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Updated January 10th, 2024 at 08:42 IST

Stocks in focus: Mahindra & Mahindra, SSWL, Polycab, Zee Entertainment

GIFT Nifty was trading at 21,573 as of 8:18 am, suggesting the NSE Nifty 50 will open near its close of 21,544.85 on Tuesday.

Business Desk
Sensex falls over 500 points
Nifty 50 index is set for a muted start | Image:Pixabay
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Nifty 50 index is set for a muted start on Wednesday following a drop in Asian peers, while investors await key inflation readings from India and the US to assess interest rate outlook.

GIFT Nifty was trading at 21,573 as of 8:18 am, suggesting the NSE Nifty 50 will open near its close of 21,544.85 on Tuesday.

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The MSCI's broadest index of Asia-Pacific shares outside Japan lost 0.35 per cent, after logging losses in each of the six previous sessions. Wall Street equities closed lower overnight.

Here are stocks in focus

Steel Strips Wheels: The wheel rim maker has gained approval from the National Company Law Tribunal for the acquisition of AMW Autocomponent. Additionally, the company has invested Rs 138.15 crore in AMW Autocomponent, comprising Rs 5 crore in equity and an inter-corporate loan of Rs 133.15 crore.

Vedanta Ltd: Moody's has downgraded the ratings of Vedanta Resources, the parent company of Vedanta, citing a high risk of default.

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Delta Corp: The company witnessed a significant drop in net profit, which more than halved to Rs 34.48 crore in the December quarter.

Navin Fluorine: Life Insurance Corporation of India has increased its stake in Navin Fluorine International to 5.037 per cent from 4.792 per cent.

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Zee Entertainment: In bulk deals, European financial services company Societe Generale sold Zee Entertainment Enterprises shares worth Rs 216 crore.

Mahindra & Mahindra: The country’s largest utility vehicle maker is set to collaborate with the US-based automobile technology company, Mobileye, for the development of software solutions and the exploration of a comprehensive autonomous driving system.

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Power Finance Corp: The company has received a no-objection letter from the Reserve Bank of India, allowing the establishment of a finance company within the International Financial Services Centre located in GIFT City, Gujarat.

Polycab India: The company has refuted media reports suggesting tax evasion, asserting that it has not been officially informed by the income-tax department regarding the outcomes of any search.

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(With Reuters inputs)

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Published January 10th, 2024 at 08:42 IST

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