Stocks in focus: The SGX Nifty recorded a 0.27% gain during Wednesday’s early trading session, with a value of 18,862.5 indicating a positive opening for domestic indices NSE Nifty 50 and BSE Sensex. Benchmark indices NSE Nifty 50 and BSE Sensex ended Tuesday’s session broadly in green. The Nifty 50 surged 0.68% to 18,817.4 and the BSE Sensex skyrocketed 446.03 points to 63,416.03.
“The domestic market rallied, primarily supported by banking and finance stocks, which received a boost from the merger updates from HDFC. Meanwhile, global trends were mixed as the Chinese market showed signs of recovery, driven by hopes of additional policy stimulus, whereas European markets traded with declines in response to hawkish commentary from the President of the ECB. Ahead of the release of US stock data, oil prices eased as concerns regarding Russian political instability and potential supply disruptions were alleviated,” said Vinod Nair, Head of Research at Geojit Financial Services.
Wipro
As a result of the change in stock market holiday from 28 June to 29 June on account of Bakri Eid, Wipro has extended its buyback to 30 June.
SBI
The board of directors of India’s largest lender, State Bank of India, have approved the acquisition of the 20% stake held by SBI Capital Markets. in SBI Pension Funds subject to receipt of all regulatory approvals.
ITC
ITC acquired 857 compulsorily convertible preference shares of Mother Sparsh at a total consideration of Rs 11.54 crore.
Titagarh Wagons
Titagarh Wagons received a letter of acceptance from the Gujarat Metro Rail Corporation for the design, manufacture, supply, testing, commissioning and training of 72 standard gauge cars for Surat Metro Rail Phase-I Project. The order value is about Rs 857 crore and execution would start 76 weeks after signing the contract and is scheduled to be completed in 132 weeks thereafter.
Gland Pharma
US FDA has conducted a pre-approval inspection for seven products as well as a good manufacturing practice inspection at Gland Pharma’s Pashamylaram Facility at Hyderabad. The inspection concluded with the US FDA issuing one observation.
LTIMindtree
Following the announcement of HDFC’s share delisting from the bourses as the HDFC-HDFC Bank merger is confirmed, Nuvama predicts that LTIMindtree will be the next entrant into the Nifty 50 index, and the shares could see an inflow of up to $160 million.