Stocks To Watch- TCS, Delhivery, Reliance Industries, NTPC, Bharti Airtel, Glenmark Pharmaceuticals

Stocks To Watch: TCS, Delhivery, Reliance Industries, NTPC, Bharti Airtel, Glenmark Pharmaceuticals

Stocks in focus: The SGX Nifty recorded a 0.15% loss during Thursday’s early trading session, with a value of 18,881.5 indicating a flat opening for domestic indices NSE Nifty 50 and BSE Sensex. On Wednesday, Sensex touched a fresh life-time high of 63,588.31, after which, the benchmark trimmed some gains and settled 0.31% higher at 63,523.15. The NSE Nifty 50 gained 40.15 points to 18,856.85.

“Despite hitting record highs, the domestic market failed to sustain its upward trajectory due to prevailing concerns over global issues and a delayed monsoon. Furthermore, market volatility was exacerbated by consecutive days of net selling by FIIs, while mid-cap stocks maintained their steady gains. Meanwhile, in the global market, sentiments were dampened as UK CPI inflation came in hotter than expected, adversely affecting investor confidence,” said Vinod Nair, Head of Research at Geojit Financial Services.

Delhivery

Private equity firm Carlyle Group is looking to offload its entire 2.53% stake in Delhivery, a Gurgaon-based logistics and supply chain company, through a block deal, for about Rs 710 crore.

Reliance Industries

Reliance Consumer Products (RCPL), the FMCG arm and wholly owned subsidiary of Reliance Retail Ventures (RRVL), announced the expansion of its FMCG brand ‘INDEPENDENCE’ to North India.

Bharti Airtel

Bharti Airtel will acquire 283,400 equity shares or 12.07% stake in Egan Solar Power, a special purpose vehicle formed for the purpose of owning and operating the captive power plant. The total consideration for the stake amounted to Rs 1.3 crore.

NTPC

The board of directors of NTPC will convene to discuss on raising funds via Non-convertible Debentures (NCDs) worth up to Rs 12,000 crore on 24 June.

Glenmark Pharmaceuticals

The US FDA issued a warning to Glenmark Pharmaceutical’s facility in Monroe, North Carolina. The pharma major added that since they had done a voluntary recall of all their products from this site in August 2021 and since then has not been commercialising any product from that location. Therefore, the warning letter will have no impact on the existing revenue.