Indian benchmark indices BSE Sensex and NSE Nifty 50 are likely to open lower amid weak global cues. SGX Nifty hinted at a negative start for domestic share market as Nifty futures traded 33 pts lower at 18719 level on the Singapore Exchange. “Market to remain range bound given the RBI policy today and Gujarat election outcome on Thursday. Interest rate-sensitive sectors like Banking and Financial will remain in focus post RBI policy outcome. India VIX is also gradually rising, thus indicating volatility in the near term. Infra and capital goods stocks are likely to see some momentum with an expected increase in ordering activity ahead of Union Budget early next year,” said Siddhartha Khemka, Head – Retail Research, Motilal Oswal Financial Services.
Stocks in focus on 7 December, Wednesday
Dish TV: Satellite service provider Dish TV India has appointed three new independent directors on its board and approved the convening of an annual general meeting on 29 December. The company has named Sunil Kumar Gupta, Madan Mohanlal Verma and Gaurav Gupta as independent directors effective for five-year consecutive terms.
New Delhi Television: Vikasa India EIF I Fund pared more stake in NDTV via open market transactions as it sold 4.71 lakh shares (0.7% stake) at an average price of Rs 375.39 per share.
Vodafone Idea: The telecom major said its proposal to settle Rs 1,600 crore dues with equipment vendor ATC Telecom Infrastructure through issuance of equity convertible debt bonds has lapsed in absence of communication from the government on converting dues into equity. The company said it is in discussions with ATC for an extension and will also seek fresh shareholders’ approval on the proposal. Vodafone Idea owes about Rs 3,000 crore to its tower vendor ATC.
Jet Airways: The Jet Airways Cabin Crew Association (JACCA), which moved the National Company Tribunal (NCLT) late last month seeking liquidation of Jet Airways assets, on Tuesday argued that the approved resolution plan has been contravened following no payments made to the former employees of the beleaguered airline. JACCA claimed that the amount was to be paid within 175-180 days of the date the plan became effective (which was fixed as May 20).
Sapphire Foods India: Investor Fennel Private Limited has sold 6.01 lakh shares or 0.94% stake in the company via open market transactions, at an average price of Rs 1,390 per share.
Siemens: The company has emerged as the lowest bidder (L1) for the 9000 HP electric locomotives project in Dahod, Gujarat. Hence, trading window under the company’s code of conduct for prohibition of insider trading will remain closed till 8 December.
Bikaji Foods International: The ethnic snacks company which recently went public has reported a 43.5% on-year growth in consolidated profit after tax of Rs 40.92 crore led by operating performance and top line. Revenue for the quarter grew by 32% to Rs 577 crore compared to year-ago period as it has witnessed a good double-digit growth in all categories on-yearr. EBITDA margin expanded to 11.1%, from 10.4% in same period.