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In the stock market in India, shares of Suven Pharma and Ambuja Cement are likely to trend due to acquistions. A new agreement with the Odisha government is expected to keep NALCO shares in focus, while Zee media stocks may garner attention due to the nod to setting up a subsidiary. Shares of MDH, SpiceJet, and Suzlon are also expected to keep the bourses buzzing. Here’s why read more
 "Shares of NALCO, Spicejet, MDH, Suzlon, Zee Media, and Suven Pharma in focus; Here's why")
The Indian stock market is likely to open in the green on June 14. Shares of Suzlon, NALCO, Spicejet, and MDH are likely to be in focus. Image source: Pixabay
The GIFT Nifty index, around 8:45 am, was up 11.5 points or 0.05 per cent at 23,426.5 on Friday, hinting at a positive start for Dalal Street on the last trading day of the week. The India VIX, an indicator of fear in the stock market in India, was down 6.26 per cent at 13.49 points. It suggested that the volatility in the market had dropped significantly.
Global cues remained mixed on Friday morning. Asian stocks fell as investors speculated on a potential interest rate cut by the Federal Reserve this year. Meanwhile, in the US, the broader stock market retreated while tech stocks pushed Nasdaq and S&P 500 to their fourth day of record closing.
Ahead of the market opening on Friday, here’s a look at stocks that are expected to keep the bourses buzzing in India:
NALCO: The National Aluminium Company on Thursday announced that it had executed a mining lease deed with the Government of Odisha. The lease is for the Bauxite mines in Pottangi, Koraput. The company, in an exchange filing, said that the mines has an annual production capacity of 3.5 million tonnes and reserves estimated at 111 million tonnes.
Suzlon: The company has appointed Khaitan & Co. to review its corporate governance practice. This move follows the resignation of the renewable energy company’s independent director Marc Desaedeeler over transparency and corporate governance issues.
Zee Media: The media company, on Thursday, informed the exchanges that its Board of Directors has approved the creation of a wholly-owned subsidiary that will “engage in business of bringing forth ancient knowledge of scriptures intersecting with modern science.”
Spicejet: The National Company Law Tribunal (NCLT) has served SpiceJet a notice regarding an insolvency petition filed by Engine Lease Finance BV, an aircraft engine lessor of the financially troubled airline. A single-member bench of the NCLT has instructed SpiceJet to submit a response to Engine Lease Finance’s (ELF) petition and scheduled a hearing for August 2, 2024. ELF is seeking approximately $16 million in dues, inclusive of interest and rental charges.
Madhusudan Masala (MDH): Rajasthan has told the central government that it has found some spices of popular brands MDH “unsafe” for consumption after tests, according to Reuters. In April this year, Hong Kong had suspended sales of three spice blends produced by MDH.
Suven Pharma: Suven Pharma has executed definitive agreements to acquire Sapala Organics Private Limited. This is a Hyderabad-based contract development and manufacturing organisation (CDMO) focused on Oligo drugs and nucleic acid building blocks including Phosphoramidites & Nucleosides, drug delivery compounds (including GalNAc), Pseudouridine, amongst others.
Ambuja Cement: The company’s Board of Directors, on Thursday, approved the acquisition of 100 per cent stake in Penna Cement Industries Limited at an enterprise value of Rs 10,422 crore. The acquisition is expected to be completed in 3-4 months.
With inputs from agencies
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