The Indian stock market is expected to open on a muted note on Monday, 28 September, with GIFT Nifty signalling a subdued start for the benchmark indices.
GIFT Nifty was trading at around 23,161.50, down nearly 25.20 points from the previous close of Nifty futures, indicating a flat-to-negative opening for the domestic equity markets.
“Indian equity markets are likely to remain cautious as renewed geopolitical uncertainty and a rebound in crude oil prices weigh on investor sentiment. The rejection by U.S. President Donald Trump of Iran’s proposal to resolve the conflict and reopen the Strait of Hormuz has revived concerns over prolonged supply disruptions, making oil prices the dominant factor for global markets,” said Ponmudi R, CEO of Enrich Money.
Indian stock market investors are likely to keep an eye on several companies on Monday, as key corporate developments, order wins, fundraising plans, expansion projects and other announcements come into focus.
SAIL, Power Grid, KPI Green Energy, Godrej Properties, Zydus Lifesciences are some of the companies that are likely to attract attention following announcements made by the companies.
Stocks to watch on Monday, 28 September
SAIL
State-run Steel Authority of India Ltd (SAIL) and Bharat Coking Coal Ltd (BCCL) have entered into a memorandum of understanding (MoU) to jointly develop and operate two coal blocks in West Bengal.
Power Grid
The board has approved a proposal to raise up to ₹10,000 crore through an unsecured rupee term loan or line of credit from State Bank of India.
Fortis Healthcare
Fortis Healthcare has maintained that it is not a party to the ongoing legal dispute between Daiichi Sankyo and the Singh Brothers. The company said it was a “complete stranger” to the underlying matter and had no involvement in the alleged diversion of the erstwhile promoters’ shareholding.
Wheels India
The company concluded its qualified institutional placement (QIP) on September 25 and approved the allotment of 11.97 lakh shares at ₹2,088 apiece. The issue price was set at a discount of ₹109.10 per share to the floor price of ₹2,197.10.
Edelweiss Financial Services
Edelweiss Financial Services said Carlyle has completed its investment of over ₹2,000 crore in Nido Home Finance Ltd.
Godrej Properties
The company announced that it has entered into a development agreement for a prime land parcel of approximately 2.5 acres in Marine Lines, South Mumbai.
Rashtriya Chemicals and Fertilizers
Rashtriya Chemicals and Fertilizers (RCF) has awarded a purchase order worth ₹797 crore, excluding taxes, to Larsen & Toubro for the revamp of its ammonia plant. The contract was awarded through the lowest-tender process and is scheduled for completion within 36 months.
CleanMax Enviro
Augment India Holdings LLC is reportedly looking to sell 85 lakh shares, equivalent to a 7.25% stake in Clean Max Enviro Energy Solutions, through a block deal. The transaction is estimated at ₹1,062.8 crore, with a floor price of ₹1,250 per share. Reports suggest the offer could be priced at a discount of up to 10% to the prevailing market price.
Cupid
The board of Cupid on Saturday approved the conversion of up to 30 lakh warrants into an equivalent number of equity shares of Baazar Style Retail Ltd, in one or more tranches.
Disclaimer: This story is for educational purposes only. Please consult with an investment advisor before making any investment decisions.
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