Stocks To Watch: Mphasis, Vodafone Idea, InterGlobe Aviation, IRB Infra, RVNL

GIFT Nifty traded up by 53 points or 0.23% to 23,285.50, indicating a positive opening for the NSE Nifty 50 and BSE Sensex on Tuesday. Here are the top stocks to watch on June 11, 2024.

GIFT Nifty suggests that Indian equity indices BSE Sensex and NSE Nifty 50 may start Tuesday on a positive note. Let’s take a closer look at key stocks to watch in today’s trade.

Stocks in Focus:

GIFT Nifty rose by 53 points or 0.23% to 23,285.50, indicating a likely positive opening for domestic indices NSE Nifty 50 and BSE Sensex on Tuesday. Previously, on Monday, the NSE Nifty 50 dropped by 30.95 points or 0.13% to settle at 23,259.20, while the BSE Sensex declined by 203.28 points or 0.27% to 76,490.08.

Market Overview:

Vinod Nair, Head of Research at Geojit Financial Services, noted that the Indian market is currently devoid of fresh catalysts following the formation of the new government. He suggested that some consolidation may occur in the near term. Institutional flows show a mixed trend, with FIIs gradually covering shorts and DIIs booking profits after the market reached historic highs.

Nair also mentioned that optimism about a rate cut is diminishing as US economic data remains strong. The FED is expected to maintain its current stance, and any deviation from the earlier guided rate cut could test market patience.

Stocks to Watch on June 11, 2024:

Mphasis Kotak Mahindra Mutual Fund, Morgan Stanley, and Societe Generale have acquired Mphasis shares worth nearly Rs 1,900 crore at an average price of Rs 2,363 per share. This follows Blackstone’s sale of a 15.1% stake in Mphasis at an average price of Rs 2,363.37 per share through bulk deals on the NSE, highlighting significant investor interest.

InterGlobe Aviation InterGlobe Enterprises, the holding company of the Rahul Bhatia family, plans to sell a 2% stake in a low-cost carrier via block deals. The sale involves 77 lakh shares at a base price of Rs 4,266 per share, representing a 7% discount.

PTC Industries The company has joined a government-funded Special Purpose Vehicle (SPV) under the ‘Make in India’ initiative to strengthen the defense and aerospace sector. This 530 million rupee project aims to establish a greenfield defense testing facility in Lucknow, with 75% funding from the government and 25% from SPV members.

IRB Infrastructure Cintra, a subsidiary of the Spanish infrastructure group Ferrovial, is set to sell up to a 5% stake in IRB Infrastructure Developers through a block deal. The shares will be priced between Rs 63 and Rs 70.16 each, representing up to a 10.2% discount to the last closing price.

Vodafone Idea The telecom major’s board of directors will meet on Thursday, June 13, 2024, to discuss various proposals, including the issuance of equity shares and/or convertible securities to vendors on a preferential basis.

RVNL The state-owned company announced that the Siemens-RVNL consortium has received a letter of acceptance from the Bangalore Metro Rail Corporation for a Rs 394 crore project. This project involves engineering, supply, erection, testing, and commissioning of 33 KV distribution systems for phases 2A and 2B of the Bangalore Metro.

Sudarshan Chemicals The company has launched five new products: Sumica Silver 41135, Sumica Bright Silver Fine 41126, Sudafast Green 2730 KF, Sudacolour Yellow 162 KF, and Sudacolour Yellow 179K. These new products are aimed at applications in plastics, coatings, and textiles.

NLC India The state-owned firm announced that its board has approved a plan to raise up to $600 million through External Commercial Borrowings (ECB) to meet business requirements. Additionally, the board approved an investment of up to Rs 994.50 crore in NLC India Renewables Ltd, a wholly-owned subsidiary.

Jubilant Foodworks Domino’s celebrated the opening of its 2000th store in India by launching seven new stores across its seven operating regions nationwide. Domino’s Pizza India, which opened its first store in New Delhi in 1996, now serves over 200 million pizzas annually through its 2,000 stores in 421 cities