 "Stocks to watch on June 04: DRL, Biocon, Wipro, RVNL, M&M Fin Svcs")
Stocks to watch on Tuesday, June 04, 2024: Indian equities may see the upward momentum continuing on Tuesday amid anticipation surrounding the Lok Sabha 2024 election results. The GIFT Nifty suggested a gap up start, as they quoted 158 points higher to Nifty 50 futures at 23,565.
The Asia-Pacific markets saw a mixed start this morning, with Japan's Nikkei 225 falling 0.74 per cent, while the broader Topix index slipping 0.51 per cent.
In contrast, South Korea's Kospi edged down by 0.58 per cent, while the small-cap Kosdaq rose 0.64 per cent. Meanwhile, Australia's S&P/ASX 200 dipped by 0.24 per cent.
Futures for Hong Kong's Hang Seng index were trading 0.10 per cent lower at 18,384 levels.
Overnight in the US, the tech-focused Nasdaq and the broader S&P 500 experienced a slight uptick, ending marginally higher on Monday, while the 30-stock Dow dropped by 0.3 per cent.
Meanwhile, back home below are the stocks to watch on Tuesday:
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Dr Reddy’s Laboratories: Its subsidiary, Aurigene Pharmaceutical Services, inaugurated its biologics facility in Hyderabad, offering process development and clinical scale manufacturing capabilities.
Kalyan Jewellers: The company has acquired the remaining 15 per cent equity stake in Candere from Rupesh Jain for Rs 42 crore. Candere is an Indian online portal for gold, diamond, gemstone, platinum jewellery and gold coins.
Mahindra & Mahindra Financial Services: It reported overall disbursements of Rs 4,430 crore in May, a 7 per cent increase over the same month the previous year. Business assets reached approximately Rs 1,05,250 crore, marking a 23 per cent YoY growth.
RVNL: The company has secured an engineering, procurement and construction order worth Rs 440 crore from South Central Railway.
Biocon: The company received approval from the US Food and Drug Administration (US FDA) for its injectable drug product, Micafungin (50mg and 100mg vials), used as an antifungal medication to treat fungal or yeast infections.
Wipro: The company appointed Bruno Schenk as Country Head and Managing Director for Switzerland, effective immediately.
Sansera Engineering: The group’s company, MMRFIC Technology, inaugurated a new R&D facility in Bangalore. The facility integrates semiconductor packaging, precision PCB assembly, and testing capabilities.
Zee Entertainment Enterprises: It scheduled a board meeting for June 6 to discuss raising funds through the issuance of equity shares and/or any other eligible securities.
Century Textiles and Industries: The firm’s subsidiary, Birla Estates, incorporated a wholly-owned subsidiary, Vibhavya Properties, for real estate projects.