Overnight Digest: Stocks to Watch Tomorrow
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Markets remained under pressure for the fourth straight session, but a few companies still managed to grab attention with fresh orders, expansion plans and strategic acquisitions. Here are three stocks investors may closely track in tomorrow’s session.
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Indian equity benchmark indices extended their losing streak for the fourth consecutive session on Tuesday, May 12, as elevated crude oil prices and uncertainty surrounding negotiations to end the Iran war weighed on investor sentiment. Weak global cues, continued foreign institutional investor selling, and sharp weakness in information technology stocks further dragged the markets lower.
Despite the weak market mood, several companies announced key business developments that are likely to keep their shares in focus during tomorrow’s trading session.
Hindustan Zinc Ltd share price is expected to remain in focus after the company signed a Memorandum of Understanding (MoU) with Group Nirmal to establish a zinc wire manufacturing facility at its Zinc Industrial Park located in Khankhala, Bhilwara district, Rajasthan.
The proposed facility will manufacture zinc wire products using Hindustan Zinc’s Special High Grade (SHG) zinc. The products are expected to cater to sectors including infrastructure, renewable energy, automotive and industrial engineering.
Hindustan Zinc stated that the partnership is aimed at strengthening downstream zinc-based manufacturing and expanding the industrial ecosystem at its flagship industrial park.
Conart Engineers Ltd received a work order from Hindalco Industries Ltd for yellow soil filling and compound wall work at Savli in Vadodara district, Gujarat.
According to the company, the order is valued at around Rs 49 crore excluding GST, subject to changes in the final layout plan and any additional work.
The company said Phase 1 of the project is scheduled to be completed within four months from the date of the purchase order or letter of intent, while Phase 2 is expected to be executed within three months after the monsoon season.
3. Krishna Defence and Allied Industries Ltd
Krishna Defence and Allied Industries Ltd acquired a 46.81 per cent stake in Taharabadkar Solutions Pvt Ltd.
Taharabadkar Solutions is engaged in the design, development and manufacturing of smart weapons, guided ammunition and ammunition systems.
The acquisition is expected to help Krishna Defence strengthen its presence in the defence technology segment through collaboration and co-development of advanced ammunition and smart weapon systems.
Disclaimer: The article is for informational purposes only and not investment advice.