 "Stock market today: Shares of Som Distilleries, Yatra Online, Gokaldas Exports, Sun Pharma, Indus Towers in focus")
The GIFT Nifty index, around 8:30 am on Thursday, was up 7 points or 0.03 per cent at 23,521.5, indicating a flat start for Dalal Street. The India VIX, an indicator of volatility in the market, was up 5.77 per cent or 0.75 points at 13.71.
The US stock market remained closed on Wednesday on account of Juneteenth celebrations. Asian indices remained in the red on June 20.
Ahead of the market opening on Thursday, here’s a look at stocks to watch:
Som Distilleries: The Madhya Pradesh government suspended Som Distilleries Pvt.’s license on Wednesday due to concerns about child labour. This decision followed the rescue of over fifty children, including 20 girls, from a liquor factory in the Raisen district.
Yatra Online: Yatra Online Limited has agreed to buy out out its patner’s stake in the joint venture called Adventure and Nature Network Private Limited. With this, ANN will become a subsidiary of Yatra online. The erstwhile joint venture operates in the field of adventure tourism.
Gokaldas exports: Gokaldas Exports has agreed to invest in BRFL Textiles Private Limited (BTPL) by subscribing through Optionally Convertible Debentures (OCD). In its first tranche, Gokaldas will subscribe for Rs 50 crore, with the remaining OCDs worth up to Rs 300 crore to be subscribed subsequently in multiple tranches, depending on the funding requirements. A possible merger or acquisition will be explored by June 30, 2025.
Action Construction Equipment: The company is currently in discussions to establish a joint venture with Kato Works, a Japanese global construction equipment manufacturer of Mobile Cranes, Excavators and other equipment. The Joint Venture intends to produce medium and large sized cranes (mainly Truck Cranes, Crawler Cranes and Rough Terrain Cranes) for the growing Indian market.
Impact Shorts
More ShortsSun Pharma: Sun Pharmaceutical has received a warning letter from the United States Food & Drug Administration (USFDA) for its Dadra facility. The warning letter summarises violations of Current Good Manufacturing Practice (cGMP) regulations.
Indus Tower: Bharti Airtel bought around a 1 per cent stake in Indus Towers, by acquiring around 26.95 million shares, on Wednesday. The UK’s Vodafone Plc sold an 18 per cent stake in the tower firm for Rs 15,300 crore.
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