Shares of several major companies, including Zomato, Paytm, TCS, Ixigo, LIC, RVNL, and Bharti Airtel, are poised for significant activity on June 18, 2024, as key developments unfold. The day’s trade is expected to start on a positive note, with the GIFT Nifty index up 24.5 points at 23,575.5 around 8:30 am, indicating a bullish sentiment on Dalal Street. Additionally, the India VIX was down 4.93%, reflecting decreased market uncertainty.
Global market cues have remained favorable, with US stock indices rising on Monday due to gains in tech stocks. This positive momentum has carried over to Asian markets, which opened higher today, contributing to the optimistic outlook for Indian markets.
Zomato and Paytm are at the center of attention following the announcement that they are in discussions about a potential acquisition. Zomato, a leading food delivery service, is considering acquiring Paytm’s movie and event ticketing division. This news has sparked interest among investors, as both companies disclosed their discussions in regulatory filings on Monday.
Tata Consultancy Services is facing a challenging situation as a US court has ordered the company to pay $194 million for trade secrets violations. Despite this setback, TCS remains confident, stating that it believes it has strong arguments and intends to defend its position through a review petition or appeal. This development may impact TCS stocks as investors react to the legal ruling.
Rail Vikas Nigam Limited has emerged as the lowest bidder for a significant project from East Coast Railway. The project involves installing an automatic block signaling system in Odisha, valued at Rs 160.08 crore, and is expected to be completed within 24 months. This news is likely to keep RVNL shares active as the market assesses the potential impact of this new order on the company’s financial performance.
The Life Insurance Corporation of India clarified that it has not formally proposed entering the health insurance market through acquisition. The company regularly evaluates various strategic opportunities, including options for inorganic growth. This statement aims to address market speculations and provide clarity to investors.
Le Travenues Technology, the parent company of travel aggregator Ixigo, is making its stock market debut today. Analysts predict that Ixigo shares will list at around a 30% premium from its issue price of Rs 93 per share. Ahead of its listing, Ixigo shares were trading at a 31% premium in the grey market, indicating strong investor interest.
Bondada Engineering has secured a contract worth Rs 2.05 crore from Bharti Airtel. The contract involves supplying a hot-dipped galvanized (GI) pole without a base to Tamil Nadu. The pole is specified to be 6 meters in height and approximately 60 kilograms in weight. This development is likely to impact Bondada Engineering’s shares positively.
Bharti Airtel has made a significant move by prepaying Rs 7,904 crore to the Department of Telecom, fully clearing all deferred spectrum liabilities from auctions held in 2012 and 2015. This prepayment is expected to strengthen Airtel’s financial position and reduce future interest costs, which could positively influence its stock performance.
IndiGo, India’s leading airline, reported an increase in its domestic passenger market share to 61.6% in May, up from 60.6% in April. This growth reflects IndiGo’s strong market presence and operational efficiency, likely bolstering investor confidence in the airline’s prospects.
BLS E-services, a subsidiary of BLS International, has agreed to acquire a 55% controlling interest in Aadifidelis Solutions and its affiliates for an enterprise value of approximately Rs 190 crores. This acquisition is expected to enhance BLS E-services’ market position and contribute to its growth strategy.
