 "Stocks to watch: Samvardhana Motherson, NTPC, Ambuja Cements, Titan Company, SBI, and Infosys in focus")
The GIFT Nifty index, around 8:40 am on Monday (August 5), was down 362.5 points or 1.45 per cent at 24,352.5. Ahead of the market opening, it suggested a gap-down start for Dalal Street.
The India VIX, an indicator of volatility in the stock market, was up 10.75 per cent at 14.32 points.
Global cues remained negative, with Asian markets trading sharply in the red.
Ahead of the opening bell in India, here’s a look at stocks to watch:
Samvardhana Motherson: Auto components maker Samvardhana Motherson International Ltd (SAMIL) announced on Friday (August 2) that its board has approved the acquisition of a 34 per cent stake in Motherson Auto Solutions Ltd (MASL) from Sojitz Corporation for Rs 236.5 crore.
MASL currently operates an industrial park in Chennai, encompassing approximately 270 acres of land. The park includes essential infrastructure such as internal roads, storm drain systems, water supply, sewer systems, and power supply, which are leased to various industries.
NTPC: India’s largest power generator expects to begin construction of a nuclear power plant in Rajasthan by March, in collaboration with its joint venture partner Nuclear Power Corp of India Ltd. The project is projected to cost around Rs 50,400 crore.
Ambuja Cements: On Saturday (August 3), Ambuja Cements announced its first venture in Bihar. This marks the largest investment in the state by a cement industry player. The Warisaliganj Cement grinding unit, a standalone facility, will have an overall capacity of 6 MTPA and will be established with an investment of nearly Rs 1,600 crore.
Impact Shorts
More ShortsTitan Company: The company reported a marginal 1 per cent drop in standalone net profit at Rs 770 crore in the June quarter, compared to Rs 777 crore in the corresponding period last year. The Tata Group company’s revenue from operations in the first quarter rose nearly 9 per cent to Rs 11,263 crore.
State Bank of India: The state-owned lender posted a muted 0.9 per cent growth in its net profit due to margin compression, higher loan loss provisions, and a fall in other income. The board has approved fundraising of up to Rs 25,000 crore via tier-1 and tier-2 bonds in the current fiscal.
Infosys: The IT giant announced on Saturday that it received a communication from the Directorate General of GST Intelligence (DGGI) indicating the closure of pre-show cause notice proceedings for the financial year 2017-2018. The proceedings involved an amount of Rs 3,898 crore.
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