Stocks to Watch: Jet Airways, Tata Steel

Stocks are expected to extend losses Wednesday tracking weak cues from global shores.

Investors will look forward to crucial IIP data which is scheduled to be announced around noon. Improvement in industrial growth may provide some positive sentimental impact. Industrial growth is expected to have risen 5-7 per cent in September from the 13-year low of 1.3 per cent in August.

Among stocks, shares of Dabur India are likely to see some action as the firm is close to acquiring Fem Care Pharma for nearly Rs 300 crore and expected to sign the agreement next week. The stock ended 5.48per cent lower at Rs 85.35 on Wednesday.

According to reports, private carrier Jet Airways is negotiating to sell 10 percent stake to the Singapore government-owned Temasek Holdings. Jet plans to raise around Rs 250 crore from the stake sale.

In another development, Jet Airways is believed to have struck a deal last week with west Asian investment agency Mubadala Development Company for funding of Rs 1000 crore. The instrument of funding has yet to be formalised. The airline's shares closed 6.6 per cent lower at Rs 188.85.

Tata Steel is scouting to buy European wire makers to boost the capactiy of Corus. It will also look at buying such companies in Asia. This acquisition interest could see some action in the shares of the steelmaker, which ended 10.98 per cent lower at Rs 190.90. However, there are reports that chairman Ratan Tata has directed the top management of his group to keep all plans for acquisitions on hold unless considered strategically critical.

According to reports, India's top engineering and construction firm, Larsen & Toubro may be in talks to buy Chennai-based financial services company, Integrated Enterprises. The companies are negotiating a deal worth Rs 500-600 crore.

Source: EconomicTimes