Stocks to watch: IndusInd Bank, Vodafone Idea, Ola Electric among 10 shares in focus today; Check list here

Stock market today: Indian indices - Sensex and Nifty 50 - closed in red on Wednesday, December 24, amid profit-taking in select heavyweight stocks such as Reliance and ICICI Bank and mixed global cues.

The Sensex slipped 116 points, or 0.14%, to finish at 85,408.70, while the Nifty 50 declined 35 points, or 0.13%, to end at 26,142.10. The broader markets also weakened, with the BSE Midcap index down 0.37% and the Smallcap index easing 0.14%.

“Markets traded lackluster for the second consecutive session and ended marginally lower, indicating continued consolidation after the recent surge. After a stable start, the Nifty moved within a narrow range for most of the session in the absence of fresh triggers and eventually closed around the previous day’s level at 26,142.10. Sectoral trends remained mixed and rotational, with profit-taking seen in select IT, pharma and FMCG stocks, while realty and metals ended largely flat. The broader markets also showed a mixed trend, with the midcap index declining nearly 0.5%, while the smallcap index closed marginally higher, highlighting selective participation,” said Ajit Mishra, SVP, Research, Religare Broking.

Stocks to watch

Against this backdrop, here's a list of stocks that may attract investor interest and are likely to experience some movement today.

IndusInd Bank

The Serious Fraud Investigation Office (SFIO) has initiated a probe into IndusInd Bank over irregularities in its derivatives trading portfolio. The private sector lender informed stock exchanges on Wednesday that it has received a communication from the white-collar crime investigation agency. The sentimental SFIO action against the bank is likely to impact the share price.

Ola Electric

Ola Electric stated that it has received government approval for the release of ₹366.78 crore in incentives under the PLI scheme for automobiles and auto components. This liquidity development is expected to attract the attention of stock investors.

Vikran Engineering

Vikran Engineering said it has been awarded an EPC contract worth ₹459 crore by NTPC Renewable Energy for developing a 400 MW AC grid-connected solar power project at Chitrakoot-1 in Uttar Pradesh. The new order contract is likely to boost company's order book and revenue in the long-run.

Castrol India

Canada Pension Plan Investment Board and US-based private equity firm Stonepeak will make an offer to buy up to a 26% stake in Castrol India after agreeing to acquire the company from its parent, BP. The development is expected to boost the company's capacity and revenue in the long run.

Vodafone Idea

The company said it has been served two GST penalty orders by tax authorities in Mumbai and Bengaluru, with a total potential liability exceeding ₹83 crore.

Lenskart Solutions

The company said its Singapore subsidiary has approved an investment of KRW 3 billion ( ₹186 million) to acquire a 29.24% stake in South Korea–based optical machinery company iiNeer Corp. Ltd.

Adani Power

Adani Power has increased its long-term installed capacity goal to 41.87 gigawatts by FY32 and announced capital expenditure of around ₹2 lakh crore, marking one of the most ambitious private-sector expansion strategies in India’s thermal power sector. The development is expected to boost the company's capacity and revenue in the long run.

Ultratech Cement

The company stated that it has brought 1.8 mtpa of new capacity online, including 0.6 mtpa at its Dhule facility in Maharashtra and 1.2 mtpa at its Nathdwara plant in Rajasthan.

KNR Construction

The company said it has entered into SPAs with Indus Infra Trust to divest its entire stake in four road SPVs for a total value of ₹1,543.19 crore, which includes a sale consideration of ₹1,398.65 crore.

NBCC

The company has entered into an MoU with the Mumbai Port Authority to develop the CGO Complex on 25 acres of port land in Mumbai, with NBCC appointed as the project management consultant and executing agency.

Disclaimer: This story is for educational purposes only. Please consult with an investment advisor before making any investment decisions.