The stock market on Tuesday, March 23, closed in green led by the banking stocks where the BSE Sensex reclaimed the 50,000 mark while the NSE Nifty traded near 14,800. The indices on Wednesday, March 24, are, however, expected to give a lower or flat start as at 7:15 am the SGX Nifty was trading at 35.00 points or 0.24 percent down at 14,790.00. On March 23, the BSE Sensex gained 280.15 points or 0.56 percent to close at 50,051.44. Similarly, the NSE Nifty jumped 78.35 points or 0.53 percent to settle the day at 14,814.75.
Top stock to look for the day:Rail Vikas Nigam: 20,85,02,010 equity shares of Rail Vikas Nigam or 10 percent of the total paid-up equity will be sold by the government of India via offer for sale route on March 24-25. An additional 10,42,51,005 equity shares or 5 percent shareholding in the company will be sold by the company in case of oversubscription.
Hero MotoCorp: To partially offset the impact of an increase in commodity costs the company will hike the prices of its motorcycles and scooters by up to Rs 2,500 from April.
Tata Communications: After the government sold the stake to Tata Sons’ unit Panatone Finvest, Tata Group’s holding in the company increased to 58.87 percent.
Anupam Rasayan: The shares of the company will get listed on the exchanges on Wednesday.
Bank of Maharashtra: Rs 100 crore has been raised by the bank via private placement of BASEL-III Tier-II bonds.
Rossari Biotech: Issuance of 30,12,046 equity shares on a preferential basis, at Rs 996 per equity share has been approved by the company. Nearly Rs 300 crore has been raised by the company through the preferential issue to SBI Mutual Fund, Ramesh Siyani, Arpit Kbandelwal, Malabar Select Fund, Malabar India Fund, etc.
India Glycols: Long-term Issuer Ratings of ‘A-‘ of the company have been placed on Rating Watch Positive (RWP) by India Ratings and Research.
Vascon Engineers: The company has emerged as the lowest bidder for 2 projects of the Uttar Pradesh Public Works Department.
Laurus Labs: The credit rating of the company’s long-term banking facilities has been retained as ‘AA-‘ by rating agency CARE. The agency has also revised the outlook to Positive from Stable.
Deepak Nitrite: Long-term rating on bank facilities of the company has been upgraded by ICRA from AA- to AA. The outlook has also been revised from Positive to Stable.