Equity benchmark indices snapped the three-day gaining streak on Tuesday due to selling in index majors Reliance Industries, HDFC Bank, and IT stocks amid mixed global trends. The BSE Sensex declined by 361.64 points or 0.50 per cent to settle at 72,470.30. The NSE Nifty fell 92.05 points or 0.42 per cent to close at 22,004.70. Broader market however outperformed with Nifty midcap and smallcap 100 up 1% and 0.4% respectively. Sector-wise it was a mixed bag with buying seen in Realty, Oil & Gas, and Consumer Durables.
“Shorten trading week, derivatives monthly expiry along with global economic data to be released this week has kept the investors on the side-lines. Overall, we expect the market to consolidate in a broader range, however, buying in a broader market before the financial year end cannot be ruled out. Investors would watch for US Consumer confidence data,” said Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services Ltd.
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Here are the key stocks to watch on 27 March:
Aster DM Healthcare
Private equity firm Olympus Capital Asia Investments (OCAI) is expected to offload up to 9.8 per cent stake in the hospital chain through a block deal, according to a CNBC-TV18 report. The deal is valued at Rs 1,952.8 crore, with an offer price range of Rs 400-432. Olympus Capital Asia Investments held an 18.96 per cent stake in Aster DM as of December 2023.
Cipla
Sanofi India and Sanofi Healthcare India have announced an exclusive partnership with Cipla for the distribution and promotion of Sanofi India’s 6 central nervous system (CNS) products in India including Frisium, a leading brand in the anti-epileptic medication category. In addition, Cipla has received approval from the US regulator to merge Cipla Technologies LLC into Cipla USA Inc, with effect from March 31, 2024. Both are wholly owned step-down subsidiaries of Cipla in the USA.
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Piramal Enterprises
The financial services unit of the Piramal Group has invested Rs 2,000 crore in Piramal Capital & Housing Finance Ltd (PCHFL), a wholly-owned subsidiary of the company through subscription to a rights issue. PCHFL will be utilising the funds for business or general corporate purposes, the company said.
Central Depository Services (India)
Public shareholder Standard Chartered Bank – Corporate Banking is expected to sell the entire 7.18 per cent stake or 75 lakh equity shares in CDSL for $151 million through a block deal, reported CNBC-TV18. The floor price for the transaction has been fixed at Rs 1,672 per share, which is a 6.3 per cent discount from the last closing price of Rs 1,785.
Angel One
The brokerage house said it has launched a QIP issue at a floor price of Rs 2,555 per share, which is at a discount of around 7 per cent on the current market price. The purpose of his fundraising is to augment and build financial flexibility to grow the business and harness emerging opportunities both within the existing and expanding broking business and across the inorganic universe within the fintech space, the company said in an exchange filing.
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