 "Stocks to Watch today: IREDA, Zomato, Siemens, PCBL, Aster DM, IOC, IT")
Stocks to Watch on Wednesday, November 29, 2023: Domestic benchmark equity indices will look to build on Tuesday’s gain as the US Treasury yields continued to ease amid rising hopes of a peak in US Fed rates.
At 07:30 AM, Gift Nifty futures quoted at 20,026, indicating a likely optimistic start to the trading action on the NSE Nifty50.
Overnight, the US market ended marginally higher as the dollar index eased to 3.5 month low after Fed governor Christopher Waller bolstered hopes of a rate cut in the first half of 2024. The US 10-year Treasury yields declined 6 basis points to 4.328 per cent.
Near home, markets in Asia were mostly tepid.
Meanwhile, here are the stocks that are likely to be in focus on Wednesday.
Indian Renewable Energy Development Agency (IREDA): Grey Market Premium (GMP) a likely 30 per cent listing gain for the stock as it makes its debut today. The miniratna Rs 2,150 crore IPO had received a strong response from investors.
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Zomato: Alipay Singapore Holding plans to sell its entire 3.44 per cent stake in the company on Wednesday through block deals at a floor price of Rs 111.28 per share.
Siemens: Net profit for the quarter ended September 2023, declined 12.4 per cent year-o-year (YoY) to Rs 571 crore on a consolidated level. Revenue from operations, however, grew 25.3 per cent YoY to Rs 5,721 crore.
IT: India’s information technology (IT) spending is anticipated to reach $124.6 billion in 2024, reflecting a 10.7 per cent increase from 2023, according to the latest forecast by Gartner. This follows a period of flat growth (minus 0.5 per cent) in 2023. READ MORE
Jubilant Foodworks: The company’s Netherland-based arm has completed acquisition of additional stake in DP Eurasia N.V for a consideration of GBP 3.3 million, thereby increasing its stake from 48.84 per cent to 51.50 per cent.
Canara Bank: Plans to transfer its credit card business and other digital product portfolio to its unlisted subsidiary, Canbank Computer Services (CCSL). Canara Bank holds 69.14 per cent stake in CCSL, while the remaining is held by Bank of Baroda and DBS India. The bank plans to buy out the shares of the other two stakeholders in CCSL.
Indian Oil Corporation (IOC): The PSU major has cornered more than a third of natural gas that Reliance Industries and its partner bp offered in the latest auction of the KG-D6 gas, sources said. READ MORE
PCBL: The company’s board has approved the acquisition of Pune-based specialty chemicals company, Aquapharm Chemicals for a consideration of Rs 3,800 crore.
Aster DM Healthcare: As part of Aster’s strategy to separate its India and Gulf businesses to unlock value, the company’s subsidiary would sell its stake in Aster DM Healthcare FZC to Alpha GCC for $1.01 billion.
Havells India: Announced the launch of its consumer durable brand ‘Lloyd’ in the Middle East market.
Stocks in F&O ban today: Balrampur Chini, BHEL, Granules India and Indiabulls Housing Finance are in futures & options ban period on Wednesday.