Overnight Digest: Stocks likely to be in focus on March 2
Shares of metal companies gained up to 6 per cent in an otherwise dim market, with the Nifty Metal index surging over 3 per cent
On Monday, domestic benchmark indices settled in green for the second consecutive day and buying was seen in the metal, oil & gas, power and IT stocks.
Among sectors, at the close, except auto and bank, all other sectoral indices ended in the green. During the trading session, FMCG shares were seen under pressure with Hindustan Unilever (HUL), down 2 per cent and Britannia Industries, down 3 per cent.
Shares of metal companies gained up to 6 per cent in an otherwise dim market, with the Nifty Metal index surging over 3 per cent as sanctions against Russia raised the possibility of supply disruptions.
In the broader markets, BSE midcap and smallcap indices are up 0.8 per cent each.
Keep a watch on these stocks for Wednesday's trading session -
Endurance Technologies - Shares of the company contracted 6 per cent at Rs 1,275 per share in Monday’s trading session due to growth concerns. The stock has tumbled 20 per cent in the past one month after the company reported a weak set of December quarter (Q3FY22) numbers. The stock reports to have corrected 36 per cent from its 52-week high of Rs 1,981 hit on November 8, 2021.
Biocon - On Monday, shares of Biocon declined 8 per cent to Rs 363.45 on the BSE after Biocon Biologics (BBL), the subsidiary of the company, announced to acquire Viatris’ biosimilars assets for up to $3.335 billion in stock and cash. Viatris will receive cash consideration of US$ 2 billion on the closing of the transaction and up to US$ 335 million as additional payments expected to be paid in 2024.
Tech Mahindra - The company announced the launch of TechMVerse, its Metaverse practice to deliver interactive and immersive experiences in the Metaverse for its customers. To transform customer experience and deliver real business outcomes, Tech Mahindra will leverage its world-leading network and infrastructure capabilities along with its foundational technological capabilities including pervasive Artificial Intelligence (AI), Blockchain, 5G, Augmented Reality (AR), Virtual Reality (VR), and Quantum Computing to build B2B use cases across sectors.
Bharti Airtel - The company's shares dipped 3 per cent on Monday after the company signed a pact with the Vodafone Group to buy an additional 4.7 per cent stake in Indus Towers. Bharti Airtel has entered into an agreement with Euro Pacific Securities Ltd, an affiliate of Vodafone Group Plc for the acquisition of a stake in Indus Towers. Post this acquisition, Airtel’s shareholding in Indus Towers will increase to 46.4 per cent. Vodafone holds a 28.1 per cent stake in the company at present and its shareholding will reduce to 21 per cent.