Stocks To Watch: Infosys, Car Trade, SBI, Vadilal, NBCC, TVS Holdings

Stocks to Watch: The finance ministry may amend its circular to provide relief to Infosys regarding a Rs 30,000 crore GST demand.

Stocks to Watch, Wednesday, September 25, 2024: Indian equity markets were likely to open on a muted note, as indicated by GIFT Nifty futures that were trading at 25,928 on Wednesday morning, marginally below Nifty futures' last close. However, the overnight rally on Wall Street could provide some upside to the markets. 

Asia-Pacific markets were largely stable on Wednesday morning, but futures for Hong Kong's Hang Seng Index indicated a potential 4 per cent increase when trading begins, with HSI futures at 19,763 compared to the last close of 19,000.

In Japan, the Nikkei 225 dipped slightly, while the broader Topix gained 0.3 per cent. South Korea's Kospi rose 0.4 per cent, and the small-cap Kosdaq increased by 0.43 per cent. 

 

Overnight on Wall Street, the S&P 500 reached a new record on Tuesday, climbing 0.25 per cent to 5,732.93, while the blue-chip Dow Jones Industrial Average gained 0.2 per cent, also closing at a record of 42,208.22. The tech-heavy Nasdaq Composite rose 0.56 per cent, boosted by shares of chipmaker Nvidia.

Meanwhile, here are a few stocks likely to be in focus on Wednesday:

Infosys: The finance ministry may amend Circular 210 to provide relief to Infosys regarding a Rs 30,000 crore GST demand. The Central Board of Indirect Taxes and Customs (CBIC) is reviewing pre-show cause notices and considering applying Rule 28 of the CGST Rules to potentially nullify or reduce the tax liability on the company, which will have wider implications for other IT companies facing the same issue.

Adani Green Energy, Adani Energy Solutions: Adani Group companies Adani Green Energy and Adani Energy Solutions have become the first Indian firms to join the Utilities for Net Zero Alliance (UNEZA), which promotes renewable energy infrastructure. These companies aim to achieve net zero emissions by 2050.

Cartrade Tech: Warburg Pincus-owned Highdell Investment has divested its 8.64 per cent stake in Cartrade Tech for over Rs 375 crore. Mirae Asset Mutual Fund has acquired a 6.4 per cent stake in the company.

SBI: SBI Chairman C S Setty reported a robust Rs 4 trillion credit pipeline from India Inc, anticipating a rise in private capital expenditure, particularly in infrastructure. He also noted no immediate plans for divesting stakes in subsidiaries.

Vadilal Enterprises: The NCLAT has ordered that the board structure of Vadilal Enterprises and Vadilal International remain unchanged pending a final hearing on a family dispute. This follows a previous NCLT ruling related to the control of the family business.

NBCC: The Supreme Court is set to consider National Buildings Construction Corporation's (NBCC) proposal to complete 17 stalled projects of Supertech Limited, which could benefit approximately 27,000 homebuyers. This initiative follows a similar intervention with the Amrapali Group.

TVS Holdings: The Competition Commission of India (CCI) has approved the acquisition of stakes in Home Credit by TVS Holdings, STPL Trading, and Premji Invest Group. This acquisition could strengthen TVS Holdings' presence in the financial services sector.

National Mineral Development Corporation: NMDC reported a 7 per cent year-on-year increase in iron ore production, reaching 275 million tonnes for FY24. 

Punjab National Bank: As the search for a new MD and CEO begins for PNB, at least 13 candidates are in the fray for the bank's top post. “Among the candidates, some are executive directors (EDs) and managing directors in major PSBs. Financial Services Institutions Bureau (FSIB) will conduct the interviews next month,” said a source to Business Standard.

Tata Power: Following a fire incident at its Trombay plant, Tata Power confirmed that the plant is adequately insured. The investigation into the cause of the fire is ongoing, which may impact the company’s operations in the short term.

BGR Energy Systems: Sebi has imposed a Rs 9 lakh penalty on BGR for disclosure lapses.