GIFT Nifty indicated that Indian equity indices BSE Sensex and NSE Nifty 50 may see a positive opening on Thursday. Here’s a look at the key stocks to watch in trade.

Stocks in Focus: GIFT Nifty traded higher as the index was up 72 points or 0.33% at 21,956.50 indicating a positive start for domestic indices NSE Nifty 50 and BSE Sensex on Thursday. Previously, on Wednesday, the NSE Nifty 50 lost nearly 250 points or 1.11% to settle at 21,951.15, while the BSE Sensex closed 790.34 points or 1.08% lower at 72,304.88.

Stocks to Watch on February 29, 2024

Coal India 

Coal India and Bharat Heavy Electricals announced the signing of a joint venture agreement for setting up an ammonium nitrate plant as a part of its coal gasification project on February 28.

Stocks To Watch: Maruti Suzuki India, GMR Airports Infra, Brightcom Group, Hindustan Zinc, Adani Enterprises, Kolte-Patil Developers Stocks To Watch: Hindustan Zinc, Suzlon Energy, Glenmark Pharma, Hindustan Aeronautics, Vedanta Stocks To Watch: Eicher Motors, LIC, Cochin Shipyard, Biocon, Oil India, SJVN, Grasim, Alkem Lab, OLA Electric Mobility Stocks To Watch: Realty Stocks, Lupin, Tata Power, PB Fintech, SBI, Suzlon Energy, Godrej Consumer, ABFRL

Vedanta 

Vedanta Group is eyeing USD 6 billion of pre-tax profits in the next financial year and scaling it to USD 7-7.5 billion in the following year on the back of operational efficiencies across businesses. “The building blocks are already in place, and largely under our control for EBITDA augmentation. The increase will be driven by ongoing cost optimization, price increases, and volume ramp-up,” Ajay Goel, CFO, of Vedanta Limited said at a recent analysts’ meet.

LTIMindtree 

LTIMindtree announced that it has joined the IBM Quantum Network to explore quantum computing innovation for the benefit of its global clientele across multiple industries on February 28. LTIMindtree is the first Indian Global System Integrator (GSI) to join the IBM Quantum Network. 

Jaiprakash Associates  

The lenders of Jaiprakash Associates are gearing up to take the debt-laden company to the National Company Law Tribunal. This move comes after they were unable to garner a satisfactory valuation for the stressed assets of JAL, the flagship company of the Jaypee Group, from the National Asset Reconstruction Company of India (NARCL). “The initial offer made by NARCL has fallen short of lenders’ expectations so they have sought a better offer,” a senior bank official told FE.

Reliance Industries

Reliance Industries and global media behemoth Walt Disney on February 28 announced the signing of definitive agreements to merge their media operations in India, giving rise to a Rs 70,352 crore media behemoth. As part of the deal, the media undertaking of Viacom18 will be merged into Star India through a court-approved scheme of arrangement.

UPL 

Shriram Finance will replace UPL in the benchmark Nifty 50 index with effect from March 28, the National Stock Exchange said on February 28. UPL has been removed from Nifty 50 under its exclusion from the Nifty 100 index.

NHPC

The company’s unit inked an agreement for a joint venture with Maharashtra State Power Generation Company for the development of renewable energy parks in Maharashtra.

JSW Steel 

JSW Steel incorporated a new wholly-owned subsidiary named JSW Green Steel on February 27. The new subsidiary will be carrying out the manufacture of hot-rolled and cold-rolled products of steel, which is in line with the main line of business of the company.

Punjab and Sind Bank  

The board of Punjab and Sind Bank approved raising Rs 2,000 crore on February 28. The board will raise the amount through one or more tranches within 12 months from the date of approval, the exchange filings said.

Cyient

The company incorporated Cyient Global Captive Solutions as a wholly-owned subsidiary.