Indian stock markets witnessed record highs yesterday, with the BSE S&P Sensex surpassing the 75,000-mark and the NSE Nifty reaching 22,768. Despite initial gains, both indices closed marginally lower due to profit-taking activities. Here are the key stocks to watch out for on Wednesday:
Maruti Suzuki India Ltd: Expanding Manufacturing Capacity
Maruti Suzuki announced the addition of a new assembly line at its plant in Manesar, Haryana. This move has increased the company’s total manufacturing capacity from 2.25 million units to 2.35 million units, signaling its commitment to meet growing demand in the auto sector.
Paytm: CEO Resigns
Surinder Chawla, MD and CEO of Paytm Payments Bank, tendered his resignation citing personal reasons. The resignation, effective from June 26, raises questions about the future leadership and strategic direction of one of India’s leading fintech companies.
ICICI Lombard General Insurance Company, PB Fintech: Strategic Partnership
ICICI Lombard has entered into a strategic partnership with Policybazaar to offer its insurance products on the latter’s platform. This collaboration aims to enhance customer reach and provide greater access to insurance solutions through digital channels.
The company disclosed receiving a GST notice amounting to Rs 20.50 crore for FY19 from the Gujarat tax office. This development underscores the importance of compliance and regulatory adherence for companies operating in the insurance sector.
Launch of Generic Version
Lupin announced the launch of the first generic version of Oracea (doxycycline capsules 40 mg) in the US market. This strategic move demonstrates Lupin’s commitment to expanding its portfolio and delivering affordable healthcare solutions to patients.
Gateway Distriparks: CFO Resignation
Sikander Yadav, CFO of Gateway Distriparks, resigned from his position due to personal reasons. This departure raises concerns about the company’s financial management and future succession planning strategies.
Stocks in F&O Ban Today
Bandhan Bank, Exide Industries, Hindustan Copper, Vodafone Idea, India Cement, SAIL, and Zee Entertainment are the seven stocks in the futures & options ban period on Wednesday. Investors should closely monitor trading activities and regulatory developments related to these stocks.
Market Trends and Global Cues
While Indian markets are expected to open positively based on Gift Nifty futures, traders are advised to exercise caution ahead of the trading holiday due to EID. Additionally, cues from the Asian markets were mixed, with gains observed in Hang Seng and Straits Times, while Nikkei and Kospi experienced slight declines.
Global Market Overview
Overnight, the US market closed with minimal changes as investors awaited key CPI inflation numbers. Gold futures continued to trade at record high levels, while Brent Crude prices remained volatile around $90 per barrel. These global trends may influence trading sentiments in Indian markets.
As Indian markets continue to experience volatility and record highs, investors should closely monitor key stocks and global market trends to make informed decisions. The strategic partnerships, resignations, and regulatory notices affecting companies underscore the dynamic nature of the stock market and the importance of staying updated with the latest developments.
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