The SGX Nifty implies that the Indian benchmark indices Sensex and Nifty are off to a good start today. Cues from American markets are also optimistic, with investors expecting the financial crisis to ease after UBS’ purchase of Credit Suisse. According to experts, the Nifty will likely face resistance above 17,150 today, with support at 16,830 on the downside.
Shares of HDFC AMC, PVR, Indian Oil, NTPC, CEAT, Uno Minda, and PNC Infratech are among the top stocks to watch today.
HDFC AMC: Rajiv Jain-led GQG Partners offloaded 1.16% of their interest, or 24.7 lakh shares, in a block trade on Monday for Rs 1,600. GQG Partners currently owns 1.2% of the firm. On Monday, SBI Mutual Fund purchased 47.3 lakh shares of HDFC AMC at Rs 1,600 a share.
PVR: PVR shares will be under scrutiny today after Warbug Pincus sold its entire 2.49% holding in the firm in a block sale on Monday. Wabug Pincus sold 24.4 lakh shares for Rs 1,559.34 per share. SBI Mutual Fund, ICICI Prudential Mutual Fund, and Societe Generale were among the buyers in the block sale.
Indian Oil/NTPC: Indian Oil and NTPC Green (a subsidiary of NTPC) will be in the spotlight today after the businesses agreed to form a joint venture to build renewable energy (RE) power plants to suit the needs of future IndianOil refinery projects. According to the document, both firms would have an equal share in the joint venture.
CEAT: CEAT stock will be in focus today after the business announced on Monday the appointment of Arnab Banerjee as the company’s new MD and CEO, following the retirement of Anant Goenka as the company’s MD and CEO. Anant Goenka will now serve as the company’s vice chairman as a non-executive non-independent director.
Adani Enterprises: Adani Enterprises will be in the spotlight today after the business made a statement in response to media claims about the Green PVC project. “We are hopeful to obtain financial closure for the project in next six months post which full-fledged procurement and construction activities at site will commence. We are committed to completing the project in an expeditious manner so as to meet the original timelines,” said the company.