Stocks in Focus Today: Nifty 50 is looking weak for the Bulls on the chart due to two consecutive days of sharp decline. According to Nagraj Shetty, Technical Research Analyst, HDFC Securities, the benchmark index has formed a long bear candle on the daily chart, which is showing signs of further downside in Nifty and it may slip to the level of 16700 in the next few trading sessions. However, in terms of fundamentals, it is a matter of relief for investors that the new Omicron variant of the corona virus is not yet dangerous enough to cause a sharp increase in the number of hospitalizations. Market analysts are still giving stock-specific action advice to investors. During the business today, the focus will be on stocks like InterGlobe Aviation, Tata Motors, Vedanta, PowerGrid and Vedanta.
InterGlobe Aviation
Indio, the largest passenger airline in the country, has called an Extraordinary General Meeting (EGM) this month. In this meeting, there will also be a discussion about revising the Articles of Association (AoA) of the company. Under this, a provision is to be made that if a promoter wants to sell his stake to a third party, then he will have to get approval from other promoters. Indigo is operated by InterGlobe Aviation.
Tata Motors
The giant automobile company has announced an increase in the prices of its commercial vehicles. According to the company’s announcement, their prices may increase by up to 2.5 percent from the next month i.e. from January 2022. The company has taken this decision due to increase in cost.
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Vedanta
Anil Agarwal’s Vedanta has said that those holding American depository shares of the company can surrender it to the depository in exchange for the underlying equity shares of the company at any time till January 10, 2022. Earlier this deadline was 8 December 2021. American Depository Shares shall mean shares of a non-US company held by a Depository Bank of the United States and may be purchased by any American investor.
Godrej Properties
Real estate giant Godrej Properties on Monday announced that it will form a joint venture with TDI Group. This venture will work on a luxury housing project in Connaught Place, central Delhi. According to the information given to the stock exchanges, 1.25 lakh square feet area can be sold under this project.
PoweGrid Corporation
PSU firm POWERGRID is planning to transfer transmission assets worth Rs 7500 crore to the recently formed POWERGRID Infrastructure Investment Trust in the next financial year 2022-2023. The company has now identified two big properties for this, whose value is about Rs 5 thousand crore. Apart from this, the company will also transfer 26 per cent stake in its existing special purpose vehicles.
Parag Milk Foods
Parag Milk Foods has informed that the government has approved its application under Product Linked Incentive (PLI) Scheme-Category 1. The PLI scheme for the food processing industry is to be implemented within the financial year 2021-22 to the financial year 2026-27 and will cost Rs 10900 crore.
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