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Benchmark indices Sensex and Nifty are eyeing a firm start on Wednesday amid upbeat global cues and a boost from HDFC twins after the likely dates for their merger were announced by HDFC chairman. At 7:45 am, the SGX Nifty quoted 18,863 levels, up over 50 points.
Globally, tech-fueld rally helped US markets close higher overnight. Dow Jones, Nasdaq Composite, and the S&P 500 indices gained up to 1 per cent.
Asia-Pacific markets also rose this morning. Nikkei 225, Topix, Kospi, and the S&P 200 indices moved up to 1 per cent higher.
Meanwhile, here are some stocks to watch out in trade today:
Vedanta: As per reports, the Vedanta-Foxconn joint venture (JV) has re-submitted an application to set up an electronic chip manufacturing plant in India. The updated application comes in response to the new guidelines issued by MeitY and aims to secure approval for the project in the 40 nm node category.
HDFC twins: In a filing after Deepak Parekh's media interaction, HDFC said both the companies are working towards completing the necessary protocols for the completion of the proposed amalgamation by July 1. However, the said dates are tentative and subject to completion of certain formalities, including those beyond the control of the two entities.
Besides, HDFC Bank said that RBI has relaxed the restriction regarding on-boarding of new customers by HDFC Credila, subject to the condition that the application for change in shareholding of HDFC Credila as an NBFC be made to RBI before July 31, 2023 and that the shareholding of HDFC Bank in HDFC Credila be brought down to 10 per cent on or before March 31, 2024.
JSW Steel/LTIMindtree: JSW Steel could replace HDFC in the Sensex after its merger into HDFC Bank, as per brokerage Motilal Oswal. While Nuvama Institutional Equities expects LTIMindtree to replace HDFC in Nifty50.
Aditya Birla Fashion and Retail, TCNS Clothing: The Competition Commission of India has approved the acquisition of 51 per cent of the expanded share capital of TCNS Clothing Company by Aditya Birla Fashion and Retail.
State Bank of India: The bank has received approval from its Executive Committee of the Central Board for acquiring entire 20 per cent stake held by SBI Capital Markets in SBI Pension Funds, subject to receipt of regulatory approvals.
Titagarh Wagons: The company has received letter of acceptance from Gujarat Metro Rail Corporation to supply, test, commission and train 72 standard gauge cars for Surat Metro Rail. The order is worth Rs 857 crore.
Ramco Cements: The company has commissioned Line III clinker manufacturing facility at its Ramamasamy Raja Nagar plant.
ITC: The company acquired 857 compulsorily convertible preference shares of Rs 10 each of Mother Sparsh at a consideration of Rs 11.54 crore. ITC now holds 26.50 per cent of Mother Sparsh’s share capital.
Infosys: The software exporter has signed a memorandum of understanding with Skillsoft to foster digital learning. Infosys will offer learners free of cost access to Skillsoft’s learning content through Infosys Springboard platform.
Gland Pharma: The US FDA has issued one observation under Form 483 to the company’s Pashamylaram facility at Hyderabad after it conducted an inspection between June 15, 2023 and June 27, 2023. The observation is procedural in nature and the company will submit preventive actions to the regulator.
IEL: The board will meet on July 7, 2023 to consider and approve diversification in its business by entering into new line of activities such as to provide tank and container cleaning services, tank and container testing services, tank and container repairing services, waste collection and management services.
Artefact Projects: The company has won a project with contracted fees of Rs 9 crore from the National Highway Authority of India.
