In the absence of any major triggers, analysts expect the consolidation to persist amid subdued activity. However, news-based sectoral moves may continue to offer selective trading opportunities.
In today’s trade, shares of PNB, IndiGo, Sigachi Industries, Coal India, Coforge among others will be in focus due to various news developments.
PNB
State-owned Punjab National Bank (PNB) on Friday said it has reported a borrowal fraud of Rs 2,434 crore to the Reserve Bank of India (RBI), involving the erstwhile promoters of SREI Equipment Finance (SEFL) and SREI Infrastructure Finance (SIFL). The borrower fraud related to SEFL stood at Rs 1,240.94 crore and the PSU bank has made 100% provision for the outstanding amount.
IndiGo
India’s largest airline, IndiGo, lost a portion of its dominance in the domestic aviation market in November after facing major operational disruptions earlier in the month, official data accessed by PTI showed. Figures released by the Directorate General of Civil Aviation (DGCA) indicate that IndiGo’s market share slipped to 63.6% in November from 65.6% in October.
Coal India
State-run Coal India Ltd (CIL) on Friday informed the exchanges that its board has appointed Chairman-cum-Managing Director B. Sairam as the Chief Executive Officer (CEO) of the company, in a move aimed at strengthening top-level leadership at the coal major. B Sairam is a mining professional with more than three decades of experience in the coal sector.
Vedanta
The Andhra Pradesh government has issued a conditional “No Objection Certificate” to Vedanta Ltd (Cairn Oil & Gas Division) for drilling 20 onshore wells in Krishna district.
Sigachi Industries
Sigachi Industries MD and CEO Amit Raj Sinha was remanded in connection with the ongoing investigation relating to the fire incident at the company’s Hyderabad unit. The company said it has taken all necessary measures to ensure the continuity of its operations and day-to-day activities. In the interim, Lijo Stephen Chacko, Deputy Group CEO, will oversee the operations.
Timex Group India
Promoter Timex Group Luxury Watches BV is likely to sell nearly 9% stake in the company through an offer for sale (OFS), according to a CNBCTV18 report.
Coforge
IT services provider Coforge said it would acquire artificial intelligence firm Encora at an enterprise value of $2.35 billion to boost its in-house AI capabilities and expand its presence in the US and Latin America. Encora, backed by Advent International and Warburg Pincus, offers AI solutions for product, cloud and data engineering, with Coforge estimating $2 billion in annual revenues by March 2027.
