Stocks to watch today: On Friday, the last trading day of last week, the Indian stock market started on a positive note. The 30-share BSE Sensex closed at 84,929.36, up 447.55 points or 0.53 percent. At the same time, the 50-share NSE Nifty jumped 150.85 points or 0.58 percent and ended the trading at 25,966.40.
Overall, there was a rise in the stock market on December 19, which broke the trend of the previous four days. During this period, shares of companies like Bharat Electronics, Power Grid, Tata Motors Passenger Vehicles, Asian Paints, Reliance Industries and Bajaj Finserv made substantial profits.
Tata Steel
Tata Group company Tata Steel informed after the stock market closed on Friday that it bought 148.8 crore shares of its subsidiary T Steel Holdings (TSHP) for $ 150 million (Rs 1,354.94 crore). Tata Steel gave this information after the stock market closed on Friday.
Apart from this, the company has received an order from CGST and Central Excise Commissioner, Jamshedpur, directing it to pay tax of Rs 493.35 crore along with penalty of Rs 638.82 crore and interest on the total tax amount.
Tata Chemicals Ltd.
Shares of Tata Chemicals, another company of Tata Group, will also be in focus today because the company’s subsidiary Tata Chemicals International has entered into a Share Purchase Agreement (SPA) to buy 100 percent equity shares of Singapore company Novabuy for 25 million euros. Due to this, there may be an increase in the shares of Tata Chemicals today. On Friday, shares of Tata Chemicals jumped 1.88 percent and closed at the level of Rs 763.
IRB Infrastructure Developers
Shares of IRB Infrastructure Developers will also remain under the watch of investors during trading today. In fact, the company’s board has recently approved related-party contracts for upgradation, operation and maintenance and implementation of the project and for IRB Infrastructure Trust (Private InvIT) to act as project manager. It is linked to the TOT-17 project, which is implemented through IRB Harihar Corridor (Project SPV).
On January 13, the board has sought approval from shareholders for the Lucknow-Ayodhya-Gorakhpur section of NH-28 (new NH-27) and the Lucknow-Sultanpur (NH-731) corridor under the TOT-17 project. The company has also agreed to act as the project manager for a revenue-linked concession period of 20 years from the due date, with an estimated value of up to Rs 6,785 crore.
Vedanta
During trading today, investors will also keep an eye on Vedanta shares because rating agency Fitch has changed its outlook on UK-based Vedanta’s parent company Vedanta Resources from ‘Stable’ to ‘Positive’. The rating agency has taken this decision considering the expectation of better earnings, reduction in debt and strong financial position. However, the agency has maintained Vedanta Resources’ long-term foreign currency issuer default rating at ‘B+’.
UltraTech Cement
The country’s largest cement company UltraTech Cement has received a GST demand notice of Rs 782.2 crore from the GST department. Notice has been received. The company has said that it will investigate the matter and challenge it at the right forum. This order has been received regarding alleged short payment of GST, misuse of input tax credit and many other technical issues during the period from 2018-19 to 2022-23.
Fortis Healthcare
Fortis Healthcare, through its subsidiary International Hospital, has signed an agreement to purchase the 125-bed Peepal Tree Hospital (PTHY) in Yeshwanthpur, Bengaluru. This deal will be done by TMI Healthcare Pvt. Ltd. This will be done through purchasing 100 percent stake. TMI is the entity that operates People Tree Hospital. This deal has been done for Rs 430 crore.
Apart from this, a nearby land of 0.8 acres will also be purchased so that it can be expanded to more than 300 beds in the future. An additional investment of Rs 410 crore is also planned over the next three years to further improve bed infrastructure, medical equipment and clinical programs including radiation oncology.
Ola Electric
Engineer at Ola Electric. Some important facts have been confirmed in the investigation of Arvind’s alleged suicide. The fingerprint found on the suicide note matched Arvind’s fingerprint. This may increase the problems of the company’s founder Bhavish Aggarwal and may increase pressure on the shares of Ola Electric.
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