Mixed global cues may lead to a flat opening for Indian markets on Wednesday. Investors will be closely watching select stocks including Ola Electric, Vedanta, HDFC Bank, IndiGo, and Tata Power for corporate and regulatory updates, potentially leading to increased trading volumes.
Stocks to Watch: The Indian share market is likely to open with a flat trend on Wednesday, December 17, amid mixed signals from Asian markets. Gift Nifty Futures were trading almost stable at around the 25,920 level as of 8 am. This suggests that the benchmark index Nifty-50 may also start within a limited range. In this environment, investors and traders will focus on stocks with significant corporate and regulatory news. These include major names like Ola Electric, Vedanta, HDFC Bank, IndiGo, and Tata Power.
Akzo Nobel India to Sell Stake
Shares of Akzo Nobel India may be in focus on Wednesday. Reports indicate that the company’s promoter entity, Imperial Chemical Industries, is preparing to sell up to 9 percent stake through a block deal. The total size of the proposed deal is estimated at around ₹1,290.6 crore. The floor price for the deal has been set at ₹3,150 per share. This news could impact the stock’s performance, as a large stake sale is likely to increase volume and price movement in the short term.
Legal Pressure Mounts on IndiGo
Shares of the country’s largest airline, IndiGo, will also be on investors’ radar. A Public Interest Litigation (PIL) has been filed in the Delhi High Court seeking compensation for passengers affected by cancelled flights in November and December. The petition states that passengers should receive compensation equivalent to four times the ticket price for flights cancelled after the implementation of the new Flight Duty Time Limitation (FDTL) rules. This legal development could spark discussions about regulatory risks in the aviation sector.
Ola Electric Promoter Relieves Debt
There is positive news for Ola Electric. The company’s founder and promoter, Bhavish Aggarwal, has fully repaid a promoter-level debt of approximately ₹260 crore by selling a portion of his personal stake. Consequently, all previously pledged shares, totaling 3.93 percent, will now be released. This move is seen as a relief for investors, as removing the pledge on the promoter’s stake is a positive sign from a corporate governance perspective.
Vedanta Demerger Approved by NCLT
Vedanta shares may see activity on Wednesday. The Mumbai Bench of the National Company Law Tribunal (NCLT) has approved the company’s demerger scheme. This decision paves the way for the Vedanta Group to split its business into five separate sector-focused companies. However, the detailed order is yet to be released on the NCLT website. The demerger approval is considered a major step towards unlocking shareholder value.
Government to Sell Stake in Indian Overseas Bank
Shares of public sector bank Indian Overseas Bank (IOB) will also be in focus. The Department of Investment and Public Asset Management (DIPAM) has announced that the government will sell up to 3 percent stake in the bank through an Offer for Sale (OFS) starting Wednesday. The government’s stake sale is expected to increase trading volume in the stock. Additionally, an increase in public float is expected to have a positive impact on the bank’s share in the long term.
RBI Approval for HDFC Bank and IndusInd Bank
An important regulatory update has emerged for both HDFC Bank and IndusInd Bank. The Reserve Bank of India (RBI) has approved HDFC Bank’s group companies to acquire up to 9.5 percent stake in IndusInd Bank. These group companies include HDFC Mutual Fund, HDFC Life Insurance, HDFC Ergo General Insurance, HDFC Pension Fund, and HDFC Securities. This news could spark new discussions about strategic investments in the banking sector.
Tata Power to Finalize Solar Project
Tata Power shares will also be on investors’ radar on Wednesday. The company aims to finalize its 10 gigawatt wafer and ingot project by January next year. The estimated cost of the project is around ₹6,500 crore. This move could further strengthen Tata Power’s renewable energy strategy and increase the company’s presence in the solar value chain.
Glenmark Pharma International Deal
A significant business deal has emerged for Glenmark Pharmaceuticals. The company has entered into an exclusive license, collaboration, and distribution agreement with Jiangsu Hansoh Pharmaceutical Group. The agreement is for the drug Osimertinib-related product Amolertinib, a third-generation drug used in the treatment of Non-Small Cell Lung Cancer (NSCLC). This deal is expected to strengthen Glenmark’s international pharma presence.
NBCC Receives New Orders
Shares of government infrastructure and construction company NBCC may also be discussed. The company has received a Project Management Consultancy order worth ₹332.99 crore from IIT Mandi. Additionally, it has secured an order for annual maintenance work worth ₹12.05 crore from Kandla SEZ. The continuous flow of orders is strengthening NBCC’s order book.
