 "Stocks to watch: Shares of L&T, Inox Wind, Dixon Technologies, Swan Energy, and HFCL in focus")
The GIFT Nifty index, on Tuesday (July 9) around 8:30 am, was down 15 points or 0.06 per cent at 24,388. It hinted at a flat to negative start for Dalal Street. The India VIX, an indicator of volatility in the market, was up 7.13 per cent at 13.6.
Global cues remained positive. Monday’s trading on Wall Street resulted in some market milestones. The S&P 500 and Nasdaq composite both reached all-time highs, however, the Dow Jones Industrial Average gave up an early gain and closed a smidge lower. Asian share markets were trading higher, tracking the gains on Wall Street.
Ahead of the Indian stock market opening on Tuesday, here’s a look at stocks to watch:
Larsen & Toubro (L&T): L&T Semiconductor Technologies, a wholly-owned subsidiary of Larsen & Toubro, signed a Share Purchase Agreement on July 8 to acquire a 100% stake in SiliConch Systems. This acquisition aims to enhance L&T’s capabilities in the fabless semiconductor business by adding intellectual property, engineering skillsets, and design expertise.
Inox Wind: Inox Wind Limited secured an order for 200 MW from a renewable C&I power producer. This order includes the latest 3 MW Wind Turbine Generators (WTGs) and involves turnkey execution. Inox Wind will also provide multi-year operations and maintenance services post-commissioning. The project will span the states of Gujarat and Rajasthan.
Dixon Technologies: On Monday, Dixon Technologies announced plans to divest its entire 50% stake in the joint venture AIL Dixon Tech to Aditya Infotech. In return, Dixon Technologies will acquire a 6.5% stake in Aditya Infotech as part of the transaction.
Impact Shorts
More ShortsSwan Energy: Three affiliates of BlackRock acquired a stake worth Rs 304 crore in Swan Energy Ltd. through open market transactions on Monday. Sellers included 2I Capital PCC and Dovetail India Fund, which sold 15 lakh and 12 lakh shares respectively, at Rs 666.2 per share, according to NSE block deal data.
HFCL: HFCL’s Netherlands unit established a subsidiary in the U.K. to manufacture optical fiber cables. In an exchange filing, the company stated that HFCL BV, a wholly-owned subsidiary in the Netherlands, created HFCL UK Limited. This new entity has become a step-down wholly-owned subsidiary, aligning with HFCL’s strategy to boost export market revenues.
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