Stocks To Watch Out For Today: Indian benchmark equity indices Sensex and Nifty surged in a volatile session on Monday, on the back of heavy buying in index major Reliance Industries and continuous foreign fund inflows.
Rebounding from Friday’s decline, the BSE Sensex jumped 63.72 points or 0.10 per cent to close at 65,344.17. The NSE Nifty gained 24.10 points or 0.12 per cent to settle at 19,355.90.
Indian equities faced broad-based weakness, but the benchmark managed to stay marginally positive with the support of strong buying in heavyweight stocks. The weakness was led by IT stocks, as the sector is set to kick off the Q1 result season with expectations of soft earnings," said Vinod Nair, Head of Research at Geojit Financial Services.
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Additionally, cues from the US markets are unfavourable, as concerns about another rate hike persist despite expectations of a fast cooling of future US CPI inflation data.
Top Stocks To Watch For 11 July:
Vedanta
Foxconn Technology Group has decided to pull out of its joint venture (JV) with Vedanta Ltd., which had planned to invest around $20 billion in setting up a semiconductor fabrication plant, display unit, and semiconductor assembly and testing unit in India. However, Vedanta said it is fully committed to the semiconductor fab project. It has lined up other partners to set up India’s first foundry. The company plans to acquire a license for production-grade 28 nm.
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State Bank of India (SBI)
SBI said it proposes to participate in an Initial Public Offering (IPO) of National Securities Depositories Limited (NSDL) through an offer for sale (OFS) of up to 2 per cent stake or 40 lakh equity shares held by the lender in the depository organisation.
Tata Communications
The company’s Singapore-based subsidiary, Tata Communications International, has signed a share purchase agreement to acquire the remaining 41.9 per cent stake Oasis Smart SIM Europe SAS (Oasis) for $12 million in cash. The transaction, which allows TCIPL to gain 100 per cent stake in the OASIS, will be completed within one month.
Nazara Technologies
The gaming and sports media company said its board of directors has approved raising up to Rs 750 crore through equity and equity linked instruments or securities. Nazara Technologies has also increased its authorised share capital from Rs 30 crore to Rs 50 crore, subject to shareholders’ approval.
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