Markets are expected to open higher on Wednesday, following a dip in US indices. The SGX Nifty futures were quoted at 18,495 at 07:10 AM, compared to the actual Nifty 50 close of 18,385 yesterday.
Fitch Ratings confirmed India’s long-term foreign currency issuer default rating of “BBB-” on Tuesday.
Aside from that, the market regulator – SEBI – allowed the phase-out of share buybacks through stock exchanges, as well as the development of governance procedures for dealing with shortcomings at market infrastructure institutions (MIIs) such as stock exchanges, depositories, and clearing houses.
Meanwhile, the following stocks are likely to be in the spotlight in trading on Wednesday.
IRFC: As part of its disinvestment programme, the government intends to sell an 11% stake in Indian Railway Finance Corporation (IRFC) over the current and following fiscal years.
Bharti Airtel: In order to establish the world’s largest customer data platform (CDP), Bharti Airtel has acquired a strategic investment in Lemnisk (Immensitas Private Limited) for an undisclosed sum through its ‘Start Up Accelerator Programme.
Dabur India: The FMCG giant’s promoters sold a 1% interest in a block deal on Tuesday. According to an exchange filing, the Burman family, Dabur’s promoters, sold the shares through their companies Gyan Enterprises and Chowdry Associates. The launch of Fem Ultra-Care-Sanitary-Napkins marked the company’s first foray into the women’s personal hygiene market.
Phoenix Mills: Acquisitions, expansion, and additions provide the largest listed mall operator in India with growth and revenue visibility. The company recently paid Rs 510 crore for a seven-acre site in Surat, Gujarat, to build a million-square-foot mall that would open in FY27.
Jubilant FoodWorks: On Tuesday, the company’s flagship brand Domino’s Pizza began 20-minute deliveries throughout 20 zones in fourteen cities. Previously, the company pioneered 30-minute delivery and established itself as a market leader in the QSR industry.
NTPC: The state-owned power company announced that the Group, which includes joint ventures and subsidiaries, now has 3GW of operational renewable energy (RE) capacity. The company now has 36 operating RE projects with a total capacity of 3,094 MW spread across 12 states.
Delhivery: Delhivery has announced the acquisition of Algorhythm Tech, a provider of supply chain solutions, for Rs 14.90 crore. The acquisition is scheduled to close on January 31, 2023.
Central Bank of India: The Central Bank of India (CBI) will meet on December 26 to review a proposal to raise capital through the issuing of Tier II Bonds.
Prakashan Jagran: The company’s board of directors has set January 6 as the start date for its share buyback programme. Previously, the business announced a share buyback of up to Rs 345 crore, or 46 million equity shares at Rs 75 apiece.
K P Energy: The company’s board of directors will meet on January 5 to consider a stock split proposal.
Stocks to remain in F&O Ban: Delta Corp, GNFC, Indiabulls Housing Finance, IRCTC, and PNB are the five equities that are subject to a F&O suspension on Wednesday.
