Stocks to watch in Wednesday's trade
Upstox
2 min read • Updated: March 13, 2024, 9:06 AM
Summary
Indian inflation numbers came in little changed, while US inflation also increased moderately. US markets reacted positively on slight increase in the inflation.
Indian markets are expected to open flat today due to mixed cues from Asian peers. Global markets digested a slight increase in US inflation, with the US S&P 500 and Nasdaq closing higher by more than 1%, while the Dow Jones closed 0.61% higher. Indian inflation numbers for February remained relatively unchanged at 5.09%, compared to 5.1% in January 2024. Here are some key stock developments to watch out for:
ITC
According to Bloomberg, the British American Tobacco, has confirmed that the British cigarette maker will sell a 3.5% equity stake via a block deal to institutional investors at discount to the current market price. The overall stake sale is valued at ₹16,775 crore.
HG Infra & Engineering
The company has received additional orders worth ₹709 crore from the East Central Railway. These orders include the construction of double-line tracks (3rd & 4th line), formation including earthwork, blanketing, minor bridges, major bridges, electrification works, and other miscellaneous works.
Allcargo Logistics
The company reported its monthly volume numbers for February through an exchange filing. The total LCL volumes for the month of February increased by 7% year-over-year.
Muthoot Capital
The company has entered into a partnership with Greaves Finance, a 100% EV finance arm of Greaves Cotton, for financing two-wheeler EVs across India.
CG Power
CG Power, in a joint venture with Renesas Electronics and Star Microelectronics, has performed a foundation stone ceremony in Sanand for a world-class OSAT facility in India. The facility is being developed at a cost of ₹7,600 crores.
Glenmark Pharmaceuticals
The company has completed transfer of 20% stake in Glenmark life sciences to Nirma.