Markets rebounded sharply to regains its control above 50 DMA led by gains from banks. The sharp drop in India VIX is seen as a positive trigger for Nifty for its upcoming rally towards 23,500. We expect Nifty Bank to see outperformance in breakout above 47,100.
Nifty Futures Chart
Stocks To Watch
Positive Read Through
- TVS Motor – To issue 4 NCRPS worth Rs. 19 bn via bonus for every 1 share held.
- Bharat Dynamics – Board approves stock split in the ratio of 1:2 and interim dividend of Rs. 8.85/sh.
- Mazagon Dock – Company to lease land & building measuring 14.55 acres from Mumbai Port Authority for Rs. 3.54 bn for 29 years.
- Tata Comm – To transfer digital services business to its subsidiary Novamesh for Rs 4.58 bn.
- Sarda Energy – JV gets LoI for license for iron ore block in Maharashtra for area of 1,526 hectare.
- Coforge – Opportunity in pursuing M&A strategy, issue details on fund raise purpose.
- Lemon Tree – Signs franchise agreement for hotel in Ranchi, Jharkhand.
- Karnataka Bank – To raise up to Rs. 6 bn via QIP, Floor price at Rs. 231.43/share.
- Texmaco Rail – Launches QIP to raise up to Rs. 2.50 bn, indicative price at Rs. 155/share.
- Prestige – Aacquires 62.5 acres land for R.s 4.68 bn in NCR for integrated township
- Star Housing – Co-lending partnership with Tata Capital Housing Finance.
- TVS Holdings – Interim dividend declared Rs 94/Share, also approves proposal to raise funds.
- Grauer and Weils – Entered into technology transfer and license agreement with OTMK GMBH.
- IndiGo – Company said to be nearing decision on widebody jet order.
- Mahindra Life – Launches a residential project, ‘Mahindra Zen’ at Bengaluru South.
Negative Read Through
- Hind Zinc – Delays demerger plans amid the government objections.
- Agro Tech Foods – Sachin Gopal resigns from the post of Managing Director.
- IT Stocks – Accenture reported a weak result, cut FY24 revenue growth guidance to 1-3 pct from 2-5 pct earlier.
- Tata Chem – Income tax department imposes penalty of Rs. 1.04 bn.
- Crompton Greaves – Company gets notice for I-T Department for tax demand of Rs 680 mn for AY23.
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