The BSE Sensex climbed 79.27 points or 0.12 per cent to end at 65,401.92. The NSE Nifty gained 6.25 points or 0.03 per cent to settle at 19,434.55. Seeking guidance on today's potential stock to watch today read the story
Stocks to watch on August 16, 2023: Prime Minister Narendra Modi’s Independence Day speech on Tuesday was important from an economic aspect as he promised that Indian will be the third-largest economy in the world in next five years. He also announced that 13.5 crore Indians have moved out of poverty.The stock market was closed on Tuesday due to Independence Day.
On Monday, Indian equity benchmark indices recovered from intra-day lows to close in a positive territory, on the back of fag-end buying in index heavyweights Reliance Industries, Infosys and ICICI Bank. The BSE Sensex climbed 79.27 points or 0.12 per cent to end at 65,401.92. The NSE Nifty gained 6.25 points or 0.03 per cent to settle at 19,434.55.
“Following weak performances in Asian markets, the domestic indices commenced the day with a negative bias, prompted by discouraging domestic industrial data along with concerns over demand from China. However, the indices managed to recover from their initial losses, ending the day on a relatively neutral note. India's wholesale inflation persisted in negative territory, albeit moderating to -1.36%, as the decline in fuel prices was counterbalanced by higher food costs,” said Vinod Nair, Head of Research at Geojit Financial Services.
The airline’s promoter Gangwal family is set to sell their stake worth Rs 3,730 crore through a block deal on 16 August, according to an Economic Times report. The family has put 15.6 million shares on the block with a floor price of Rs 2,400 per share, which is a 5.8 per cent discount on the closing price of Monday. The deal’s lenders are Goldman Sachs, Morgan Stanley and JP Morgan. According to BSE, the Gangwal family owned 29.72 per cent stake in IndiGo Airlines as of June 2023.
The company reported a 17.5 per cent increase in standalone net profit for the June quarter, on the back of lower expenses. However, standalone revenue fell 7.2 per cent to Rs 16,995.49 crore from Rs 18,320.16 crore a year ago due to the ongoing ban on wheat and rice export. The company recorded a net profit of Rs 4,902.74 crore.
Infosys and Liberty Global have signed an initial five-year deal worth 1.5 billion euros to evolve and scale the communications firm’s digital entertainment and connectivity platforms. The companies have an option to extend the deal to eight years.