Stocks To Watch: Tata Motors, IndusInd, Bajaj Auto, Poly Medicure And Vedanta
Here are the stocks to watch before going into trade on Tuesday
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Shares of Tata Motors Ltd., IndusInd Bank Ltd., Bajaj Auto Ltd., Poly Medicure Ltd. and Vedanta Ltd. will be in focus on Tuesday. Tata Motors set Sept. 1 as the date when the shareholders for the DVR share swap would be determined.
IndusInd will be in focus as it got approval from the Reserve Bank of India to set up a wholly owned subisidiary to handle the asset management business of mutual funds. The approval includes the investment of equity capital into the new subsidiary, subject to additional conditions specified in the RBI's letter, according to an exchange filing.
Poly Medicure launched its qualified institutional placement at a floor price of Rs 1,880.69 per share, to raise up to Rs 1,000 crore. Vedanta's ownership stake in its subsidiary Hindustan Zinc Ltd. has decreased to 63.42% following a recent offer for sale.
The August futures contract of the GIFT Nifty was trading flat at 24,652.50 as of 7:06 a.m.
The Indian benchmark indices ended mixed on Monday as the NSE Nifty 50 closed 31.50 points or 0.13% higher at 24,572.65, and the S&P BSE Sensex settled 12.16 points or 0.02% lower at 80,424.68.
Overseas investors turned sellers of Indian equities on Monday after a session of buying. Foreign portfolio investors offloaded stocks worth Rs 2,667.5 crore, while domestic investors stayed net buyers for the 11th consecutive session and bought equities worth Rs 1,802.9 crore, according to provisional data from the National Stock Exchange.
The Indian rupee strengthened by 8 paise to end at 83.87 against the US dollar.
Here Are The Top Stocks To Watch On Tuesday
Tata Motors: The company sets Sept. 1 as the record date for determining shareholders eligible for DVR share swap.
Bajaj Auto: The company will make a Rs 211-crore provision in the second quarter due to the withdrawal of indexation benefit and change in tax rate.
IndusInd Bank: The bank received the RBI's nod for undertaking mutual funds business via a new subsidiary.
HCL Technologies: Shiv Walia will replace Prateek Aggarwal as the chief financial officer, effective Sept. 6.
Vedanta: The company’s shareholding in arm Hindustan Zinc reduced to 63.42% after an offer for sale.
Hazoor Multi Projects: The company emerged as the lowest bidder for Maharashtra State Infra Development Corp.'s project worth Rs 274 crore.
Share India Securities: The company has rescinded its investment by acquiring equity shares of DSM Fresh Foods Ltd. considering the negative feedback received from the company's investors and stakeholders.
Poly Medicure: The company opened its qualified institutional placement and sets floor price at Rs 1,880.69 per share.
Sequent Scientific: The company received prequalification approval from the World Health Organization for albendazole, an active pharmaceutical ingredient.
Hi-Tech Pipes: The company approved raising Rs 600 crore via QIP or other means.
Saraswati Saree Depot: The company's shares will debut at an issue price of Rs 160 on the stock exchanges on Tuesday. The Rs 160-crore IPO was subscribed 107.52 times on its third and final day. The bids were led by non-institutional investors (358.65 times), institutional investors (64.12 times), and retail investors (61.88 times).
