Stocks to watch: HDFC Bank, Zomato, Moil, IEX, Persistent Systems, Puravankara and more

Indian markets are set to open flat as indicated by GIFT NIFTY, which trades 15 points lower on Wednesday morning. The Global markets continue to remain buoyant across the board. The US markets closed 0.4% to 0.8% higher, with NASDAQ gaining the most with 0.8% gains after a mildly dovish stance by Federal Reserve Chairman Jerome Powell.

The Asian market rejoiced in Jerome Powell's dovish remarks, which indicated a softer stance on holding rates and could potentially lead to rate cuts by end of 2024. The Japanese and Chinese indices were trading 0.5% higher early Wednesday morning.

Stocks to watch

HDFC Bank’s FII shareholding fell below 55%, making the case for increasing its weightage in the MSCI index. According to brokerage estimates, the increase in weightage could possibly add an inflow of $3 to $4 billion in the upcoming rejig in August.

IEX reported robust quarterly updates for Q1FY25, with total electricity volumes rising by 21% YoY to 30,354 MU. The real-time and green electricity market volume also increased by 26% & 94% YoY, respectively, for Q1FY25.

KEC International secured orders worth ₹1,017 crore in its T&D and renewable energy business.

Zomato Financial Services, a wholly owned subsidiary of Zomato Ltd, has withdrawn its application for a Non-Banking Financial Company ( NBFC) from the RBI. The company does not want to pursue any further in the lending and credit business.

Puravankara acquires 7-acre land parcel in Hebbagodi, Bengaluru, with potential  GDV of ₹ 900 Crore.

Persistent Systems acquires Starfish Associates, strengthening its position in AI-powered  contact centre and unified communications.

MOIL share will remain in focus as it scaled new heights in sales in April-June 2024 by achieving its best quarterly sales, with a remarkable 14.5% YoY growth.