Indian equity benchmark indices settled with gains after a volatile session on Wednesday following buying in banking stocks and early gains in European stocks.
Continuing the rally for third straight day, the BSE Sensex surged 213.27 points or 0.33 per cent to settle at 65,433.30. The NSE Nifty gained 47.55 points or 0.25 per cent to close at 19,444 as 29 of its components ended in the green while 22 declined.
“Global markets have restrained from making significant moves as they await the outcome of the central bankers' gathering at Jackson Hole scheduled for Friday. With the earnings season nearing its end, the heightened possibility of another rate hike in the US, along with the resultant increase in bond yields, are expected to keep the global market’s volatility high. On the domestic front, sentiments remained positive, backed by strong demand in the banking sector, though IT and pharma limited the gains,” said Vinod Nair, Head of Research at Geojit Financial Services.
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Top Stocks To Watch On 24 August:
Reliance Industries (RIL)
Sovereign wealth fund Qatar Investment Authority (QIA) will invest Rs 8,278 crore ($1 billion) in Reliance Retail Ventures (RRVL), the subsidiary of Reliance Industries, to acquire a stake of 0.99 per cent on a fully diluted basis. QIA’s investment values the Reliance firm at Rs 8.28 trillion or $100 billion, twice its Rs 4.21 trillion valuation in 2021.
Coforge
Promoter Hulst BV is expected to sell it entire 26.63 per cent stake in Coforge Ltd worth $893 million through a block deal on Thursday. Under the transaction, floor price has been fixed at Rs 4,550 per share, which is a 7.4 per cent discount to Wednesday’s closing price of Rs 4,913. The Netherlands-based Hulst BV is owned and controlled by funds affiliated with Baring Private Equity Asia (BPEA). The promoter will sell 1.62 crore shares for around Rs 7,400 crore.
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Procter & Gamble Health
P&G Health reported a net profit of Rs 29.8 crore in Q4FY23, a decline of 28 per cent compared to corresponding quarter of previous financial year. The fall in profit was attributed to rising material costs and a singular employee cost. However, the company reported 1.8 per cent year-on-year growth in revenue at Rs 301.2 crore in the quarter. The company announced a final dividend of Rs 50 per share for the financial year concluding in June 2023.
NHPC
The state-owned company has inked a Memorandum of Understanding (MoU) with Andhra Pradesh Power Generation Corporation (APGENCO) for implementation of pumped storage hydro power projects and renewable energy projects in Andhra Pradesh.
Torrent Pharma
The US health regulator FDA has granted Voluntary Action Indicated (VAI) classification to Torrent Pharma’s manufacturing site in Dahej, Gujarat. A VAI classification means objectionable conditions or practices were detected but the regulator is not prepared to take or recommend any administrative or regulatory action.
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