 "Stocks to watch: JSW Steel, IRFC, Kotak Mahindra Bank, NMDC, and Wipro shares in focus")
The GIFT Nifty index, around 8:30 am on Tuesday (August 13), was down 5.5 points or 0.02 per cent at 24,338. It hinted at a flat start for Dalal Street.
The India VIX, an indicator of volatility in the stock market, was up 3.47 per cent at 15.87 points.
Global cues were mostly positive. On Monday (August 12), Wall Street stocks saw a mixed trading day and close as investors remained in wait-and watch mode ahead of the inflation data due later. Asian stocks rose on Tuesday, led by Japanese shares on the back of a steady yen.
Ahead of the stock market opening in India, here’s a look at stocks to watch:
JSW Steel: The company announced its plan to acquire a 66.67 per cent economic interest in M Res NSW HCC for $120 million. The deal includes an additional $50 million as deferred consideration, payable in 2030. M Res NSW holds a 30 per cent stake in a company that operates two coking coal mines in Australia, marking a strategic investment for JSW Steel in the raw material supply chain.
IRFC: Indian Railway Finance Corporation (IRFC) reported a net profit of Rs 1,576 crore for the first quarter, remaining flat compared to Rs 1,551 crore in the same period last year. The railway financier’s revenue grew by 1.4 per cent, reaching Rs 6,765 crore, compared to Rs 6,673 crore in the corresponding quarter of the previous year.
Wipro: Wipro’s Chief Technology Officer, Subha Tatavarti, has resigned, effective August 16, to pursue opportunities outside the company. Her departure comes as Wipro continues to navigate challenges in the technology sector.
Impact Shorts
More ShortsNMDC: National Mineral Development Corporation (NMDC) reported a consolidated net profit of Rs 1,970.80 crore for the quarter ending June, up 19 per cent from Rs 1,652.2 crore in the same period last year. The increase was attributed to higher realisations, while consolidated revenue from operations remained flat at Rs 5,414.2 crore for the quarter.
Kotak Mahindra Bank: Kotak Mahindra Bank’s wholly-owned subsidiaries, Sonata Finance and BSS Microfinance, have approved a Scheme of Amalgamation, with Sonata to be merged with BSS on a going concern basis. The merger is subject to the approval of shareholders, creditors, and the National Company Law Tribunal (NCLT).
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