The Indian market is likely to open higher today as SGX Nifty rose 113 points to 17,336. Sensex has gained 20.70% since the beginning of this year and risen 26.87% in one year. Similarly, Nifty has climbed 22.85% since the beginning of this year and risen 28.61% in one year.
However, the ongoing correction and volatility in Indian equities has turned benchmark indices negative on a monthly basis. While Sensex has lost 4.05% or 2,433 points, Nifty is down 4.13% or 740 points in the last one month.
Indian equities closed higher on Tuesday, backed by gains in banking and consumer durables shares amid positive global cues. Sensex ended 886 points higher at 57,633 and Nifty surged 264 points to 17,176. Tata Steel, Axis Bank and ICICI Bank shares were the top Sensex gainers, rising up to 3.63%. Asian Paints was the sole loser on Sensex, ending 0.22% lower at Rs 3,031.
Here’s a look at stocks that are likely to remain in news today.
Reliance Industries: The Mukesh Ambani-led conglomerate said it will invest $2 billion in setting up a petrochemical production facility in the UAE in partnership with Abu Dhabi Chemicals Derivatives Company RSC Ltd (TA’ZIZ) .
Nestle India: The FMCG player said it has received government’s nod for the production-linked incentive (PLI) scheme for processed fruits and vegetables.
Hindustan Zinc: The Vedanta group firm said its board has cleared an interim dividend of Rs 18 per equity share for 2021-22, amounting to Rs 7,605.57 crore. The interim dividend will be paid within stipulated timelines.
NHPC: The power firm has cleared a proposal for monetisation by securitisation through a bidding process of return on equity (RoE) of Chamera-I power station (3 X 180 MW), Himachal Pradesh and further to monetise the RoE of one or more power stations for 05/10/15 years in one go or rollover.
California Software: The IT firm has inked a Memorandum of Understanding (MoU) to buy a majority stake in Pratsware Technologies which owns botbaba (a WhatsApp Chatbot Platform).
Indian Oil Corporation: The state owned firm has renewed a deal to buy up to 2 million tonne of crude oil in 2022 from Russia’s Rosneft.
Larsen & Toubro: The firm has inked an initial agreement with Saudi Aramco to develop manufacturing capabilities in Saudi Arabia.
Jindal Steel & Power: Steel production in November 2021 rose by 10% year-on-year to 6.74 lakh tonnes. Sales, however, fell by 5% to 5.39 lakh tonnes.
Dollar Industries: Dollar Industries said the GOAT Brand Labs has purchased the entire share of Pepe Jeans Europe in a JV company in which the Kolkata-based innerwear major also holds a stake. Pepe Jeans, which had formed a 50:50 joint venture with Dollar Industries in India in 2017, recently decided to exit the JV entity.
Brightcom Group: The IT player said it will acquire Vuchi Media Private Limited, which operates end-to-end digital consulting services firm ‘MediaMint’, for about Rs 566 crore.
Polyplex Corporation: PT Polyplex Films Indonesia, a wholly owned subsidiary of Polyplex (Thailand) Public Company (PTL), Thailand, (51 percent subsidiary of the company) has started operations of a 10.6-metre BOPP film line with a capacity of 60,000 tonnes per annum.
