Stocks To Watch- Zee, Adani Ports, ICICI General Insurance, Vedanta, PC Jeweller, SBI, JSW Steel, Inox Wind

Stocks To Watch: Zee, Adani Ports, ICICI General Insurance, Vedanta, PC Jeweller, SBI, JSW Steel, Inox Wind

Stocks in focus: The SGX Nifty recorded a gain of 0.1% during Tuesday’s early trading session, with a value of 18,722, indicating a flattish opening for the domestic indices NSE Nifty 50 and BSE Sensex. On Monday, both the NSE Nifty 50 and BSE Sensex concluded the trading session with gains. Nifty 50 closed slightly above the crucial level of 18,600 at 18,601. Sensex recorded a gain of 99 points, at 62,725.

“The domestic indices are moving with caution as investors step up to a data-loaded week both in the domestic and global markets. However, the expectations are optimistic, like the Indian CPI data is forecasted to moderate and the Fed & BoJ are expected to maintain their policy rates. Other major events on the centre stage are domestic IIP, WPI inflation, and policy announcements from ECB. The market anticipates ECB to increase their rates further while recessionary risk is rising,” said Vinod Nair, Head of Research, Geojit Financial Services.

ICICI General Insurance

The insurance regulator IRDAI has given SBI Mutual Fund its nod for acquiring up to 10% of the total paid up equity share capital in ICICI Lombard General Insurance through market purchase.

Vedanta

Anil Agarwal-led Vedanta’s Sterlite Copper on Monday invited expressions of interest (EoIs) for carrying out plant restart activities at its Tuticorin unit in Tamil Nadu, which has got the go-ahead for undertaking maintenance work only for the time being.

PC Jeweller, SBI

PC Jeweller filed a suit against SBI for classifying the loan taken by the jewellery major as an NPA. The jeweller has also requested to declare the action null and void. Until further orders, SBI is supposed to maintain status quo regarding any further action to be taken against the company as consequences of the NPA decision.

Adani Ports & SEZ

Adani Ports & SEZ suspended its vessel operations at Mundra and Tuna Port on account of the advisory issued by the India Meteorological Department on expected cyclone storm “Biparjoy”.

JSW Steel

JSW Steel has been declared the preferred bidder in the auction for a iron ore mining lease in Goa. The company will start mining operations in two blocks, following clearance and approvals. Around 75.5 MMT of iron ore is projected to be mined.

Inox Wind, Inox Wind Energy

The board of directors of Inox Wind considered and approved the merger of Inox Wind Energy into Inox Wind. This will reduce the number of listed group companies and result in a stronger shareholder base.