The Indian stock market saw a flat opening for the NSE Nifty 50 and BSE Sensex on Tuesday. During the early trading session, indicating a relatively steady start for the domestic indices. In the previous trading session, both the Nifty 50 and Sensex closed with gains, with Nifty 50 surpassing the crucial level of 18,600 and Sensex recording a 99-point increase at 62,725.
Investors are proceeding with caution as they navigate a week filled with significant data releases and global market events. Optimistic expectations surround key events such as the moderation of Indian CPI data, expected policy rate maintenance by the Federal Reserve and Bank of Japan, as well as domestic IIP, WPI inflation, and policy announcements from the European Central Bank (ECB). While the market anticipates a potential rate increase by the ECB, concerns about rising recessionary risks loom.
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Here are some stocks to keep an eye on for trading on June 13, 2023:
- ZEE Entertainment Enterprises: Securities and Exchange Board of India (SEBI) has issued an interim ex-parte order against Subhash Chandra and Punit Goenka, Managing Director & CEO of ZEE Entertainment Enterprises.
- ICICI Lombard General Insurance: The insurance regulator IRDAI has approved SBI Mutual Fund’s acquisition of up to 10% of the total paid-up equity share capital in ICICI Lombard General Insurance through market purchase.
- Vedanta: Vedanta’s Sterlite Copper has invited expressions of interest (EoIs) for plant restart activities at its Tuticorin unit in Tamil Nadu. The company has received permission for maintenance work, temporarily allowing it to resume operations.
- PC Jeweller, SBI: PC Jeweller has filed a suit against SBI, challenging the classification of its loan as a non-performing asset (NPA). The jeweler has requested to declare the action null and void, and SBI is required to maintain status quo until further orders regarding any actions related to the NPA decision.
- Adani Ports & SEZ: Adani Ports & SEZ has suspended vessel operations at Mundra and Tuna Port due to the advisory issued by the India Meteorological Department regarding the expected cyclone storm “Biparjoy.”
- JSW Steel: JSW Steel has been declared the preferred bidder in the auction for an iron ore mining lease in Goa. The company is set to commence mining operations in two blocks upon obtaining necessary clearances and approvals, with an estimated projection of mining around 75.5 million metric tons of iron ore.
- Inox Wind, Inox Wind Energy: The board of directors of Inox Wind has approved the merger of Inox Wind Energy into Inox Wind. This merger aims to streamline the group’s listed companies, resulting in a stronger shareholder base.
As the trading day unfolds, market participants will closely monitor these stocks for potential movements and opportunities.
