Produced by: Harshita
Indian benchmarks ended in red in Wednesday session. Domestic markets would react to the US Congress voting with just days remaining to avoid a default, and India’s GDP data, which was released on Wednesday.
Global headwinds, especially from the US markets, are causing intermediate volatility but the positional uptrend is still intact. Adani Ports, Dixon Technologies, Bharti Airtel, PTC India are among stocks to watch on Thursday.
Bharti Airtel share price skyrocketed on Wednesday to emerge as the top gainer on BSE. The stock has rallied up to nearly 9% and touched a new 52-week high. Airtel is expected to report strong India mobile EBITDA CAGR going ahead.
Rekha Jhunjhunwala-promoted Aptech and cement maker Shree Cement will turn ex-dividend on Thursday. The board of Aditya Birla Capital will consider issue of preferential shares. The boards of Ester Industries and Sky Gold will consider final dividend for FY23.
The auditor of Adani Ports & Special Economic Zone Ltd said that insufficient disclosures over certain transactions mean it can only issue a qualified opinion on the company's accounts. This has returned the spotlight to allegations made by Hindenburg Research in January.
Vedanta Resources, the parent company of mining giant Vedanta Ltd, on Wednesday said it has further repaid $400 million of loans, cutting gross debt to $6.4 billion. In a statement, the firm said it "has paid all its maturing loans and bonds due in May and June 2023. As such, gross debt has further reduced to $6.4 billion”.
PTC India has signed two agreements for the purchase of 215 MW electricity on a long-term basis. While an agreement has been signed with Brookfield Renewables for the purchase of 100 MW solar power, another pact is with V S Lignite for the purchase of 115 MW thermal power, he said. Both the agreements are on a long-term basis.
Dixon Technologies is partnering with Xiaomi Corp's Indian arm to make and export mobile phones from the country, the contract manufacturer said on Wednesday. The news comes after Xiaomi India revealed plans to start making wireless audio products in the country by partnering with electronics manufacturer Optiemus.
“Nifty current trend is expected to remain sideways to positive unless the index falls below the 18,500 level. On the higher end, there is resistance at 18,650. However, if the index decisively falls below 18,500, it may trigger additional selling pressure,” said Rupak De, Senior Technical at LKP Securities.
“Nifty current trend is expected to remain sideways to positive unless the index falls below the 18,500 level. On the higher end, there is resistance at 18,650. However, if the index decisively falls below 18,500, it may trigger additional selling pressure,” said Rupak De, Senior Technical at LKP Securities.
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