ITC, Aditya Birla Capital, Wipro, Jupiter Wagons, Imagicaa will remain in focus owing to key developments
Upstox
2 min read • Updated: March 12, 2024, 8:54 AM
Summary
Indian markets started the week on a muted note, with NIFTY50 and Sensex closing nearly 1% lower on Monday. The decline was largely driven by bank stocks, while both Foreign Institutional Investors (FIIs) and Domestic Institutional Investors (DIIs) remained net buyers on Monday as well.
After reaching new lifetime highs, Indian benchmark indices tumbled nearly 1% lower on Monday. Global markets also retreated from previous week gains, with the US S&P 500 and Nasdaq closing in the red, while the Dow Jones was marginally positive. Asian markets are trading mixed, with Japan’s Nikkei down (-0.6%), while the Hang Seng and Kospi indices traded nearly half a percentage point positive.
The broader indices like Nifty Smallcap 100 fell nearly 2% after the regulator tightened risk disclosures on mutual funds in smallcap & midcap schemes. Despite the gloomy picture on the indices, FIIs continued their buying in Indian markets. FIIs & DIIs were both net buyers for equities in Indian markets to the tune of ₹7400 crore together on Monday as well.
The following stocks are expected to remain in focus due to their overnight developments:
ITC
According to media reports, British American Tobacco Company, a major shareholder in Indian FMCG major ITC, is likely to reduce its stake in the company as early as next week. The company had indicated that it might reduce its exposure to ITC to raise funds for its debt restructuring programme.
ITC also invested ₹50 crores via Compulsorily Convertible Preference Shares (CCPS) in the startup named Sproutlife Foods Private Ltd making the company’s overall shareholding in the startup company at 44%.
Aditya Birla Capital
The company announced the amalgamation of Aditya Birla Finance, its wholly-owned subsidiary, into itself, making it a large unified operating NBFC.
TVS Motors
The company declared ₹8 as interim dividend and fixed the record date for the dividend on 19th March.
Imagica
The entertainment destination company, Imagicaa, announced its entry into Ahmedabad with its new project on Sabarmati Riverfront. The company envisages investing ₹130 crore in the project for the 11-acre park.
Jupiter Wagons
The company received orders worth ₹957 crore from the Ministry of Railways for manufacturing and supply of 2,237 BOSM wagons.
Wipro
The company announced the launch of a new Nutanix-focused business unit, in partnership with Nutanix INC. The new partnership is aimed at helping their mutual clients accelerate digital and hybrid multi-cloud journeys.
Pitti Engineering
The company acquired Bagadia Chaitra Industries Private Limited for a total consideration of ₹124.92 crores.