Stocks To Watch- Jio Financial Services, Vedanta, NBCC, GAIL (India), Power Grid, Jupiter Wagons

Stocks To Watch: Jio Financial Services, Vedanta, NBCC, GAIL (India), Power Grid, Jupiter Wagons

Stocks in focus: GIFT Nifty traded 0.05% lower during Wednesday’s early trading session at19,660, indicating a flat opening for domestic indices NSE Nifty 50 and BSE Sensex. Indian equity indices NSE Nifty 50 and BSE Sensex closed in the green on Tuesday, extending the two-day gaining streak. Nifty 50 ended at 19,574.90, adding 0.24% while Sensex rose 150 points to close at 65,780.26.

“Strong domestic factors are providing crucial support for Indian equities, allowing them to maintain their strength despite attempts by weak global peers to disrupt the mood. India’s service PMI remains robust at 60.2, indicating sustained demand even in the face of inflationary pressures. Notably, small and mid-cap stocks have been standout performers, with both indices reaching all-time highs. Conversely, the weak Chinese service PMI has cast a shadow on hopes of an economic rebound in China, impacting global market sentiments,” said Vinod Nair, Head of Research at Geojit Financial Services.

Vedanta

Vedanta Resources, the parent company of Vedanta, said that ownership and control of the Konkola Copper Mines (KCM) has been returned by the Zambian government back to the company.

NBCC

NBCC has declared that it has secured a contract valued at Rs 2,000 crore from the Kerala State Housing Board (KSBH). The undertaking involves the development of a 17.9-acre land plot belonging to the Kerala State Housing Board situated at Marine Drive, Kochi, Kerala. The timeline for completing this order is still under deliberation.

GAIL (India)

The Central Bureau of Investigation (CBI) has taken K B Singh, Executive Director (Projects) of Gas Authority of India Ltd (GAIL), and four others into custody related to a Rs 50 lakh bribery case in which concessions were given to a Vadodara-based firm for two pipeline projects.

Power Grid

Power Grid has been announced as the winning bidder in the Tariff Based Competitive Bidding for the establishment of the “Transmission system for evacuation of power from REZ in Rajasthan (20 GW) under Phase-III Part H.”

Jupiter Wagons

On September 5, Jupiter Wagons’ board confirmed in a regulatory statement that they have greenlit the generation of funds amounting to Rs 700 crore through qualified institutional placement (QIP).

(With agency inputs.)