Stocks To Watch: Vodafone Idea, SBI Card, Adani Enterprises, And Others In News

The NSE Nifty plunged 238.25 points or 1.08 per cent to settle at a month’s low of 21,817.45. Selling pressure was seen across the market including mid and small caps.
Stocks To Watch
Stocks To Watch

Benchmark equity indices slipped to their lowest level in over a month on Tuesday following a sell-off in index majors TCS, Infosys and RIL and weak sentiment in Asian markets as Japan’s central bank hiked rates for the first time in 17 years.

The BSE Sensex tanked 736.37 points or 1.01 per cent to close at more than a month’s low of 72,012.05. The NSE Nifty plunged 238.25 points or 1.08 per cent to settle at a month’s low of 21,817.45. Selling pressure was seen across the market including mid and small caps. Defensive names witnessed profit booking with IT, FMCG, and Pharma being the top laggards.

“Following the BoJ's decision to hike interest rates for the first time in 17 years, the Asian peers’ mood turned sour, which pulled the Indian market to continue its recent pessimism. The correction in the domestic market has also been triggered by concerns over premium valuations and the delay of rate cuts by the US Fed due to hotter than expected inflation, which is evident from the upward trend in the dollar index. Investors are exercising caution as they await the upcoming US Fed meeting, seeking indications on the potential timing of a reversal in the rate cycle. Additionally, the gradual increase in crude oil prices is further dampening market sentiment," said Vinod Nair, Head of Research at Geojit Financial Services.

Here are the key stocks to watch on 20 March:

Vodafone Idea

The telecom operator said ATC Telecom Infrastructure Pvt Ltd has asked the company to convert optionally convertible debentures (OCDs) worth Rs 1,440 crore into equity shares. "The company will be taking necessary action to allot the above-mentioned Equity Shares to ATC pursuant to the conversion of the said OCDs," Vodafone Idea said.

SBI Card

The company’s board of directors approved an interim dividend of RS 2.50 per share equity share for the financial year 2023-24. The record date for determining the entitlement of the interim dividend is set for Thursday, 28 March 2024. The interim dividend will be credited or dispatched on or before 17 April 2024, the company said.

Adani Enterprises

The flagship company of Adani Group said its subsidiary Adani Tradecom has acquired a 49 per cent stake in Adani Green Technology from Adani Trading Services LLP. Hence, Adani Green Technology (AGTL) has become a wholly owned subsidiary (step-down) of Adani Enterprises. Mundra Solar, a wholly owned subsidiary of Adani Green Technology has also become a wholly owned step-down subsidiary of the company.

Ultratech Cement

Fair trade regulator the Competition Commission of India (CCI) has approved UltraTech Cement’s proposed acquisition of Kesoram Cement business from Kesoram Industries. This clearance marks a significant step in the consolidation within the cement industry.

Shakti Pumps

The company announced the opening of a qualified institutional placement (QIP) to raise up to Rs 200 crore, with a fixed floor price at Rs 1272.09 per share. The issue price will be fixed later in consultation with the appointed book-running lead managers, indicating a strategic move to strengthen the company’s financial position.  

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