As the Indian stock market opens on December 23, 2024, several key stocks are expected to be in focus due to recent developments and market dynamics. Notable companies such as Indian Oil Corporation, Vedanta Ltd, Zomato, NTPC Green, and Reliance Industries are among those likely to attract attention today.
Market Overview
The Indian equity markets faced a challenging week, with significant declines in both the Nifty 50 and Sensex indices. On Friday, the Nifty 50 fell by 1.52%, closing at 23,587.50 points, while the Sensex dropped by 1.49% to settle at 78,041.59 points. This downturn was largely driven by heavy selling in major stocks, including TCS and Reliance.Despite these losses, the GIFT Nifty is indicating a potential gap-up opening today, trading at around 23,800, which reflects a positive sentiment following gains in global markets.
Key Stocks to Watch
Here’s a closer look at the companies expected to be in focus today:
1. Indian Oil Corporation (IOC)
Indian Oil is investigating allegations that US chemicals firm Albemarle Corporation bribed its officials to secure contracts. The company has initiated an internal review following claims of past misconduct related to contracts awarded between 2009 and 2011.
2. Vedanta Ltd
Vedanta has revised its demerger plan, deciding to retain its base metals business within the parent company instead of splitting into multiple standalone entities. This strategic decision aims to enhance operational efficiency and stakeholder value.
3. Zomato
Zomato is set to trade as a Sensex stock starting today, marking a significant milestone as it becomes the first new-age tech company to join the BSE Sensex’s 30-share frontline index. This inclusion could boost its visibility and attract institutional investments.
4. NTPC Green Energy
NTPC Green has signed a memorandum of understanding with the Bihar government for developing solar and green hydrogen projects, underscoring its commitment to renewable energy initiatives.
5. Reliance Industries (RIL)
Reliance Digital has entered into agreements to acquire a 45% stake in Health Alliance Group Inc., expanding its footprint in the healthcare sector and enhancing access to diagnostic services.
6. UltraTech Cement
The Competition Commission of India has approved UltraTech Cement’s acquisition of a 32.72% stake in India Cements for ₹3,954 crore, reinforcing its position in the southern cement market.
7. Aurobindo Pharma
Aurobindo Pharma’s subsidiary, Curateq Biologics, has received approval from the UK’s MHRA for its oncology biosimilar, Bevgolva, which is used in treating various cancers, including metastatic colorectal cancer.
8. Fortis Healthcare
Fortis Healthcare has acquired a 7.61% stake in Agilus Diagnostics for ₹429 crore by purchasing shares from its parent company, IFC. This acquisition strengthens Fortis’s position in the diagnostics sector.
9. Piramal Enterprises
Piramal Enterprises plans to raise up to ₹2,000 crore through qualified institutional placement (QIP) in one or more tranches, aimed at bolstering its financial resources for future projects.
10. JBM Auto
JBM Auto’s subsidiary has secured a significant contract worth ₹1,800 crore from Ahmedabad BRTS for supplying 343 electric buses, positioning the company as a key player in the electric vehicle segment.
11. Larsen & Toubro (L&T)
The Ministry of Defence has signed a contract worth ₹7,629 crore with L&T for supplying K9 Vajra-T self-propelled tracked artillery guns for the Indian Army, enhancing L&T’s defense portfolio.
Conclusion
As trading begins on December 23, these companies are poised to make headlines due to their recent developments and strategic decisions. Investors should monitor these stocks closely as they navigate through fluctuating market conditions.
Disclaimer
This article is for informational purposes only and does not constitute financial advice. Investors should conduct their own research or consult with financial advisors before making investment decisions based on market trends and stock performance.
