 "Stock market today: Shares of Tata Motors, Kotak Mahindra Bank, NMDC, Gland Pharma, Bharat Forge in focus")
The GIFT Nifty index, on Wednesday around 8:20 am, was up 67.5 points or 0.29 per cent at 23,658 level. It suggested a positive start for the Indian stock market on Wednesday. The India VIX, a measure of volatility in the share market, stood at 13.04 points, up 1.68 per cent.
Global cues remained positive. In the US stock market, all major indices climbed, with Nasdaq and S&P 500 touching record highs on Tuesday. Asian markets were largely in the green on Wednesday.
Ahead of the opening bell in India, here’s a list of stocks to watch:
Tata Motors: Jaguar Land Rover, a wholly-owned subsidiary of Tata Motors, and Chinese automobile manufacturer Chery have signed a letter of intent (LoI) to license the Freelander brand to their joint venture, Chery-JLR, for creation of electric vehicles in China. The Freelander EV portfolio will be built alongside CJLR’s existing model range.
Kotak Mahindra Bank: Zurich Insurance Company Ltd has completed the acquisition of a 70 per cent stake in Kotak Mahindra General Insurance Company. With this, Kotak General ceased to be a wholly-owned subsidiary of the Bank on June 18, 2024, and the Bank now holds the remaining 30 per cent of the share capital of Kotak General.
Bharat Forge: The company has invested $40 million in Bharat Forge America Inc (BFA), a wholly owned subsidiary of Bharat Forge. The funds are intended for further investment by BFA into its wholly-owned subsidiary- Bharat Forge Aluminum USA Inc (BFAL), to facilitate BFAL’s capital expenditure for the aluminum forging facility.
Impact Shorts
More ShortsNMDC: India’s largest iron ore producer, NMDC, has established a new research and development (R&D) center in Patancheru, on the outskirts of Hyderabad. The aim is to promote innovation in mineral processing and sustainable steel technology. The new R&D center, which covers an area of eight acres, has been set up with an investment of Rs 50 crore.
Indus Towers: Vodafone Group Plc, a promoter entity of Vodafone Idea Ltd, is planning to sell up to 9.94 per cent equity of Indus Towers through block deals on Wednesday. The price range for the block deal is set at ₹310-341 per share, a potential discount of up to 10 percent compared to Tuesday’s closing price.
Gland Pharma: Fosun Pharma Industrial Pte will reduce its stake in the Indian drug company through block deals after being unable to offload it in one go. The company will sell 5 per cent of the drugmaker for approximately $172 million through a block trade.
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