 "Stocks to watch: JSW Steel, Zomato, Airtel, Wipro, Nykaa, and SBI Life shares in focus")
The GIFT Nifty index on Friday (August 23) around 8:45 am was down 10.5 points or 0.04 per cent at 24,848.5. It hinted at a muted to negative start for Dalal Street.
The India VIX, an indicator of volatility in the market, was down 2.49 per cent at 13 points.
Ahead of the opening bell in India, here’s a look at stocks to watch:
SBI Life:
SBI Life on Thursday (August 23) said tax authorities have slapped a demand notice of about Rs 239.27 crore on it for short payment of GST for the financial year 2019-20. The company, in a regulatory filing, said it has received an order for interest and penalty from the Deputy Excise & Taxation Commissioner, Rohtak, Haryana.
Airtel: The GST Appellate Authority has ordered Bharti Airtel to pay Rs 194 crore GST on licence fees and spectrum usage charges demanded by the Department of Telecom. The matter pertains to the demand for GST of Rs 604.66 crore by the GST Department.
Zomato: Zomato has announced the immediate shutdown of its Intercity Legends service, which was designed to deliver iconic dishes from 10 cities across India. This move marks a shift in the company’s strategy as it continues to streamline its operations and focus on core services.
JSW Steel: The Karnataka Cabinet on Thursday gave its approval for executing an absolute sale deed for the proposed sale of a total 3,667.31 acre of land to JSW Steel in Ballari district. The cabinet has also given in-principle clearance for two big-ticket projects in Bengaluru– a sky deck (a tall panoramic platform or building) and an underground vehicular tunnel.
Wipro: A step-down subsidiary of Wipro, Rizing Management LLC, has been voluntarily liquidated as of August 21.
Nykaa: A pre-IPO investor in Nykaa, Harindarpal Singh Banga, is likely to sell up to a 1.4 per cent stake in the company, CNBC-TV18 cited sources as saying. The stake sale is expected at a floor price of Rs 198 per share. Singh held a 6.4 per cent stake in Nykaa as of the end of the June quarter.
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