 "Stock market today: Here's why shares of Zomato, Paytm, TCS, Ixigo, LIC, RVNL, and Bharti Airtel are in focus")
The GIFT Nifty index, around 8:30 am on Tuesday, was up 24.5 points or 0.1 per cent at 23,575.5, suggesting a positive start for Dalal Street. The India VIX, an indicator of volatility in the markets, stood at 12.82 points, down 4.93 per cent of 0.66 points.
Global cues remained positive. On Monday, US stock indices rose on the back of gains made by tech companies. This rally led to Asian markets opening higher as well.
Ahead of the market opening on June 18, here’s a look at stocks to watch:
Zomato and Paytm: Zomato, a leader in food delivery, and fintech giant Paytm, have announced that they are discussing a potential acquisition of Paytm’s movie and event ticketing division. Both companies made this disclosure in regulatory filings on Monday.
TCS: The flagship company of Tata Group, Tata Consultancy Services, has been ordered to pay $194 million for trade secrets violation by a US court. The company said that it believes it has strong arguments in the matter and intends to defend its position through review petition/appeal.
RVNL: Rail Vikas Nigam (RVNL) has emerged as lowest bidder (L-1) from East Coast Railway for installing automatic block signaling system in Odisha. The said order is worth Rs 160.08 crore and it will be executed within 24 months.
LIC: The Life Insurance Corporation of India has clarified that it has not formally proposed entering the health insurance market through acquisition. The company stated that it regularly assesses various strategic opportunities, including options for inorganic growth.
Impact Shorts
More ShortsIxigo: Le Travenues Technology, the parent company of travel aggregator Ixigo, is expected to debut on the stock exchange on June 18. Analysts predict that the stock will list at around a 30 per cent premium from its issue price of Rs 93 per share. Ahead of its listing, the shares were trading at a 31 per cent premium in the grey market.
Bondada Engineering: Bondada Engineering has secured a contract worth Rs 2.05 crore from Bharti Airtel. The contract involves supplying a hot-dipped galvanized (GI) pole without a base to Tamil Nadu. The pole is specified to be 6 meters in height and approximately 60 kilograms in weight.
Bharti Airtel: Bharti Airtel has prepaid Rs 7,904 crore to the Department of Telecom, fully clearing all deferred spectrum liabilities from auctions held in 2012 and 2015.
IndiGo: According to the Directorate General of Civil Aviation, IndiGo’s domestic passenger market share increased to 61.6 per cent in May, up from 60.6 per cent in April this year.
BLS E-services: The company, a subsidiary of BLS International, has agreed to acquire a 55 per cent controlling interest in Aadifidelis Solutions and its affiliates for an enterprise value of approximately Rs 190 crores.
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