Stocks To Watch on 11 July: Vedanta, SBI Cards, SBI, Tata Communications, Biocon, CarTrade Tech

Stocks in focus: The GIFT Nifty recorded a 0.16% gain during Tuesday’s early trading session, with a value of 19,487.5 indicating a positive opening for domestic indices NSE Nifty 50 and BSE Sensex. Benchmark indices ended Monday’s session mildly in green. The NSE Nifty 50 advanced 24.10 points to 19,355.90 and BSE Sensex rose 60.10% to 65,344.17. 

“Indian equities faced broad-based weakness, but the benchmark managed to stay marginally positive with the support of strong buying in heavyweight stocks. The weakness was led by IT stocks, as the sector is set to kick off the Q1 result season with expectations of soft earnings. Additionally, cues from the US markets are unfavourable, as concerns about another rate hike persist despite expectations of a fast cooling of future US CPI inflation data,” said Vinod Nair, Head of Research at Geojit Financial Services.

Stocks to Watch on 11 July, 2023

Vedanta

Foxconn decided to pull out of its semiconductor joint venture with Indian conglomerate Vedanta. “Foxconn has no connection to the entity and efforts to keep its original name will cause confusion for future stakeholders,” Hon Hai Technology group said.  Vedanta asserted that it is fully committed to its semiconductor project and has lined up other partners to set up India’s first foundry.

SBI Card

Rama Mohan Rao Amara, the MD & CEO of SBI Card, resigned from his post effective 11 August, following his transfer back to State Bank of India (SBI). Abhijit Chakravorty will take over as the new chief of the credit card company.

SBI

India’s largest lender, SBI, will participate in the IPO of National Securities Depositories Limited (NSDL) by way of an offer for sale of up to 2% equity stake. The bank will divest 40,00,000 shares from NSDL. 

Tata Communications

Tata Communications’ Singapore-based subsidiary Tata Communications International Pte (TCIPL) has signed a deal to acquire the remaining 41.9% stake in Oasis Smart SIM Europe SAS, an embedded-SIM (eSIM) technology provider.

Biocon

Biocon’s board of directors recommended a final dividend of 30%, i.e. Rs 1.5, for shares with face value of Rs 5 for the previous fiscal year. The record date was on 7 July, but the dividend payout is subject to shareholder approval. 

CarTrade Tech

CarTrade Tech entered a share purchase agreement with Sobek Auto India and its holding company OLX India B.V. for acquisition of 100% stake of Sobek from OLX India B.V for a total consideration of Rs 537.43 crore. 

Mcleod Russel India 

Mcleod Russel India will discuss, negotiate and evaluate mechanisms with Carbon Resources for monetizing identified assets of the company. This is for a one-time settlement of debt owed by the company to its lenders.