Stocks To Watch: Vedanta, Bajaj Finance, Cello World, Bandhan Bank, ITD Cementation

Shares of ITD Cementation, Vedanta, Bajaj Finance and Bandhan Bank will be in focus on Wednesday. The primary markets will see the opening of two mainboard IPOs—Emcure Pharmaceuticals Ltd. and Bansal Wire Industries Ltd.

ITD Cementation India announced on Wednesday that its promoter shareholder, Italian Thai Development Public Co., is exploring a potential divestment of their holding in the company. The promoter currently owns 46.64% equity in the company as of March.

Vedanta Ltd. has reported a 10% jump in production of saleable steel or finished products to 356 KT in the first quarter of fiscal 2025. The overall power sales also saw a jump in the quarter-ended June 30.

Bajaj Finance Ltd.'s loan book grew by 10% year-on-year to 10.97 million in the quarter-ended June, after the non-bank lender resumed sanction and disbursal of loans under ‘eCOM’ and ‘Insta EMI Card’ and issuance of EMI cards, following the central bank's removal of restrictions on these businesses in early May.

Indian benchmarks settled at fresh closing highs on Wednesday, riding on the rally in private banks. The NSE Nifty 50 settled 162.65 points, or 0.67%, higher at 24,286.50, and the S&P BSE Sensex ended 545.34 points, or 0.69%, up at 79,986.80.

Analysts expect the Nifty index to move towards 24,500 if it stays above 24,000. However, if the index falls below 24,000, it could lead the index to consolidation.

With the Bank Nifty witnessing a strong momentum and surpassing the hurdle of 53,000 on a closing basis, analysts see the support at 52,500. This, according to them, is an opportunity to initiate fresh long positions.

The GIFT Nifty was trading 15.5 points or 0.06% higher at 24,459.00 as of 06:58 a.m.

• ITD Cementation: Promoter Italian Thai Development Public Co. is exploring the potential divestment of its investment in the company. The promoter as of March owns 46.64% equity in the company worth Rs 4,596.89 crore.

• Vedanta: The company reported aluminium production was up 3% year-on-year at 596 kt, while saleable zinc production was up 1% year-on-year at 262 kt, saleable steel production was up 10% year-on-year at 356 kt, YoY, overall power sales was at 4,791 MU, up 13% YoY for the end of Q1 FY25.

• Bajaj Finance: The company reported new loans grew by 10% year-on-year to 10.97 million, AUM grew by 31% year-on-year to Rs 3.54 lakh crore, and deposit book at up 26% year-on-year at 62,750 crore for the end of Q1 FY25.

• Bandhan Bank: The bank reported loans and advances up 21.8% year-on-year at Rs 1.03 lakh crore, deposits at up 22.8% year-on-year at Rs 1.08 lakh crore, while CASA ratio was at 36.0% vs 37.1% QoQ for the end of Q1 FY25.

• Tata Steel: The company received NCLT's nod for the merger of Angul Energy into itself.

• L&T Finance: The company reported portfolio realisation at 95%, retail disbursements up 33% year-on-year at Rs 14,830 crore, and retail loan book up 31% year-on-year at Rs 84,440 crore.

• Brigade Enterprises: The company signed a joint development agreement for a 1.2 million sq ft residential project in Bengaluru. The project is to be spread over 8 acres, with a Gross Development Value of Rs 1,100 crore.

• Cello World: The company launched a qualified institutional placement to raise up to Rs 800 crore.

• Carysil: The company raised Rs 125 crore via QIP and allotted 15.7 lakh shares at Rs 796 per share.

• Persistent Systems: The company acquired a 100% stake in US-based software company Starfish Associates for $20.7 million.

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• Bansal Wire IPO - Investment Rationale, Issue Details, Key Strategies, Risks And More: DRChoksey

• Emcure Pharma IPO - Subscribe For Long Term: Motilal Oswal

• V-Mart - Meets Expectations Amid Signs Of Recovery; Limeroad Loss A Worry: Nirmal Bang

• Galaxy Surfactant - Growth, Quality; Maintain Buy With A Target Price Of Rs 3,465: HDFC Securities

• Shilchar Technologies - Niche Operations, Strong Margins: Anand Rathi

• Emami - Growth Print To Improve; Comfort On Valuation: Motilal Oswal

• JK Lakshmi Cement - Firing On All Cylinders: HDFC Securities