Market activity remained subdued on Thursday with indices coming off from day’s high but managed to end in the positive terrain near 23,400 in Nifty while India VIX saw a further decline of 3%. A higher high has been established after a tri-star doji which ensures shift in momentum from sideways to positive. The short-term upside for Nifty is seen at 24,700 with gains expected to be mainly contributed from large cap private banks.
Nifty 50 Chart
Stocks to watch
Positive Read through
- Wipro – Collaborates with Siemens for auto software development.
- Ambuja – To acquire Penna Cement for Rs. 104.22 bn.
- L&T Fin – Promoter L&T hikes stake by 0.5 pct, MS Asia also buys 31 mn shares via block.
- Suven Pharma – To acquire 51 pct stake in CDMO player Sapala Organics for Rs. 2.30 bn.
- Havells – To invest Rs. 500-600 mn to expand capcity at Ghiloth & Sricity units to 1.5 mn units/yr.
- Voda Idea – To pare debt by share issue worth Rs. 24.58 bn at Rs. 14.80/sh to Nokia, Ericsson.
- Tril – Tril issues 7.52 mn shares worth Rs. 5 bn at Rs. 665/share to QIBs.
- Rites – Signs MoU with DMRC for exploring consultancy & O&M of Metro Rail Systems.
- Nalco – Mining lease deed with Odisha govt for bauxite mines with 3.5 MTPA output.
- Signature – Arm to buy 3.8 acres land in Gurugram, developable area 6 lk sqft.
- Tata Elxsi – Partners with RedHat to work on 5G connected car using former’s CVP platform TETHER.
- Electro Steel Castings – Company to set up iron pipes plant in Odisha.
- Dixon/Kaynes – Ministry of Electronics and IT plans 100-Day Agenda to invest in Rs 300 bn electronic component scheme with capital subsidy.
- Brigade – Expects its FY25 residential launches to see an average pricing of Rs. 10,000/sqft.
- JK TYRE – CARE Ratings has upgraded long term rating for bank facilities to CARE AA- from CARE A+.
Negative Read through
- Dhampur Sugar – Anil Kumar Goel sells 0.59 mn shares at Rs.247.9/ share via block.
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