As the Indian stock market opens for trading on December 31, 2024, several key stocks are set to be in the spotlight due to significant developments. Here’s a look at the stocks to watch today:
Adani Enterprises and Adani Wilmar
Adani Enterprises has announced plans to exit its 44% stake in Adani Wilmar, a move aimed at refocusing on its core infrastructure business. This divestment will occur in two phases: first, a sale of 31.06% of its stake to Wilmar International, followed by a 13% stake sale to comply with public shareholding norms. The total proceeds from this transaction are expected to exceed $2 billion (approximately ₹17,100 crore), which will be reinvested into Adani’s infrastructure projects.Analysts are closely monitoring how this exit will impact both companies’ operations and share performance. Following the announcement, shares of Adani Enterprises surged by over 7%, closing at ₹2,593.45.
Zomato
Zomato is making headlines as its backed hyper-local e-commerce platform, Magicpin, prepares for an initial public offering (IPO) in 2025. The company has begun discussions with investment banks and legal advisors to facilitate the IPO process. This development could enhance Zomato’s portfolio and open new avenues in the e-commerce sector.
ITC
In another significant move, ITC is set to transfer ₹1,500 crore to its demerged hotel business, ITC Hotels, as part of its growth strategy. This transfer aims to support ongoing projects and renovations. The demerger will officially take effect on January 1, 2025, with January 6 designated as the record date for shareholders eligible for equity shares in the new entity.
EaseMyTrip
Promoter and co-founder of EaseMyTrip, Nishant Pitti, is expected to sell his remaining 14.21% stake in the company through a block deal today. The estimated value of this stake sale is around ₹780 crore, involving approximately 50 crore shares at ₹15.6 each. Institutional investors are likely to participate in this deal, which follows Pitti’s earlier sale of a 14% stake in September for ₹920 crore.
Mazagon Dock Shipbuilders
In a notable development for the defense sector, Mazagon Dock Shipbuilders has signed a contract worth approximately ₹19.9 billion (around $233 million) with the Ministry of Defence for advanced submarine technology. This contract is expected to bolster India’s defense manufacturing capabilities.
Conclusion
With these significant developments surrounding Adani Enterprises, Adani Wilmar, EaseMyTrip, ITC, and Zomato, investors should keep a close eye on how these stocks perform when the market opens today. Each company is navigating important changes that could influence their future trajectories in the market.
Disclaimer
The information provided in this article is for informational purposes only and does not constitute financial advice. Investors should conduct their own research or consult with a financial advisor before making investment decisions as market conditions can change rapidly.
