SBI, NTPC, Power Grid, Hindustan Zinc, Indraprastha Medical: Stocks to watch on Wednesday
Stocks to watch on Wednesday: SBI will acquire a 20 per cent stake held by SBI Capital in SBI Pension Fund for Rs 229.52 crore.
Stocks to watch on Wednesday: At 08:11 AM, GIFT Nifty traded 43 points, or 0.2 per cent higher at 21,042.5, indicating a negative start for domestic equities on December 6, Wednesday.
Domestic equity indices on Tuesday, December 5, extended gains and hit fresh highs again amid the effect of state election results, and other positive factors like better-than-expected earnings and Gross Domestic Product (GDP) growth data, which attracted foreign institutional investors (FII).
The NSE Nifty 50 index ended 168.3 points, or 0.81 per cent, higher at 20,855.1, and the S&P BSE Sensex finished the day with a gain of 431.02 points, or 0.63 per cent, at 69,296.14—both record closing highs—after scaling record highs during the session. The high-beta Nifty Bank also registered a record closing high, finishing the day 580.85 points higher at 47,012.25.
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Here are some stocks that will be in focus on Wednesday, December 6:
State Bank of India (SBI):
The public sector lender will acquire a 20 per cent stake held by SBI Capital in SBI Pension Fund for Rs 229.52 crore. The acquisition will be completed by December 15. SBI currently holds a 60 per cent stake in the company.
In a board meeting, a decision related to the second interim dividend will be taken.
Power Grid Corporation:
Power Grid Corporation of India Limited, through a regulatory filing, announced that it had been declared a successful bidder to establish an Inter-State Transmission System Project. The transmission system is for the evacuation of an additional 7 GW of RE power from Khavda RE park under Phase III Part B.
The National Company Law Appellate Tribunal (NCLAT) passed an interim order to take stay on the Competition Commission of India's (CCI) order dated August 22, 2023, which had asked the company to impose a penalty of Rs 40,00,000.
NCLAT has asked to deposit 25 per cent of the penalty amount, which, according to the company filing, has already been paid.
Indraprastha Medical Corporation:
National Organ and Tissue Transplantation Organisation (NOTTO) under the Union Health Ministry ordered an inquiry into allegations of a cash-for-kidney scam against Indraprastha Apollo Hospital, official sources said Tuesday.
However, Indraprastha Medical Corporation Ltd (IMCL) has denied the allegations.
The company, in its November update, posted domestic sales of 1,732 units. The total production stood at 2,216 units.
The board approved an increase in authorised share capital. It has also approved issuing bonus shares in the ratio of 1:2.
Waaree Renewable Technologies:
The company received a Letter of Intent (LOI) for the execution of Engineering, Procurement, and Construction (EPC) works for a solar power project of 4.27 MW DC capacity on turnkey basis.
The company informed that operations at the MDF Plant, situated in Andhra Pradesh, had been disrupted since Monday due to Cyclone Michaung.
The pharma company has entered into licensing agreement with Aclaris Therapeutics, a clincial stage biopharmaceutical company.
(With PTI inputs.)