GIFT Nifty traded lower on Wednesday, but the domestic indices ended on a positive note. The NSE Nifty 50 closed 35 points or 0.14% higher at 25,052, while the BSE Sensex rose 74 points or 0.09% to finish at 81,786. Despite initial expectations of a lower start on Thursday, both indices opened higher. Currently, the Sensex is up by 0.06%, trading above the 81,800 mark, while the Nifty has gained 0.04%, staying above the 25,000 level.
Here are some of the stocks to watch out for.
Reliance Industries
Reliance Industries and The Walt Disney Company have received approval from the Competition Commission of India (CCI) for their Rs 70,350 crore merger of Indian media assets. Reliance Industries shares are trading 0.34% higher at Rs 3,005.80. The stock has been fluctuating between Rs 3,016.10 and Rs 2,988.00. In the last quarter, the company reported a net profit of Rs 15,138 crore.
Vodafone Idea
Vodafone Idea posted a net loss of Rs 6,432.10 crore from Rs 7,674 crore in the last quarter. Despite this, the company’s shares are trading 0.31% higher at Rs 16.01. The stock has been moving within the range of Rs 16.55 and Rs 15.98. Analysts have given a strong buy position to this stock.
Zomato
Global brokerage firm Nomura has raised its target price for Zomato from Rs 225 to Rs 280, maintaining a ‘buy’ recommendation. This new target suggests a potential upside of over 9%. Zomato recently launched “Zomato for Enterprise” (ZFE), a platform designed to simplify corporate food expense management. They have also entered in it’s launching a groundbreaking feature called ‘Book Now, Sell Anytime,’ designed to offer unparalleled flexibility for concertgoers. During the June quarter, Zomato’s revenue increased by nearly 74% year-on-year to Rs 4,206 crore. The company’s net profit grew by 44.5% from Rs 175 crore in the preceding quarter.
Wipro
Wipro has partnered with nine of the top ten healthcare payers in the US. The company’s shares are trading 0.94% higher at Rs 539.60. Wipro’s stock has been trading between Rs 541.80 and Rs 534.05. The company reported a net profit of Rs 3,003.20 crore in the last quarter.
Tata Steel
Tata Steel has acquired around 178 crore additional equity shares of T Steel Holdings Pte Ltd for USD 280 million, increasing its total investment in the Singapore-based arm to USD 1,337 million. Despite this development, Tata Steel’s shares are trading 0.46% lower at Rs 153.00, within a range of Rs 153.65 and Rs 152.10.
