Indian benchmark indices are likely to open higher on F&O expiry amid firm global cues. SGX Nifty hinted at a positive start for Dalal Street as Nifty futures traded 84 pts or 0.47% higher at 18340 level. “Markets have been maintaining a positive tone amid the consolidation bias, thanks to rotational buying in index majors, especially from the banking pack. However, subdued participation from the broader front is still weighing on sentiment. Considering the scenario, we feel it’s prudent to limit positions and focus on sectors/stocks which are showing higher relative strength. Also, maintain strict risk management rules in place citing the possibility of a rise in volatility due to scheduled F&O expiry,” said Ajit Mishra, VP – Technical Research, Religare Broking.
Stocks in focus on 24 November, Thursday
Adani Enterprises: With the debt levels of Adani Group not having fallen meaningfully in the last six months, the management is weighing a mop-up of capital. On Tuesday, Adani Enterprises, the flagship enterprise for the group, said it was planning to issue new shares through a follow-on offer. While the late-evening regulatory filing did not specify the amount that would be raised, the mop-up is expected to be in the region of $1.8 billion or approximately Rs 14,600 crore.
Keystone Realtors: The real estate development company under ‘Rustomjee’ brand will debut on the BSE and NSE on 24 November. The issue price has been fixed at Rs 541 per share.
IIFL Wealth Management: Investor General Atlantic Singapore Fund Pte Ltd sold 15.12% stake in the company via off market transactions on 22 November. With this, General Atlantic’s shareholding in the company reduced to 5.84%, from 20.96% earlier.
Mahindra & Mahindra Financial Services: Life Insurance Corporation of India (LIC) bought additional 2.01% shares in M&M Financial Services via open market transactions, increasing the shareholding to 7.02% from 5.01% earlier.
Can Fin Homes: The company said its board of directors will hold a meeting to consider a proposal for payment of ‘interim dividend’ for FY23, on 28 November. They will also fix record date for payment of interim dividend, if any.
SBI Cards: Aparna Kuppuswamy, Chief Risk Officer of the company tendered her resignation from the services of the company. Her last working day with the company will be 10 February 2023.
Biocon: Biocon has signed a semi-exclusive partnership agreement with Zentiva, a leading pharmaceutical company in Europe, for the commercialization of its vertically integrated, complex formulation, Liraglutide, a drug-device combination for the treatment and management of Type 2 diabetes and obesity.
PVR: NCLT, Mumbai Bench vide its Order dated 3 November 2022 has fixed 15 December date for hearing and final disposal of application about the merger with rival Inox Leisure.
Easy Trip Planners: The parent company of online travel technology platform EasyMyTrip has approved the allotment of a 3:1 bonus issue. The stock on Monday went ex-bonus of a 3:1 issue and ex-stock split of 2:1. It had also announced a 1:1 bonus issue in February this year. During the September quarter, the company recorded its highest-ever gross booking revenue of Rs 2,000 crore.