Stocks to watch: The domestic equity market is expected to see a negative start to trading on Monday, December 16.
At 7:46 AM, the GIFT NIFTY futures were trading at 24,774.50, up 17.50 points, or 0.07%. This implies that the NIFTY50 index will open 57 points lower.
On the global front, Asian share markets were cautious on Monday as surging bond yields challenged equity valuations, particularly for the richly priced tech sector, in a week packed with central bank meetings and major economic data.
Interest rates are expected to fall in the United States and Sweden and hold steady in Japan, the UK, and Norway.
The Federal Reserve is expected to cut rates by 25 basis points to a new range of 4.25% to 4.50%.
Here is a list of stocks that may remain in focus today.
Aurobindo Pharma, Glenmark Pharma, Zydus: According to the US health regulator, drug makers
Aurobindo Pharma, Glenmark, and
Zydus are recalling products in the US market due to manufacturing issues.
According to the latest Enforcement Report of the US Food and Drug Administration (USFDA), Aurobindo Pharma USA Inc., a subsidiary of a Hyderabad-based drug maker, is recalling over 100,000 bottles of Cinacalcet tablets in multiple strengths.
Kothari Industrial Corporation: Kothari Industrial Corporation Ltd., which has signed an agreement with France-based Royer Group for the sales and marketing of the 'Kickers' brand of footwear, has targeted opening 10 Kickers brand stores by March 2025, a top official said.
The company, besides launching the brand in India, would also manufacture the footwear in India and would also look at exports to countries including Sri Lanka, Bangladesh, Maldives, Bhutan, Nepal, Qatar, the United Arab Emirates, and Saudi Arabia. Kothari Industrial Corporation Ltd. Managing Director J. Rafiq Ahmed said.
Dixon Technologies: Electronics contract manufacturer
Dixon Technologies and Chinese mobile phone company Vivo will set up a joint venture for the manufacturing of electronic devices, including smartphones, a regulatory filing said on Sunday.
Dixon will hold a majority stake of 51% in the joint venture, and the rest will be held by Vivo India.
"Dixon Technologies (India) Limited (Dixon) and Vivo Mobile India Private Limited (Vivo India) sign a binding term sheet for a proposed joint venture to undertake OEM business of electronic devices, including smartphones," the filing said.
READ MOREVedanta: Vedanta shares will be in focus as the company's board will meet today to consider the payment of the fourth interim dividend on equity shares, if any, for the financial year 2024-25.
Reliance Industries:
Reliance Industries said on Friday it has bought a 74% stake in an industrial area developer, situated in the country's financial hub of Mumbai, for ₹1628 crore ($192 million).
Navi Mumbai IIA was renamed Navi Mumbai Special Economic Zone after the state government approved converting it into an integrated industrial area in 2018.
The deal comes at a time when the warehousing market heats up in the country, with industrial park operators facing a spike in demand as growth in Asia's third-largest economy remains steady and more companies look to India in their bid to diversify supply chains away from China.
Bharat Forge: The company informed exchanges that its board has approved additional investment in the equity shares of KPTL by way of the rights issue. KPTL is a public limited company and a wholly owned subsidiary of the company that houses electric vehicles (“EVs”) and e-mobility initiatives of the company.
KPTL had a turnover of ₹649 million for FY 2023-24.
Biocon: The company informed exchanges that its subsidiary Biocon Biologics Ltd. (BBL) has announced that the European Medicines Agency’s Committee for Medicinal Products for Human Use (CHMP) has issued a positive opinion recommending approval of YESINTEK®.
This drug is a Ustekinumab biosimilar intended for the treatment of adults and children with plaque psoriasis and adults with psoriatic arthritis or Crohn’s disease—based on the application filed by Biosimilar Collaborations Ireland Limited, an indirect wholly owned subsidiary of BBL.
63 Moons Technologies:
63 Moons Technologies, in its filing to exchanges on Sunday, December 15, announced the approval of a ₹1,950 crore One-Time Settlement (OTS) proposed by the National Spot Exchange Limited (NSEL) Investors Forum (NIF). This decision comes amid long-standing claims of unpaid traders linked to the NSEL crisis.
JK Paper: The company's board has approved a Composite Scheme of Arrangement (“Scheme”) of, inter alia, JK Paper Ltd and Horizon Packs Private Ltd, Securipax Packaging Private Ltd, and JKPL Utility Packaging Solutions Private Ltd, which are wholly owned subsidiaries (“WOS”) of JKPL and Enviro Tech Ventures Ltd.
As a part of the scheme, the three WOS of JKPL engaged in the manufacturing of packaging products and solutions will be merged with JKPL to create a consolidated paper and packaging company. Further, pursuant to the scheme, Sirpur Paper Mills Ltd will become a direct subsidiary of JKPL.
Hero MotoCorp: Hero MotoCorp has signed on as the title sponsor of the Hockey India League for the next three seasons, starting from 2024-25.
This strategic alliance between Hero MotoCorp and the Hockey India League aims to rejuvenate one of India’s most cherished sports, expanding its reach and fostering a vibrant platform for emerging talent, it added.
Godrej Agrovet: The company informed exchanges that the Government of Gujarat has allotted an area to the company in 3 (three) districts, viz., Vadodara, Surat, and Tapi, in Gujarat State, for the expansion of oil palm cultivation under the National Mission on Edible Oils - Oil Palm (NMEO-OP).
Afcons Infrastructure: The company, in its filing to exchanges, said it was declared the Lowest Bidder (L1) for the construction package BH-05 of the Bhopal Metro Rail Project. The cost of the project is ₹1,006.74 crore.
PVR Inox: The company informed stock exchanges of the opening of a 6-screen multiplex by the company at Mall of Dehradun, Dehradun, Uttrakhand.
Max Financial: Max Life Insurance on Friday announced a change in its corporate name to Axis Max Life Insurance after receiving corporate and regulatory approval.
(With inputs from Reuters)
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