Stocks To Watch: Jio Financial, JSW Infra, Cipla And Others In News

The NSE Nifty declined 246.90 points or 1.10 per cent to close at 22,272.50. Barring Oil & Gas, selling was seen across the sectors
Stocks To Watch
Stocks To Watch

Benchmark equity indices tanked over 1 per cent on Monday as the escalating conflict in the Middle East and weak trends from global markets impacted investor sentiment. The BSE Sensex tanked 845.12 points or 1.14 per cent to settle at a more than two-week low of 73,399.78. The NSE Nifty declined 246.90 points or 1.10 per cent to close at 22,272.50. Barring Oil & Gas, selling was seen across the sectors. Foreign fund outflows and higher-than-expected US inflation data also impacted the market sentiment.

“Geopolitical tensions and inflationary headwinds in the Western world have led to pressure on equity markets worldwide. While India is relatively better placed, higher crude oil prices are a significant dampener. However, as per the news flow at this juncture, the escalating geopolitical tensions are not very high. Thus, market corrections may not be very significant. Investors should use the corrections based on global market conditions to invest and add to positions in quality stocks,” said Naveen Kulkarni, Chief Investment Officer, Axis Securities PMS.

Here Are The Key Stocks To Watch On 16 April:

1) Jio Financial Services: The company on Monday announced a 50:50 joint venture with BlackRock Inc and BlackRock Advisors Singapore Pte Ltd for setting up a wealth management and broking business. The RIL group company said that the joint venture further strengthens its relationship with Blackrock Inc.

2) JSW Infra: The company has re-appointed Arun Maheshwari as the company’s Joint Managing Director and Chief Executive Officer with effect from 18 April for a term of three years.

3) Cipla: Cipla Health Ltd, a wholly owned subsidiary of Cipla, has signed a business transfer agreement (BTA) for the purchase of the distribution and marketing business undertaking of cosmetics and personal care business of Ivia Beaute Private Limited. Financial details of the deal were not disclosed.

4) Gujarat Gas: The state-owned company signed a non-binding MoU with Indian Oil to broaden the scope and accessibility of energy solutions to customers. The partnership with two major players in the sector is expected to offer an extensive range of products and services throughout GGL’s authorized areas.

5) Manappuram Finance: The gold loan financier’s board of directors will meet on 19 April 2024 to consider a proposal for raising funds amounting to $500 million in one or more tranches. The funds will be sourced through external commercial borrowings, including through US dollar bonds, in compliance with RBI guidelines.

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