instilled confidence among investors. Higher-than-expected loan growth data and strong profitability along with lower NPA in PSU banks attracted investor interest. Additionally, expectations of easing inflation, driven by a decline in vegetable prices, fueled optimistic sentiment, leading to a market rally. The return of China from deflation, growth in new bank loans, and reduced concerns about US rate hikes have paved the way for the domestic markets to reach new all-time highs,” said Vinod Nair, Head of Research at Geojit Financial Services.
Read More: SJVN Stock Rallies Over 10% On Solar Power Project Deal; Things Investors Should Know
Stocks to Watch on 12 September, 2023
Reliance Industries
KKR is set to invest Rs 2,069.50 crore in Reliance Retail Ventures for an additional stake of 0.25%, taking KKR’s total shareholding in RRVL to 1.24%. This investment values RRVL at a pre-money equity value of Rs 8.361 lakh crore, which makes it among the top four companies by equity value in the country.
L&T
Larsen & Toubro (L&T) has hiked the price for its proposed share buyback by Rs 200 to 3,200, even as it reduced the number of shares to be bought to 33.33 million. The record date for the buyback has been set at 12 September.
Read More: Ircon Jumps 15%, RVNL, Railtel Hit Record Highs; Why Are Railway Stocks Rallying Today?
Tata Steel
Tata Steel has received shareholders’ approval for the appointment of T V Narendran as its CEO & MD, with nearly 99.47% of the votes cast in favour of the resolution. Earlier in July, the Tata Group company had reappointed Narendran as CEO & MD for five years, starting from September 19, 2023, till September 18, 2028.
Adani Enterprises
In the Adani-Hindenburg case, petitioners have submitted their rebuttal to SEBI’s report on the Adani investigation. The petitioners have accused SEBI of inaction, conflict of interest, and regulatory dilution. Additionally, they added that the exchange regulator’s involvement in the case was a breach of ethics, since Cyril Shroff’s – a member of SEBI Committee on Corporate Governance and Insider Trading- daughter, is married to Karan Adani, Adani Group Chairperson Gautam Adani’s son.
ICICI Bank
ICICI Bank has received the RBI’s approval to confirm the re-appointment of Sandeep Bakhshi as MD and CEO. Bakhshi has been reappointed for a period of three years, from 4 October, 2023, to 3 October, 2026.
Read More: Tata Power Shares Climb On Investment From U.S. Agency
Power Grid
Power Grid won the bidding process and will establish a 20-GW inter-state transmission system project in Rajasthan.
IDFC First Bank
GQG Partners has bought nearly 51 million shares of IDFC First Bank from Managing Director and Chief Executive Officer V Vaidyanathan through a block deal. Shares of the bank rose around 2% in intra-day trade on Monday following the announcement.
Krishna Institute of Medical Sciences
KIMS Hospital Enterprises Private, a subsidiary of Krishna Institute of Medical Sciences, has successfully secured an extra 13.24% of equity ownership in Kondapur Healthcare Ltd. As a result, KIMS Hospital’s overall equity interest in Kondapur Healthcare has now risen to 19.86%.
(With agency inputs.)
