GIFT Nifty indicated that Indian equity indices BSE Sensex and NSE Nifty 50 might open flat on Thursday. Here’s a look at the key stocks to watch in trade.
Stocks in focus: GIFT Nifty was flat during Thursday’s early trading session at 19,504.5, indicating a tepid opening for domestic indices NSE Nifty 50 and BSE Sensex. Domestic indices NSE Nifty and BSE Sensex closed in the green on Wednesday after a day of volatile trade. The blue-chip Nifty 50 index settled above 19,400, breaching a key resistance level while Sensex added 200 points after erasing losses from the morning trade.
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“Global markets have restrained from making significant moves as they await the outcome of the central bankers’ gathering at Jackson Hole scheduled for Friday. With the earnings season nearing its end, the heightened possibility of another rate hike in the US, along with the resultant increase in bond yields, are expected to keep the global market’s volatility high. On the domestic front, sentiments remained positive, backed by strong demand in the banking sector, though IT and pharma limited the gains,” said Vinod Nair, Head of Research at Geojit Financial Services.
Stocks to Watch on 24 August, 2023
Reliance Industries
Reliance Retail Ventures announced that it will receive a funding of Rs 8,278 crore by Qatar Investment Authority (QIA) through a wholly-owned subsidiary. This investment values RRVL at a pre-money equity value of Rs 8.278 lakh crore
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Procter and Gamble Health
The board of directors recommended a final dividend of Rs 50 per equity share, for the financial year ended June 30, 2023. The dividend shall be paid between November 28, 2023 to December 18, 2023.
NHPC
NHPC signed a Memorandum of Understanding with Andhra Pradesh Power Generation Corporation for the implementation of pumped storage hydro power projects and renewable energy projects in Andhra Pradesh. The MoU provides a framework under which parties may collaborate and cooperate to form a joint venture company under the Companies Act, 2013.
Vascon Engineering
Vascon Engineers received a Letter of Acceptance amounting to Rs 605.65 crore from Bihar Medical Services & Infrastructure Corporation Ltd for the construction of Lohia Medical College & Hospital including hospital and residential building, Supaul.
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Coforge
Coforge’s promoter Hulst BV might offload its entire 26.63% stake in the IT firm via a block deal. The floor price has been fixed at Rs 4,550 per share, which is a 7.4% discount to Wednesday’s closing price of Rs 4,913. Hulst BV will sell 1.62 crore shares, taking the deal size to around Rs 7,400 crore, sources said.
Torrent Pharma
The US FDA has granted Voluntary Action Indicated classification to the drug makers manufacturing site in Dahej, Gujarat, which was earlier placed under ‘Official Action Indicated (OAI)’ classification based on a March 2019 inspection outcome. The site was re-inspected by the US FDA between May 17 and May 25, 2023 and the officials had issued Form 483 with two observations.
(With agency inputs.)
