Stocks in Focus: Wipro, Zomato, IRCTC, Bharti Airtel, JM Financials, JSW Energy, NHPC

The domestic equity markets are expected to commence Wednesday's March 6, 2024, trading session on a muted note, mirroring the bearish sentiment across global peers. Weak cues from Wall Street, where the tech-heavy Nasdaq Composite plunged 1.65% as technology stocks bore the brunt of selling, could further dampen investor confidence. Adding to the woes, Asian markets opened, with Japan's Nikkei index dropping 0.81%, Topix plunging by 0.44% and South Korea's Kospi declining 0.39%.

Wipro Acquires Stake in SDVerse LLC

In a strategic move to bolster its position in the software-defined vehicle and cloud car engineering services domain, IT services giant Wipro is set to acquire a 27% stake in SDVerse LLC. The transaction, valued at an undisclosed amount, is anticipated to conclude by the end of March 2024.

Zomato Faces Block Deal

An affiliate of Alibaba, Antfin Singapore,  is poised to divest 17.64 crore shares, representing a 2% stake in the food delivery giant Zomato. The block deal's floor price has been specified to be at Rs 159.4 per share, a 3.9% discount from the closing price.

JSW Energy Inks Battery Storage Deal with SECI

JSW Energy, a prominent player in the renewable energy sector, has entered into a Battery Energy Storage Purchase Agreement (BESPA) with the Solar Energy Corporation of India Limited (SECI). The agreement pertains to JSW Energy's initial 250 MW/500 MWh standalone battery energy storage project, highlighting the company's commitment to advancing sustainable energy solutions.

NHPC Ventures into Ultra Renewable Energy Power Park

The state-run power company, NHPC, has embarked on the development of the 1,200-MW Jalaun Ultra Renewable Energy Power Park in Jalaun, Uttar Pradesh. This ambitious solar park project, which will be undertaken by Bundelkhand Saur Urja, an NHPC subsidiary, entails an investment of Rs 796.96 crore, which fully reflects NHPC's commitment to diversifying its energy portfolio and embracing renewable sources.

Regulatory Action Against JM Financials

The Reserve Bank of India (RBI) has prohibited JM Financial Products against shares and debentures financing, including sanctioning and disbursing loans against initial public offerings (IPOs) of shares and subscriptions to debentures. The regulatory action highlights the central bank's ongoing efforts to maintain financial stability and investor protection.

IRCTC Partners with Swiggy

In a move aimed at enhancing the travel experience for railway passengers, the Indian Railway Catering and Tourism Corp (IRCTC) has partnered with Swiggy. Under this collaboration, Swiggy will provide pre-ordered meals to travelers at four major railway stations across India, offering convenience and expanding culinary options for rail passengers.

Bharti Airtel Issues Shares to FCCB Holders

Telecommunications major Bharti Airtel has sanctioned the issuance of 56.8 lakh shares to holders of Foreign Currency Convertible Bonds (FCCBs) at a conversion rate of Rs 518 per share. This move aligns with the company's efforts to manage its capital structure and meet its financial obligations.

Space Sector Attracts FDI Inflows

The government has notified amended Foreign Direct Investment (FDI) norms for the space sector, paving the way for boosted foreign investment. The new norms allow 100% overseas investment in making components for satellites, 74% in manufacturing and operations of satellites and 49% in launch vehicles. This move is expected to foster innovation and attract global players to India's burgeoning space industry.

As the market navigates through these corporate developments and regulatory changes, investors will closely monitor the impact on respective stocks, sectors and the overall market sentiment.