Stocks To Watch: Zomato, Adani Power, Ambuja Cements, Nykaa And More
Shares of Zomato, Adani Power, Ambuja Cements, and FSN E-Commerce Ventures will be closely watched on Friday due to significant developments, including Zomato's shutdown of its Legends service.
Photo by Adam Śmigielski on Unsplash
Shares of Zomato Ltd., Adani Power Ltd., Ambuja Cements Ltd., and FSN E-Commerce Ventures Ltd. will be in focus on Friday.
Deepinder Goyal, CEO of Zomato Ltd., announced on Thursday that the company will be shutting down its Zomato Legends service immediately, just two months after its relaunch, citing "not finding product market fit" in a post on X (formerly known as Twitter).
The National Company Law Tribunal approved Adani Power's resolution plan to acquire Lanco Amarkantak Power for Rs 4,101 crore.
The Adani Group plans to divest shares worth $500 million, representing a 2.84% stake in Ambuja Cements. According to the terms of the deal accessed by NDTV Profit, the transaction value of the deal is Rs 4,197.8 crore, based on a floor price of Rs 600 per share.
Harindarpal Singh Banga and Indra Banga, promoters of FSN E-Commerce Ventures Ltd., the parent company of Nykaa, have proposed to sell up to 4.09 crore shares, which represents a 1.4% stake, via a block deal, according to terms reviewed by Bloomberg News.
The Nifty closed 41.30 points or 0.17%, higher at 24,811.50, while the S&P BSE Sensex ended 0.18% or 147.89 points up at 81,053.19. Both indices recorded their highest closing since Aug. 1.
The NSE Nifty 50 needs to break through the resistance zone between 24,950 and 24,960 for fresh bullish momentum, according to analysts.
For a fresh bullish trigger, analysts say that the index needs to overcome the hurdle at 24,950–24,960. On the downside, strong support is expected from the 21-day exponential moving average, located near 24,480.
As long as the Bank Nifty index remains above the 21-day EMA at 50,780, a buy-on-dips strategy is advisable, analysts say. A resistance is near the 51,200 level and a breakout above this could pave the way for the index to reach 51,500–51,800, according to analysts.
In the interim, analysts recommend maintaining a focus on a stock-centric approach, implementing proper risk-management strategies, and consistently secure profits at opportune times
Trade Setup For Aug. 23: Next Nifty Bull Run Hinges On Breach Above 24,950–24,960 Resistance
Here Are The Top Stocks To Watch On Friday
Stocks to Watch
Zomato: The company to shutdown Zomato Legends as it was unable to find product market fit.
Adani Power: NCLT has approved company’s resolution plan to buy Lanco Amarkantak Power for Rs 4,101 crore.
Ambuja Cement: Adani's family set to divest $500 million worth of shares or 2.84% stake in company. The value of the deal is Rs 4197.8 crore at the floor price of 600 per share according to the terms of deal viewed by NDTV Profit.
FSN E-Commerce Ventures: Harindarpal Singh Banga and Indra Banga offer to sell as much as 4.09 crore shares, or 1.4% stake in the company via block deal. The floor price is set at Rs 198 rupees.
Shriram Finance: The company approved the sale of entire stake in Shriram Housing Finance to Mango Crest investment, an affiliate of Warburg Pincus.
Wipro: The company extends its pact with John Lewis Partnership to complete their cloud transformation project.
Jain Irrigation Systems: The company signed MoU with Indian coffee board for commercial release of disease-resistant coffee plants to growers.
Bharat Forge: The company to invest additional Rs 105 crore in unit Kalyani Power Train via share subscription.
Power Mech Projects: The company to issue bonus shares in the ratio of 1:1. The company has set Sept. 28 as record date for determining eligible shareholders.
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