The Indian stock market is poised for a positive start on Friday, with the GIFT Nifty on the NSE IX trading 30.5 points, or 0.16%, higher at 19,692.5. Here are some of the stocks that will be in focus today for various reasons:
Vedanta
The Committee of Directors of Vedanta Ltd has approved raising up to Rs 2,500 crore through issuance of non-convertible debentures (NCDs) in one or more tranches. The NCDs will have a maturity of 3 to 5 years and will be used for general corporate purposes, including refinancing of existing debt.
JSW Steel
India’s JSW Steel Ltd is slowing down the process to buy a stake in the steelmaking coal unit of Canada’s Teck Resources, Reuters reported. This is the first sign that a diplomatic spat is affecting trade ties between India and Canada.
Wipro
IT services provider Wipro has announced that Jatin Dalal has resigned as chief financial officer to pursue other opportunities after more than two decades with the company. The company has not yet announced a replacement for Dalal.
Glenmark Life
Glenmark Pharmaceuticals has received board approval to sell 75% stake in subsidiary Glenmark Life Sciences to Nirma Ltd for Rs 5,652 crore. The sale is part of Glenmark’s strategy to focus on its core pharmaceutical business.
ICICI Lombard
Bhargav Dasgupta, MD and CEO of ICICI Lombard General Insurance, has resigned to pursue a career opportunity outside the country. The company has not yet announced a replacement for Dasgupta.
SAMHI Hotels, Zaggle Prepaid
Shares of SAMHI Hotels and Zaggle Prepaid are expected to debut on the exchanges today. Both the companies are expected to see a tepid listing, given the current market conditions.
Sunteck Realty
IFC and Sunteck Realty have created a joint platform investing up to Rs 750 crore (US$90 million) to expand green urban housing in Maharashtra. The platform will focus on developing affordable and sustainable housing projects in the state.
Kalyani Forge
Shareholders of Kalyani Forge have approved the appointment of Viraj Gaurishankar Kalyani as MD of the company. Viraj is the son of Babasaheb Kalyani, the current Chairman of Kalyani Forge.
YES Bank
Pankaj Sharma has been appointed as chief strategy and transformation officer of YES Bank. Sharma has over 25 years of experience in the financial services industry and has held senior positions at various banks, including HDFC Bank and ICICI Bank.
Analysis
The Indian stock market is expected to open higher on Friday, tracking positive cues from global markets. However, the market is likely to remain volatile in the near term due to a number of factors, including rising interest rates, inflation, and geopolitical tensions.
Vedanta’s plan to raise NCDs is a positive sign for the company. It shows that the company is confident about its future growth prospects and is able to raise funds at competitive rates.
JSW Steel’s decision to slow down the process to buy a stake in Teck Resources is a disappointment for investors. The deal would have given JSW Steel access to high-quality coal reserves and helped the company to reduce its costs. However, the diplomatic spat between India and Canada has made the deal more difficult to complete.
Wipro’s CFO resignation is a blow to the company. Dalal was a respected and experienced CFO and his departure will create uncertainty at the company.
Glenmark’s sale of Glenmark Life Sciences is a part of the company’s strategy to focus on its core pharmaceutical business. Glenmark Life Sciences is a profitable business, but it is not a core business for Glenmark. The sale will allow Glenmark to focus on its core business and to invest in new growth opportunities.
ICICI Lombard’s CEO resignation is a surprise. Dasgupta was a well-respected CEO and his departure will create uncertainty at the company.
The tepid listing of SAMHI Hotels and Zaggle Prepaid is a reflection of the current market conditions. Investors are cautious about investing in new companies, given the volatile market conditions.
The joint platform between IFC and Sunteck Realty is a positive development for the Indian real estate sector. The platform will help to increase the supply of affordable and sustainable housing in Maharashtra.
The appointment of Viraj Gaurishankar Kalyani as MD of Kalyani Forge is a positive development for the company. Viraj is a young and dynamic leader with a strong track record. His appointment will help the company to continue its growth trajectory.
