Stocks To Watch: Indus Towers, Gland Pharma, Tata Power And Others In News

The NSE Nifty50 jumped 92.30 points or 0.39 per cent to hit a record closing high of 23,557.90 for the fourth straight session
Stocks To Watch
Stocks To Watch

Equity benchmark indices closed at new record highs following a rally in index heavyweights ICICI Bank, HDFC Bank, and Infosys. In addition, renewed foreign fund inflows amid a positive trend in global equities boosted investor confidence. In a range-bound session, Sensex and Nifty settled at their new closing all-time high levels amid intense demand for realty, consumer durable, and utility stocks.

The BSE Sensex climbed 308.37 points or 0.40 per cent to settle at a new closing high of 77,301.14. The NSE Nifty50 jumped 92.30 points or 0.39 per cent to hit a record closing high of 23,557.90 for the fourth straight session.

"The Indian market touched record highs again and is gradually expanding the gains achieved following the national election. It is responding positively to the upcoming budget, which is anticipated to strike a balance between growth and populism,” said Vinod Nair, Head of Research at Geojit Financial Services.

“Similarly, it is also taking cues from positive global market trends, with the US moving steadily towards the presidential election in November. Market volatility has decreased over the month, which is contributing to a short-term trend," he added.

Here are the key stocks to watch on June 19:

Indus Towers: Vodafone Group Plc, one of the promoter entities of Vodafone Idea Ltd, is expected to offload up to 9.94 per cent stake through block deals in mobile-towers operations on Wednesday. The price band for the block deal is fixed between Rs 310-341 per share, which is a discount of up to 10 per cent, compared to Tuesday’s closing price.

Gland Pharma: Fosun Pharma Industrial Pte may reduce its stake in Gland Pharma through block deals after being unable to sell in one go. The company will sell 5 per cent in Gland Pharma for around $172 million through block deals. Fosun Pharma will sell 82 lakh shares at a price range of Rs 1,750 per share, a discount of 4.9 per cent to the last close, reported Moneycontrol.

Tata Power: Tata Power Renewable Energy, a subsidiary of Tata Power, has deployed over 850 electric vehicle charging points in key metropolitan areas, the company said on Tuesday. TPREL has established a significant presence in cities such as Delhi, Mumbai, Ahmedabad, Bengaluru, Jammu, Srinagar, Dharwad, Lucknow, and Goa. The company has enabled over 2,300 public e-buses nationwide, it stated.

Prestige Estates: The company’s board of directors will meet on June 21 to consider and approve raising funds through QIP, preferential issue, rights issue, or any other form. The meeting will also consider the monetisation of assets in the hospitality segment by way of issue of shares through primary, secondary or both, subject to the approval of the board, shareholders, market conditions, and receipt of approvals.

Zee Entertainment Enterprises: The company has appointed Mukund Galgali as acting CFO after Rohit Kumar Gupta stepped down from the position citing personal reasons.

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