Stocks in focus: Reliance Industries, Vedanta, Yes Bank, Bharti Airtel, among others to watch for
Sensex and Nifty enter Wednesday’s trading session on the back of a two-day gaining streak. The 50-stock Nifty managed to close above the 11,350 mark, analysts believe that Nifty has more upwards potential in the near-term after the recent rally. Global cues were mixed on Wednesday morning with Shanghai Composite trading with losses along with Hang Seng. However, stock markets in Japan and South Korea surged higher. Overnight, both the S&P 500 and Nasdaq reached record highs, nudged by strong sales growth reported by major retailers including Walmart and Kohl’s.
Reliance Industries: The oil-to-telecom conglomerate announced in the early hours of Wednesday that it has forayed into online pharmacy space, acquiring Netmeds. Reliance Retail, a subsidiary of Mukesh Ambani’s Reliance Industries Ltd bought 60% stake in Netmeds parent company for Rs 620 crore cash.
Bharti Airtel, Vodafone Idea: Bharti Airtel and Vodafone Idea have been asked by the Telecom regulator TRAI to submit all pending data, this is in continuation of their presentation of their priority plans. The telecom regulator is said to be finalising its views on the priority plans that the two telcos have launched, PTI reported.
RCom: Supreme Court’s AGR hearing is set to continue today where the bench headed by Justice Mishra is contemplating who will pay RComs AGR dues. The AGR hearing will also keep Bharti Airtel and Vodafone Idea in focus.
Zee Entertainment: Along with the stepping down of Subhash Chandra, the media conglomerate will also be in focus for its quarterly results. In the April-June quarter the company’s net profits shrunk by 95% to just Rs 29 crore.
Vedanta: The Anil Agarwal led company on Tuesday lost a legal battle for reopening the Sterlitecopper plant in Tamil Nadu. A bench of the Madras High Court refused opening the plant, now the company said it is considering options before itself. Vedanta shares tanked close to 6% during Tuesday’s trading session, but recovered some losses in the closing hours.
Yes Bank: Troubled lender Yes Bank on Tuesday divested more than 8% stake worth over Rs 75 crore in CG Power and Industrial Solutions through open market transactions. Yes Bank sold 5.18 crore shares worth over Rs 75 crore through the BSE and the NSE, as per bulk deal data. The quantum of shares amount to 8.28% shareholding in the company.