Nazara Technologies Ltd., Macrotech Developers Ltd., Aditya Birla Capital Ltd. and Garden Reach Shipbuilders & Engineers Ltd. are the stocks in focus before going to trade on Thursday.
Nazara raised up to Rs 900 crore via preferential issue of shares at an issue price set at Rs 954.27 per share and will acquire a 19.35% stake in subsidiary Absolute Sport (Sportskeeda) for Rs 145 crore.
Macrotech, which operates under the Lodha brand, will acquire additional stakes in three Maharashtra-based digital infrastructure firms for a cumulative amount of Rs 240 crore.
ABCL received a no-objection letter from the Reserve Bank of India for the proposed merger of Aditya Birla Finance Ltd. with itself.
GRSE received confirmation from Carsten Rehder Schiffsmakler and Reederei GmbH & Co. for the construction and delivery of four more multi-purpose vessels on Wednesday.
The benchmark equity indices snapped two sessions of gains and ended lower on Wednesday amid caution as markets await the much-anticipated interest rate cut in the US by the Federal Reserve after keeping it unchanged in eight consecutive meetings.
The NSE Nifty 50 ended 41 points or 0.16% lower at 25,377.55, and the S&P BSE Sensex ended 131.43 points or 0.16% lower at 82,948.23. Intraday, both the Nifty and the Sensex rose as much as 0.3% to hit their new record highs of 25,482.20 and 83,326.38 respectively.
On the downside, 25,280–25,300 serves as an immediate support base for Nifty, followed by the 21-double exponential moving average support, which is placed near 25,080 levels, said Hrishikesh Yedve, assistant vice president of technical and derivatives research at Asit C. Mehta Investment Intermediates Ltd.
As long as Nifty stays above 25,080, a buy-on-dips strategy is advisable, with the potential for the index to test 25,600 in the short term, he added.
China's central bank and the Bank of England will also announce their rate decision on Thursday, which is expected to follow the Fed’s move, said Siddhartha Khemka, head of research in wealth management at Motilal Oswal Financial Services Ltd. "Hence, we expect the market to remain volatile in the near term with rate-sensitive sectors in focus."
Bank Nifty, which formed a strong bullish candle on a daily scale, will encounter short-term resistance near the psychological level of 53,000, Yedve said. If Bank Nifty sustains above this level, the rally could extend towards 53,500-53,800, he added.
Here Are The Stocks To Watch On Thursday
Nazara Technologies: The company raised up to Rs 900 crore via preferential issue of shares at an issue price set at Rs 954.27 per share and will acquire a 19.35% stake in subsidiary Absolute Sport (Sportskeeda) for Rs 145 crore. With this, the company now holds a 91% ownership stake in Absolute Sports (Sportskeeda).
Power Grid: The company declared as successful bidder for Rajasthan-Madhya Pradesh transmission project.
BL Kashyap and Sons: The company secured a new order worth Rs 221 crore from SSS Realty & Co for construction work in Bengaluru. The total order book as on date stands at Rs 3,546 crore.
Macrotech Developers: The company to acquire Ivanhoe's stake in digital infra platform entities in Maharashtra for Rs 240 crore.
Indian Renewable Energy Development Agency: The Department of Investment and Public Asset Management has allowed dilution of up to 7% government holding via QIP.
Garden Reach Shipbuilders & Engineers: The company received an additional $54 million contract from Germany's Carsten Rehder for 4 multi-purpose vessels.
GE T&D India: Promoters to sell up to 15.6% stake via OFS on September 19 and 20. The OFS comprises base offer of 11.7% stake and oversubscription offer of additional 3.9% stake. The floor price of the offer is set at Rs 1,400 per share, which is at a discount of nearly 21% from current market price.
Ion Exchange (India): The company received Rs 161 crore order from Adani Power for water and environment management solutions.
Aditya Birla Capital: The company received ‘no objection’ from the RBI for proposed amalgamation of Aditya Birla Finance Ltd., with itself; will create a large unified operating NBFC.
Pudumjee Paper Products: The company awards a contract for 15.4 MW solar power project to Prozeal Green Energy.
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