GIFT Nifty indicated that Indian equity indices BSE Sensex and NSE Nifty 50 may see a subdued opening on Wednesday. Here’s a look at the key stocks to watch in trade.
Stocks in Focus: GIFT Nifty traded higher as the index was up 37 points or 0.17% at 22,230.00 indicating a positive start for domestic indices NSE Nifty 50 and BSE Sensex on Wednesday. Previously, on Tuesday, the NSE Nifty 50 gained 76.30 points or 0.34% to settle at 22,198.35, while the BSE Sensex closed 305.09 points or 0.42% lower at 73,095.22.
Stocks to Watch on February 28, 2024
ICICI Bank
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ICICI Bank bought 1.65% equity shares of ICICI Lombard General Insurance on February 27 through the stock exchange mechanism for Rs1356 crore. Following this, ICICI Bank’s shareholding in the insurance company stands at approximately 49.5%.
L&T
Larsen & Toubro is building a team for its semiconductor chip design business, as it looks to enter into fabless semiconductor chip design and product ownership. L&T set up a wholly-owned subsidiary L&T Semiconductor Technologies (LTST) in November 2023.
Vodafone Idea
Vodafone Idea’s board approved a fundraise of up to Rs 20,000 crore through a combination of equity and equity-linked instruments on February 27. Apart from this, the company is also looking to raise an additional Rs 25,000 crore through debt, thereby taking the total fundraise to Rs 45,000 crore through a combination of equity and debt.
Titan Company
Titan Company Ltd on Tuesday announced that it has entered into an agreement to acquire the remaining 0.36% stake in CaratLane for Rs 60.08 crore. “Titan Company Limited had executed relevant documents today to purchase balance 1,19,489 equity shares held by the individual shareholders of CaratLane Trading Private Limited (CaratLane) representing 0.36% of the total paid-up equity share capital of face value of Rs 2 each of CaratLane,” the company said in a regulatory filing.
GE T&D India
GE T&D India Ltd, a part of GE Vernova’s Grid Solutions business, on Tuesday announced that it has secured orders worth approximately Rs 370 crore from Power Grid Corporation of India (PGCIL) for the supply of 765 kV Shunt Reactors for PGCIL’s various transmission system projects in India.
Hinduja
The National Company Law Tribunal has approved Hinduja Group firm IndusInd International Holdings’ Rs 9,650-crore resolution plan for Reliance Capital. They said that the approval underscored the effectiveness of the insolvency resolution framework in addressing complex debt restructuring scenarios
DCM Shriram
The company announced that the board of directors accorded an in-principle approval for the entry of its Chemicals business into the domain of “Advanced Materials” by investing in Epoxy and value-added products. The company is planning to invest Rs 1000 crore over the next few years to set up a greenfield state-of-the-art epoxy manufacturing plant, it said in a regulatory filing.
Mahanagar Gas
The company on Tuesday announced that it has entered into a shareholders’ agreement with 3EV Industries Pvt Ltd to acquire 30.97% shareholding in the company.
Torrent Power
The company received a Letter of Intent from PFC Consulting on February 27 for the establishment of an inter-state transmission scheme “Transmission System for Evacuation of Power from RE projects in Solapur (1,500 MW) SEZ in Maharashtra” under tariff based competitive bidding process, the company said in an exchange filing.
Tata Elxsi
The company and Telefónica have come together to implement true cloud-native infrastructure management powered by ETSI Open-Source MANO (ETSI OSM). “Through this collaboration, Tata Elxsi and Telefónica have enhanced the capabilities of OSM, introducing innovative features such as infrastructure automation, serverless operations execution environments, and the deployment of multi-cloud Platform-as-a-Service (PaaS) solutions,” the company said in an exchange filing.
Patanjali
The Supreme Court served Patanjali Ayurveda and its Director Acharya Balkrishna with contempt of court summons for allegedly disobeying a court-issued promise to refrain from releasing any advertisements for its products and to stop speaking disparagingly about “any system of medicine.”