 "Stocks to Watch: Delta Corp, Vedanta, KIOCL, Power Grid, M&M, IRCTC, Lupin")
Equity benchmark indices Sensex and Nifty open with losses on Wednesday, tracking weakness across global markets.
At 7:30 am, the Gift Nifty futures were down 40 points to 21,576 over Nifty futures’ last close.
The Dow and S&P 500 fell 0.42 per cent and 0.15 per cent, respectively, overnight while the Nasdaq Composite eked out a gain of 0.09 per cent.
Asian stocks were mixed. Japan’s Nikkei was up 1.7 per cent, leading gains in the region. Australia’s S&P/ASX 200 and Kopsi in South Korea fell up to 0.6 per cent. Hang Seng recovered to inch 0.3 per cent up.
Meanwhile, here are some stocks to watch out in trade today:
Delta Corp: The company reported 15 per cent YoY decline in Q3 consolidated revenue to Rs 231.7 crore. Net profit slumped 59 per cent to Rs 34.5 crore.
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Vedanta: Moody's has downgraded Vedanta Resources' corporate family rating to Caa3 from Caa2 and rating on unsecured bonds to Ca from Caa3. Outlook has been maintained as negative.
KIOCL: The company has temporarily suspended operations of Mangalore-based pellet plant due to non-availability of iron-ore fines.
Power Grid: Reports say the company plans to float bonds to raise up to Rs 2200 crore today. The base size is said to be Rs 500 crore with a greenshoe option of Rs 1700 crore.
Mahindra and Mahindra: The company will collaborate with a US-based automobile technology company Mobileye for software solutions and to explore building a full-stack autonomous driving system.
Power Finance Corp: The company received a no-objection letter from the Reserve Bank Of India for setting up a finance company in the International Financial Services Centre in GIFT City, Gujarat.
Lupin: The pharma major launched Bromfenac Ophthalmic Solution, 0.07 per cent in the US following US FDA’s nod. .
IRCTC: The Railway Ministry has nominated Sanjay Kumar Jain as the chief managing director of the company.
Steel Strips Wheels: The company will invest Rs 138 crore in AMW Autocomponent Ltd as part of an insolvency resolution plan. Its board has decided on the plan after the Ahmedabad Bench of the National Company Law Tribunal gave its nod for its resolution plan for AMW Autocomponent.
Shyam Metalics and Energy: The company has successfully completed a fundraise of Rs 1,385 crore through a Qualified Institutional Placement (QIP), surpassing expectations with bids totaling Rs 4,055 crore, 3.5 times the actual funds raised.
Infibeam Avenues: The company has inked a pact with the Gujarat government to invest Rs 2,000 crore in the state by 2030.
Polycab India: Refuting media reports of tax evasion, it said it has not received any communication from the income-tax department regarding the outcome of the search.