The market ended with a slight loss as investor sentiment was dampened by the rupee depreciation and ongoing uncertainty over the timing of a potential India-US trade deal last week. However, the situation could change this week. Stocks to watch at the start of the week
The Nifty ended the week down 0.31% at 25,966, and the Sensex fell 0.40% to 84,929, reflecting a period of stability after the recent volatility.
Stocks to watch today
Tata Steel
The company said it has invested Rs 1,354.94 crore in its wholly-owned foreign subsidiary T Steel Holdings Pte Ltd through equity share subscription. It has bought 149 crore shares of face value of $0.1008 each. The subsidiary will remain wholly owned by the company after this transaction.
Infosys
Infosys’ ADRs surged 40% to a new 52-week high of $30 on Friday, forcing trading to halt twice in the session due to extreme volatility.
Piramal Finance
Piramal Finance will sell its entire 14.72% stake in Shriram Life Insurance Company to Sanlam Emerging Markets (Mauritius) for Rs 600 crore, valuing the insurer at around Rs 4,000 crore.
Indian Hotels
The board has approved entering into a sale and purchase agreement (SPA) for the sale of 1.6 crore equity shares of Taj GVK Hotels and Resorts (TajGVK), equivalent to a 25.52% stake.
Rights
The state-owned engineering and consulting firm has announced that it has signed a memorandum of understanding with the government of Botswana to assist in the development and modernization of the country’s rail and transport infrastructure.
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ICICI Prudential AMC
has submitted draft documents to the Securities and Exchange Board of India (SEBI) seeking approval to launch a specialised investment fund under the company regulator’s newly introduced framework.
Kotak Mahindra Bank
The Reserve Bank of India on Friday announced that it has imposed a monetary penalty of Rs 61.95 lakh on Kotak Mahindra Bank for failing to comply with the norms related to Basic Savings Bank Deposit (BSBD) accounts, Business Correspondent and Credit Information Companies.
Vedanta
Fitch Ratings has upgraded Vedanta Resources’ outlook to ‘positive’, which is likely to create a positive sentiment in the minds of investors on the back of its debt reduction, ample cash and good results in terms of earnings.
Tata Chemicals
The company announced that its wholly-owned subsidiary Tata Chemicals International Pte Ltd has entered into a share purchase agreement to acquire the entire equity stake in Singapore-based Novabe Pte Ltd, which manufactures premium-grade sodium bicarbonate.
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