Stocks to watch: Domestic stocks are expected to open on a positive note on Tuesday, September 24. At 7:36 AM, the GIFT NIFTY futures were trading 0.11%, or 28 points, lower at 25,970 levels. This, as per publicly available information, indicates that the NIFTY50 will open 52 points higher.
Asian stocks rose on Tuesday to their highest in more than two and a half years, boosted by a slew of Chinese stimulus measures, while expectations for more US rate cuts kept risk sentiment aloft and the dollar under pressure.
In the overnight trade, US stocks closed modestly higher as investors assessed whether a trend would develop in the week following the Federal Reserve’s rate cut.
Here is a list of stocks that may remain in focus today.
New listings: Western Carriers India, Arkade Developers, and Northern Arc Capital will make their debut on the bourses today.
Reliance Power: The board of
Reliance Power on Monday approved raising ₹1,525 crore through a preferential issue where promoters will pour ₹600 crore into the company to advance its business. This comes days after Reliance Infrastructure, another Anil Ambani-led group firm, approved raising ₹6,000 crore.
"The Board of Directors of Reliance Power Limited, at its meeting held today, has approved raising of ₹1,524.60 crore by preferential issue of up to 46.20 crore equity shares and/or warrants convertible into an equivalent number of equity shares of the company at a price of ₹33 per share/warrant," the firm said in a statement.
AstraZeneca Pharma: The pharma company has received permission to import for sale and distribution of Durvalumab 120 mg/2.4 mL and 500 mg/10 mL solution for infusion (Imfinzi) from the Central Drugs Standard Control Organisation, Directorate General of Health Services, Government of India.
Durvalumab is a prescription drug used to treat certain cancers in adults.
Spandana Sphoorty: As per news reports, the microfinance firm on Monday (September 23) said it has approved the sale of a stressed loan portfolio, including written-off loans with an outstanding value of ₹304.41 crore as of June 30, 2024.
Firstsource Solutions: The company has acquired Ascensos, a leading UK-headquartered customer experience outsourcing partner for retail and eCommerce businesses.
Ascensos will operate as a separate business unit within Firstsource, keeping its existing brand and maintaining its Scottish HQ while using the combined company’s technological capabilities and expert employees to serve the retail industry better. John Devlin will remain as CEO, guaranteeing continuity for Ascensos clients.
Punjab National Bank:
Punjab National Bank on Monday, September 23, announced the launch of its qualified institutional placement (QIP) to raise up to ₹7,500 crore. The capital raising committee of the lender approved the floor price of the issue at ₹109.16, as per the exchange filing.
Through the QIP, the state-run lender will offload a total of 24.09 crore equity shares, with a possible upsize of up to 48.19 crore equity shares. This takes the base offer size to around ₹2,500 crore, with the option to raise an additional ₹5,000 crore.
Coal India: The state-owned entity on September 23 said it has entered into a joint venture agreement with Rajasthan Rajya Vidyut Utpadan Nigam Ltd (RRVUNL) to undertake renewable energy business in Rajasthan.
While Coal India will have a 74% shareholding in the joint venture, RRVUNL will have the remaining 26%.
Power Grid: Power Grid Corporation of India on Monday said it has been declared a successful bidder for a transmission project. The company has emerged as the bidder under the tariff-based competitive bidding process, Power Grid said in an exchange filing.
Bank of Baroda: Bank of Baroda, in collaboration with EaseMyTrip.com, announced the launch of the Bank of Baroda EaseMyTrip Co-branded Travel Debit Card, designed to cater to frequent travellers and entertainment and lifestyle enthusiasts.
Realty stocks: Real estate stocks are likely to be in focus today as the GoM on "boosting the real estate sector under GST," headed by Pramod Sawant, Chief Minister of Goa, is scheduled to meet today.
Among the key issues on the agenda is the "treatment of GST on property purchased in group housing or commercial setups built by a builder."
The question before the GoM is whether GST should be charged on the comprehensive payment made to the builder or only on the cost of construction, excluding the cost of land," said a report by CNBC-TV18.
Pondy Oxides: The company has received approval to raise ₹250 crore via qualified institutional placement (QIP).
Thangamayil Jewellery: The company said in an exchange filing that its board of directors will meet on Thursday, September 26, to deliberate upon potential fundraising options.
With inputs from Reuters
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