Stocks to Watch: The domestic equity market is expected to open on a negative note on Thursday, December 5. At 7:58 AM, the GIFT NIFTY futures were trading at 24,520 levels, up 15.50 points, or 0.06%.
This suggests that the NIFTY50 index will open 42 points lower.
On the global front, Wall Street's major stock indexes rallied to record closing highs, led higher by tech stocks and comments by Federal Reserve officials.
Fed Chair Jerome Powell said the recent strength of the economy will allow the US central bank to "be a little more cautious as we try to find neutral” with interest rate policy.
Here is a list of stocks that may remain in focus today.
Indus Towers: British telecom company Vodafone will sell a 3% stake in
Indus Towers to clear its debt of $101 million, or about ₹856 crore, and use the residual amount to pay outstanding dues of its Indian venture, Vodafone Idea.
The transaction is valued at around ₹2,841 crore as per Wednesday's closing price of Indus Towers stock at ₹358.75 apiece on the BSE.
"Vodafone Group Plc announces that it has launched a placing of its remaining 79.2 million shares in Indus Towers Limited, representing 3% of Indus' outstanding share capital, through an accelerated book build offering," Vodafone said in a regulatory filing.
Vodafone Idea:
Vodafone Idea announced plans to raise up to ₹2,000 crore through the issuance of equity shares or convertible securities on a preferential basis to entities belonging to Vodafone Group.
On December 9, 2024, the company's board will meet to discuss this proposal.
Bharat Forge: Bharat Forge Ltd, according to news reports, has approved the launch of its qualified institutions placement (QIP), setting the floor price for the equity issue at ₹1,323.54 per share.
The floor price has been determined in accordance with the Securities and Exchange Board of India (SEBI) regulations, with the 'Relevant Date' for the issue being December 4, 2024. Bharat Forge may offer a discount of up to 5% on the floor price, as per the special resolution passed by shareholders on November 8, 2024.
PG Electroplast: The company's board has approved the opening of its qualified institutional placement to raise ₹1,500 crore on Wednesday.
The floor price has been set at ₹705.18 per share, a discount of 8.5% to the last closing price on the NSE.
The company may, at its discretion, offer a discount of no more than 5% on the floor price for the QIP.
Hero MotoCorp: Hero MotoCorp has launched the all-new, power-packed VIDA V2 range of electric scooters.
"Featuring a bold design, the V2 is tailored for customers seeking a stylish and efficient mobility solution. Additionally, a host of advanced features like keyless entry, cruise control, re-gen braking, and custom riding modes make every ride smarter, smoother, and more enjoyable," the company said.
Indraprastha Gas: On Wednesday, Indraprastha Gas Limited (IGL) announced that it will hold a board meeting on December 10 to consider issuing bonus shares to its equity shareholders. The energy provider informed the stock exchanges that the board meeting will be held to consider a proposal for the issue of bonus shares in the ratio subject to the company’s shareholders’ approval.
ICICI Bank: According to news reports, GST authorities of the Maharashtra State government initiated a search at three ICICI Bank offices on December 4. The proceedings are ongoing, and the bank is cooperating in providing data as requested.
"Please note that on December 4, 2024, GST authorities initiated a search at three offices of ICICI Bank. The proceedings are ongoing, and the bank is cooperating fully in providing data as per the request placed," the bank informed exchanges on Wednesday.
RailTel Corp: RailTel Corporation of India has received a work order from GAIL for ₹106.4 crore.
L&T: The company has completed the acquisition of a 15% stake in E2E Networks Limited via preferential allotment on December 4, 2024. The secondary acquisition of 6% from the promoter of E2E Networks Limited is expected to be completed on or before May 30, 2025.
Sonata Software:
Sonata Software announced that it had achieved the Amazon Web Services (AWS) Generative Artificial Intelligence (AI) Competency. This specialisation highlights Sonata Software as an AWS Partner that helps customers and the AWS Partner Network (APN) drive the advancement of services, tools, and infrastructure pivotal for implementing generative AI technologies.
Ipca Labs: The company said it has received the necessary approval for the voluntary closure of its wholly owned subsidiary, Ipca Pharmaceuticals Ltd SA de CV, in Mexico. This wholly owned subsidiary incorporated in Mexico was not doing any business for the past several years. The voluntary closure of this wholly owned subsidiary will not have any impact on the company’s business or financials.
Rajesh Exports: The company, in its filing to exchanges, said that it has received a communication dated December 3, 2024, from the Assistant Manager, SEBI, intimating the company about forensic accounting and investigation assignment in the company’s matter. "The company will seek further details and follow the instructions of SEBI in the matter and take necessary steps as per the applicable provisions," it said.
Unicommerce Esolutions: The company informed that Denmark-headquartered sportswear brand Hummel has partnered with Unicommerce to streamline its e-commerce operations and enhance its end customers’ post-purchase experience across India.
Quick Heal Technologies: The company announced the launch of its new product, Seqrite Malware Analysis Platform (SMAP) and Threat Intel Solution.
Lemon Tree Hotels: The company has received a letter of award (“LoA”) from the Government of Meghalaya, Directorate of Tourism Shillong, (“Authority”) for the redevelopment, operations, and maintenance of Orchid Hotel, located in Shillong City, Meghalaya, under the design, build, finance, operate, and transfer mode on public-private partnership.
(With inputs from Reuters)
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