Stocks to Watch: Key Market Movements and Major Corporate Updates
GIFT Nifty futures indicated a modest gain for Indian markets, with futures trading at 26,002 by 7:02 AM. In the Asia-Pacific region, markets were mixed following comments from U.S. Federal Reserve Chair Jerome Powell, suggesting that future rate hikes wouldn't be as aggressive. Notably, several Asian markets, including South Korea, Hong Kong, and mainland China, were closed due to holidays, with China’s markets shut for the week due to Golden Week. Japan’s Nikkei 225 rose 1.73% after a sharp drop on Monday, while Australia’s S&P/ASX 200 declined 0.47%.
In the U.S., the S&P 500 hit a record high, rising 0.42%, and the Dow Jones set a new high, closing at 42,330.15. The Nasdaq Composite also gained 0.38%.
Bharti Airtel: The telecom firm prepaid Rs 8,465 crore to the government for spectrum acquired in 2016, which carried a 9.3% interest rate.
Care Health Insurance, Religare Enterprises: Despite opposition from the Burman family, which holds a significant stake in Religare Enterprises, shareholders of Care Health Insurance reappointed Rashmi Saluja as director.
Blue Dart Express: The logistics company will raise prices by 9-12% from January 1, 2025, to cover rising costs and maintain service quality.
Indian Oil Corporation: IOC withdrew its Rs 22,000 crore rights issue after a lack of government support in the 2024-25 budget.
Tata Power: The company signed a Rs 1.2 trillion investment deal with the Rajasthan government, focusing on green energy, creating 28,000 jobs, and making the state energy surplus.
Bajaj Auto: Leading India’s electric vehicle market, the company sold over 25,000 units in September, driven by demand for electric three-wheelers.
Lupin: The pharma company signed a deal with Ireland’s Scope Ophthalmics to distribute eye care products in Mexico, expanding its international portfolio.
Mankind Pharma: The company’s board approved raising Rs 10,000 crore through debentures and commercial papers, following its acquisition of Bharat Serums and Vaccines.
Aurobindo Pharma: The company received 10 procedural observations from the US FDA following an inspection of its Telangana facility and is working to address them.
Adani Enterprises: Adani Airport Holdings raised Rs 1,950 crore through a domestic bond issue post-Hindenburg allegations. The bonds, rated A+, offer a monthly coupon of 9.35%.
Tata Steel: The company closed operations at Blast Furnace 4 in Port Talbot, transitioning to greener steel production with a £1.25 billion investment in Electric Arc Furnace technology, resulting in about 2,800 redundancies but aiming to sustain 5,000 jobs.
Emami: Aiming for Rs 10,000 crore revenue in six to seven years, Emami is expanding its direct-to-consumer strategy and product portfolio, with acquisitions contributing to half of its revenue.
McLeod Russel India: The company is working to resolve Rs 1,800 crore in debt amid encouraging Q1FY25 results, expecting price rebounds due to crop shortages and regulatory changes.
Dr. Reddy's Laboratories: Completed the acquisition of Haleon plc’s nicotine replacement therapy brands for GBP 458 million, expanding its presence in the European, Asian, and Latin American markets.
Adani Ports, Ambuja Cements: These companies, along with Adani New Industries, joined the World Economic Forum’s 'Transitioning Industrial Clusters' initiative, focusing on decarbonisation and job creation.
Cyient DLM: Morgan Stanley sold 4.34 lakh shares, while HDFC Mutual Fund increased its stake by buying 4 lakh shares.
RBL Bank: Hydra Trading sold a 1.24% stake for over Rs 152 crore, reducing its holding to 0.01%.
SpiceJet: Plutus Wealth Management acquired a 0.66% stake, buying 85 lakh shares for Rs 51 crore.
