Stocks To Watch: IndiGo, Hindustan Zinc, HDFC Bank And More

InterGlobe Aviation Ltd., Hindustan Zinc Ltd., HDFC Bank Ltd. and Ramco Systems Ltd. are among the stocks in focus as markets open on Wednesday.

The Bureau of Civil Aviation Security has reduced the penalty imposed on the IndiGo parent company from Rs 1.2 crore to Rs 70 lakh.

HZL has partnered with Skipper Ltd. to develop India’s heaviest transmission steel pole structure, which weighs approximately 200 tonnes. 

HDFC Bank has been issued a penalty of Rs 1 crore by the Reserve Bank of India for alleged non-compliance with its directions on 'Interest Rate on Deposits' and the engagement of 'Recovery Agents' by the bank.

Ramco Systems has announced the launch of Aviation Software 6.0, designed for smarter aircraft management. Ashoka Buildcon has entered into an agreement to transfer its 90% stake in ABL Indira Projects JV LLP to Indira Projects & Development (Tamil Nadu) Pvt. for Rs 5.44 crore.

The benchmark indices extended their rally to close higher for the second session in a row on Tuesday, led by gains in the IT sector.

The NSE Nifty 50 closed 104.70 points, or 0.42% higher, at 25,041.10, while the S&P BSE Sensex ended higher by 361.75 points, or 0.44%, at 81,921.29. The Nifty rose as much as 0.78% to 25,130.50, and the Sensex gained 0.78% to hit an intraday high of 82,196.55.

Market sentiments are likely to remain weak in the near term unless NSE Nifty 50 manages to close above 25,100, according to analysts. "On the lower side, support is seen at 24,900; if breached, the index may decline further towards 24,750," said Rupak De, senior technical analyst at LKP Securities.

The market has completed one leg of the pullback rally, and now (for Nifty/Sensex) 25,000/81,800 would be the crucial support for traders, said Shrikant Chouhan, head equity research at Kotak Securities. "Above 25,000 and 81,800, the Nifty and the Sensex could bounce back to 25,150-25,175 and 82,200-82,500, respectively."

"However, below 25,000/81,800, the indices could retest the level of 24,900/81,500. Further downside may also continue, which could drag the index to 24,850/81,300," he said.

• InterGlobe Aviation: The Bureau of Civil Aviation Security has reduced the penalty imposed on the company from Rs 1.2 crore to Rs 70 lakh.

• Hindustan Zinc: HZL and Skipper Ltd. partnered for India's heaviest transmission steel pole structure, weighing around 200 tonnes.

• Ceat: India Ratings and Research has revised outlook of the company to positive from stable.

• HDFC Bank: The Reserve Bank of India has imposed a penalty of Rs 1 crore on the bank for non-compliance with its directions on 'Interest Rate on Deposits' and the engagement of 'Recovery Agents' by the bank.

• Ramco Systems: The company announces the launch of Aviation Software 6.0 for smarter aircraft management.

• Ashoka Buildcon: The company has finalised an agreement to transfer its complete 90% stake in ABL Indira Projects JV LLP for a sum of Rs 5.44 crore to Indira Projects & Development (Tamil Nadu) Pvt. Ltd.

• Happiest Minds Technologies: The company has obtained a certified true copy of the first motion order from the NCLT, Bengaluru Bench, concerning the scheme of amalgamation with Sri Mookambika Infosolutions Pvt. This order relates to the merger of the two companies and their respective shareholders and creditors.

• Fiem Industries: The company has received an interim insurance payment of Rs 30 crore related to the fire incident in June 2023. The company has estimated the total claim at Rs 112.7 crore on a reinstatement value basis, with the final assessment still in progress.

• Reliance Industries: Reliance Retail Ventures, Delta Galil in pact for JV in India Delta Galil to establish apparel innovation platform focused on Indian market via Joint Venture with Reliance Retail. 

• Jubilant Pharmova: US FDA classifies the company's Washington facility as voluntary action indicated.