NEW DELHI: The domestic equity market is likely to see a modestly positive start to the trade. However, despite chances that Nifty may attempt to move past its 100-DMA, it would be technically important for it to close above these levels.
On Tuesday, the headline indices ended on a flat note. The S&P BSE Sensex lost 61 points to settle at 33,856. NSE’s Nifty50 ended just 5 points higher at 10,426.
Here’re the top stocks that may hog the limelight in today’s session:
Fortis Healthcare: Malaysia’s IHH Healthcare Bhd is set to launch a voluntary open offer to buy the non-promoter shares of Fortis Healthcare in the next few days, nine months after walking out of bilateral negotiations with promoters Malvinder and Shivinder Singh who were then in control.
YES Bank: Private lender Yes Bank on Tuesday announced it has acquired more than 17 per cent share in Fortis Healthcare, making the bank the largest shareholder in the healthcare major. Fortis Healthcare is in the midst of a takeover battle, while there have been reports that international private equity major TPG-backed Manipal Hospitals is in advanced talks to merge Fortis with itself.
IDBI Bank: The lender has initiated bankruptcy proceedings against Odisha Slurry Pipeline Infrastructure (OSPI) to recover Rs 1,670 crore collectively on behalf of lenders, complicating the company’s proposed sale and creating uncertainties over the debt resolution at Essar Steel.
Gitanjali Gems: The NSE has levied penalties on as many as 24 companies including scam hit Gitanjali Gems for failure to file financial results for quarter-ended December 31. Other companies that feature in in the list include ABG Shipyard, Amtek Auto, DS Kulkarni Developers, Bharati Defence and Infrastructure, Educomp Solutions, Shree Renuka Sugars, Moser-Baer (I) and Sterling Biotech.
IndusInd Bank: Private lender IndusInd Bank on Tuesday said the Reserve Bank has approved the merger of Bharat Financial Inclusion Limited with the bank. IndusInd Bank in October last year decided to acquire the country’s leading micro-finance player Bharat Financial Inclusion Ltd (BFIL). The merger will be effected through an all-stock transaction of BFIL into IndusInd through a Composite Scheme of Arrangement.
L&T: The National Highways Authority of India (NHAI) has awarded to L&T one of the five packages of Rs 7,500 crore Dwarka Expressway project in Haryana under the Bharatmala project, the government said on Tuesday. The package to build an eight-lane expressway from Basai RoB to NH 8 – SPR intersection in Haryana will be executed at a cost of Rs 1,047 crore under EPC (engineering, construction, and procurement) mode, Ministry of Road Transport and Highways said in a statement.
Bharti Airtel: The telecom major is believed to be looking to sell a higher stake in Bharti Telemedia, its DTH arm, to raise funds for building a war chest to fight Reliance Jio Infocomm, according to a report by ET.
Source: Economic Times