 "Stocks to watch: Hindustan Zinc, Larsen and Toubro, Tata Steel, Sun Pharma, and UltraTech")
The GIFT Nifty index on Friday (August 16) was up 223 points or 0.92 per cent at 24,368. It hinted at a gap-up start for Dalal Street after the Independence Day holiday.
The India VIX, an indicator of volatility in the market, was down 4.53 per cent at 15.44.
Global cues remained positive. In the US, the major stock indices, including Nasdaq, rallied as recession fears receded after robust retail sales data.
Ahead of the opening bell in India, here’s a look at stocks to watch:
Hindustan Zinc: Vedanta Group’s Hindustan Zinc Ltd (HZL) is reportedly set to declare a special dividend of Rs 8,000 crore to its shareholders within the current fiscal year. Sources told PTI that HZL’s board is scheduled to meet on Tuesday (August 20) to consider and approve this significant payout.
Vedanta: Vedanta Ltd’s planned sale of its 3.31 per cent stake in subsidiary HZL will boost funds available with the mining conglomerate for debt repayment and capital spending, CreditSights said on Thursday (August 15).
Swan Energy: Swan Energy Ltd, led by billionaire Nikhil Merchant, announced plans to sell its stake in a floating LNG terminal to Turkey’s state-run Botas for $399 million. The transaction involves the assets of Swan’s subsidiary, Triumph Offshore Pvt Ltd, and is expected to close within six months, pending the signing of definitive documents.
L&T: Larsen & Toubro International FZE, a wholly-owned subsidiary of Larsen & Toubro, has signed a Share Purchase Agreement to acquire an additional 15 per cent stake in its joint venture, Larsen & Toubro (Oman) LLC, from The Wave Development SPC. Upon completion, LTIFZE’s stake in L&T Oman will rise to 80 per cent.
Impact Shorts
More ShortsTata Steel: Tata Steel has invested Rs 1,528.24 crore ($182 million) to acquire 115.92 crore shares of its Singapore-based subsidiary, T Steel Holdings Pte. The acquisition aims to bolster Tata Steel’s international presence and enhance operational efficiency.
Sun Pharmaceutical: Sun Pharmaceutical Industries Ltd has entered into an agreement to invest up to $15 million in Pharmazz Inc., a Delaware-based biopharmaceutical company, resulting in a more than 5 per cent equity stake.
Ola Electric: Ola Electric reported a net loss of Rs 347 crore for the fiscal year, up from Rs 267 crore the previous year. However, revenue surged by 32.3 per cent to Rs 1,644 crore, compared to Rs 1,243 crore in the prior year. The company also reduced its EBITDA loss to Rs 205 crore from Rs 218 crore.
UltraTech Cement: UltraTech Cement, a leading player in the cement industry, is poised to surpass a capacity of 200 million tonnes per annum by FY27, according to Chairman Kumar Mangalam Birla. The Aditya Birla Group flagship is undergoing a massive expansion drive, setting new global benchmarks in the sector.
With inputs from PTI
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