On Wednesday, December 24, Indian indices, including the Sensex and Nifty 50, experienced a decline, closing in the red. This movement was attributed to profit-taking in key heavyweight stocks like Reliance and ICICI Bank, alongside mixed signals from global markets. The Sensex decreased by 116 points, representing a 0.14% drop, closing at 85,408.70. Meanwhile, the Nifty 50 fell by 35 points, or 0.13%, concluding at 26,142.10. The broader markets exhibited a decline, as evidenced by the BSE Midcap index decreasing by 0.37% and the Smallcap index experiencing a slight reduction of 0.14%.
“Markets exhibited a lackluster performance for the second consecutive session, concluding marginally lower, which suggests ongoing consolidation following the recent surge. Following a steady beginning, the Nifty traded within a limited range for the majority of the session due to a lack of new catalysts and ultimately concluded near the prior day’s mark at 26,142.10. Sectoral trends exhibited a mixed and rotational pattern, characterized by profit-taking in specific IT, pharma, and FMCG stocks, while the realty and metals sectors concluded the day largely unchanged. The broader markets exhibited a mixed trend, as the midcap index experienced a decline of nearly 0.5%, whereas the smallcap index finished slightly higher, indicating selective participation,” stated Ajit Mishra.
In light of current market conditions – Here is a compilation of stocks that could capture investor attention and are expected to show some activity today.
Equities to monitor :
- IndusInd Bank – The Serious Fraud Investigation Office (SFIO) has commenced an investigation into IndusInd Bank regarding discrepancies in its derivatives trading portfolio. The private sector lender notified stock exchanges on Wednesday regarding a communication received from the white-collar crime investigation agency. The recent SFIO action against the bank is expected to influence the share price significantly.
- Ola Electric announced that it has obtained government approval for the disbursement of Rs 366.78 crore in incentives under the PLI scheme for automobiles and auto components. This liquidity development is anticipated to capture the interest of stock investors.
- Vikran Engineering announced that it has secured an EPC contract valued at Rs 459 crore from NTPC Renewable Energy for the development of a 400 MW AC grid-connected solar power project located at Chitrakoot-1 in Uttar Pradesh. The new order contract is expected to enhance the company’s order book and revenue over the long term.
- Castrol India – The Canada Pension Plan Investment Board and US-based private equity firm Stonepeak are set to make an offer to purchase up to a 26% stake in Castrol India following their agreement to acquire the company from its parent, BP. The development is anticipated to enhance the company’s capacity and revenue over the long term.
- Vodafone Idea announced that it has received two GST penalty orders from tax authorities in Mumbai and Bengaluru, with a total potential liability surpassing Rs 83 crore.
- Lenskart Solutions announced that its subsidiary in Singapore has sanctioned an investment of KRW 3 billion (Rs 186 million) to obtain a 29.24% stake in the South Korea-based optical machinery firm iiNeer Corp. Ltd.
- Adani Power has raised its long-term installed capacity target to 41.87 gigawatts by FY32 and revealed a capital expenditure of approximately Rs 2 lakh crore, representing one of the most ambitious expansion strategies in the private sector within India’s thermal power industry. The development is anticipated to enhance the company’s capacity and revenue over the long term.
- Ultratech Cement announced the addition of 1.8 mtpa of new capacity, comprising 0.6 mtpa at its Dhule facility in Maharashtra and 1.2 mtpa at its Nathdwara plant in Rajasthan.
- KNR Construction announced that it has signed SPAs with Indus Infra Trust to divest its complete stake in four road SPVs for a total consideration of Rs 1,543.19 crore, which encompasses a sale amount of Rs 1,398.65 crore.
- NBCC has signed a Memorandum of Understanding with the Mumbai Port Authority to develop the CGO Complex on 25 acres of port land in Mumbai, with NBCC designated as the project management consultant and executing agency.
- IndiGo has cancelled 67 flights across various airports, citing “forecasted” adverse weather conditions and operational factors, as stated on the airline’s website. Out of the 67 flights that were cancelled, just four were attributed to operational issues, while the majority were a result of anticipated adverse weather conditions at several airports, including Agartala, Chandigarh, Dehradun, Varanasi, and Bengaluru, according to the website. The Directorate General of Civil Aviation (DGCA) has declared the timeframe from December 10 to February 10 of the following year as the designated fog window for this winter season. In accordance with the DGCA fog operations (CAT-IIIB) regulations, airlines are required to ensure that pilots trained for low-visibility conditions are rostered, and that a fleet of CAT-IIIB-compliant aircraft is utilized for these operations.
- Sun Pharma – Taro Pharmaceutical Industries, a subsidiary of Sun Pharma, is initiating a recall of more than 17,000 units of an antifungal medication in the United States due to manufacturing concerns, as reported by the US Food and Drug Administration (USFDA). The latest Enforcement Report from the US health regulator indicates that Hawthorne-based Sun Pharma/Taro is recalling 17,664 units of Ciclopirox Shampoo, an antifungal medication used for treating seborrheic dermatitis, a condition characterized by dry, flaky, and itchy skin. The company is initiating a recall of the affected lot as a result of “Failed Impurity/Degradation specifications,” according to the USFDA. The organization commenced the Class II nationwide recall on December 9 of this year. A Class-II recall is initiated according to the USFDA when the use of, or exposure to, a violative product could result in temporary or medically reversible health consequences, or when the probability of serious adverse health outcomes is low.
- Signature Global plans to allocate Rs 4,800 crore for the development of a luxury housing project in Gurugram, aligning with its strategy to grow its business in response to robust consumer demand. The firm, recognized as the fifth-largest publicly traded real estate company in terms of sales bookings last fiscal year, has recently introduced a new project, ‘Sarvam at DXP Estate’, covering an area of 13.56 acres. The project situated on Dwarka Expressway, Sector 37D in Gurugram, is set to feature 1,798 apartments. In the initial phase, the organization is providing 50% of the total units available for purchase within a price range of ?3-4 crore per unit.