 "Stocks to Watch, June 12:L&T, Cipla, Patanjali Foods, TCS, TVS Supply Chain")
Stocks to Watch on Wednesday, June 12, 2024: The consumer price index (CPI)-based inflation, along with the US Fed's decision later tonight, will be the key events for the Indian stock markets on Wednesday.
At 7:40 AM, GIFT Nifty was quoting at 23,307, down 3 points.
Globally, Asian markets were largely lower with Hang Seng lower by 1.5 per cent, Nikkei 0.7 per cent, and ASX200 0.5 per cent. On the flipside, Kospi was up 0.4 per cent.
China's May inflation rate came in at 0.3 per cent, missing expectations of 0.4 per cent by economists polled by Reuters. The figure was unchanged from April.
Overnight in the US, the S&P 500 and the Nasdaq Composite rose to fresh closing highs. The broad market index gained 0.27 per cent, while the Nasdaq Composite added 0.88 per cent.
On the other hand, the Dow Jones Industrial Average lost 0.31 per cent.
More From This Section
Here's a list of stocks to watch on Wednesday, June 12:
Larsen and Toubro: The engineering major expects private capex to pick up gradually post general elections in India in FY25.
In its Annual Report for FY24, it said while private industrial capital spending has been measured in FY24, it is expected to pick up in the next fiscal year with the ongoing global supply chain diversification trends and investors' response to the government's Production Linked Incentive (PLI) scheme to boost key targeted manufacturing industries.
However, headwinds from geopolitical tensions, volatility in international financial markets, geoeconomic fragmentation, continuing sea route trade disruptions, and extreme weather events pose risks to the otherwise optimistic outlook, it added.
Cipla: The Additional Commissioner of State Tax (Appeal), Central Division, Patna, has upheld the order of Office of Joint Commissioner of State Taxes, Special Circle, Patna, against the company, for claiming inadmissible input tax credit during FY 2017-18, Cipla said in an exchange filing.
The company will file necessary appeal with the higher appellate authority in this regard, it added.
Patanjali Foods: Clarifying on news reports saying the company is looking to merge Patanjali Ayurved's non-food business with itself, it said that the Board of Directors of Patanjali Foods at its meeting held on April 26, 2024 had discussed the initial proposal received from Patanjali Ayurved Limited for a sale of PAL's non-food business undertaking to the company.
A Committee composed of an Independent Director, CEO, and CFO was formed to evaluate the proposal, carry out due diligence and valuations etc. which is in progress. Nothing, however, has been finalised yet.
Tata Consultancy Services: TCS has launched a new Internet of Things (IoT) engineering lab in the US to assist clients in developing innovative solutions more efficiently.
The lab in Cincinnati, Ohio, is designed to support the rapid prototyping, experimentation and large-scale implementation of AI, GenAI, and IoT engineering solutions, TCS said in a statement.
TVS Supply Chain Solutions: The company has entered into a five-year contract with Daimler Truck South East Asia Pte. Ltd for Integrated Supply Chain Solutions (ISCS) services in Singapore.
Dollar Industries: As a part of their Vision South India strategy, Dollar Industries is targeting around 50 per cent growth in sales from the Southern market as compared to current year. The company is also targeting to garner around 20 per cent of its domestic revenue from the South market.
Tube Investments of India: The company and its subsidiary, TI Clean Mobility, have entered into definitive agreements with South Asia Growth Invest III LLC and South Asia EBT Trust III (collectively known as GEF) to facilitate an additional subscription for compulsorily convertible preference shares amounting to Rs160 crore in TICMPL.