GIFT Nifty indicated that Indian equity indices BSE Sensex and NSE Nifty 50 may see a positive opening on Monday. Here’s a look at the key stocks to watch in trade.
Stocks in Focus: GIFT Nifty traded up by 39 points or 0.16% at 24,629 indicating a positive opening for domestic indices NSE Nifty 50 and BSE Sensex on Monday. Previously, on Friday, the NSE Nifty 50 ended up by 397.40 points or 1.65% to settle at 24,541 while the BSE Sensex jumped 1,330.96 points or 1.68% to 80,436.85.
“The stability of the JPY has been instrumental in driving a global market recovery. Besides that, the strong U.S. retail sales and a decline in weekly jobless claims have helped alleviate fears of a U.S. recession. Further, the market sentiment has improved due to a decrease in U.S. CPI inflation. On the backdrop of these, the Indian IT firms exhibited strong buying interest, Head of Research, Geojit Financial Services.
Stocks To Watch: Zomato, Reliance Industries, L&T, Ola Electric, Cyient DLM, Petronet LNG, Genus Power Stocks To Watch: Zomato, Bajaj Auto, IndusInd Bank, Poly Medicure, HCL Tech, Saraswati Saree Depot Stocks To Watch: Vedanta, Vodafone Idea, Happiest Minds Technologies, Asian Paints, Piramal Enterprises Stocks To Watch: HUL, NBCC, ICICI Prudential, Zydus Life, Wipro
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Nair also added that the Indian CPI inflation rate has fallen below the estimate, signalling optimism. However, challenges such as a drop in WPI inflation, weak IIP, and lukewarm Q1 corporate earnings suggest that market gains may be limited, which is reflected by FIIs maintaining a net seller position.
Stocks to Watch on August 19, 2024
Maruti Suzuki India
The Company is set to witness a one-time impact of Rs 850 crore on its profitability in the September quarter due to the restatement of an accounting provision for deferred tax liability. This adjustment follows changes in the taxation policy, specifically the withdrawal of the indexation benefit and the alteration of the tax rate on debt mutual funds. The tax rate has been revised from 20% plus surcharge and cess with indexation to 12.5% plus surcharge and cess without indexation, necessitating the restatement.
Brightcom Group
The group, currently facing a trading suspension, has revealed its plans to apply for the revocation of this suspension with both BSE and NSE. The company will proceed with the application after it declares its pending quarterly results and holds an Annual General Meeting (AGM).
GMR Airports Infrastructure
Passenger traffic across all airports in July saw a 7.7% year-on-year increase, reaching 1.06 crore. Domestic passenger traffic grew by 7.1%, while international passenger traffic rose by 9.3% during the same period. Aircraft movements also showed growth, with a 6% year-on-year increase and a 2% month-on-month rise, totaling 68,755 movements in July.
Adani Enterprises
The Company plans to raise Rs 800 crore by issuing non-convertible debentures (NCDs). The company will initially raise Rs 400 crore, with an option to retain oversubscription of up to an additional Rs 400 crore.
Hindustan Zinc
Promoter Vedanta is set to exercise its green shoe option, selling an additional 1.95% equity stake in Hindustan Zinc through its Offer For Sale (OFS). The OFS will be open to retail investors on Monday.
Caplin Point Laboratories
ANVISA-Brazil, the Brazilian drug regulatory agency, recently conducted an inspection of Caplin Steriles’ injectable and ophthalmic manufacturing facility located in Gummidipoondi. The inspection, which took place from August 12 to 16, concluded with zero observations, marking a successful review of the facility’s operations.
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Jubilant Pharmova
The Company’s subsidiary, Jubilant Biosys, is set to acquire an 80% stake in Pierre Fabre Labs for €4.4 million over the next two years. This acquisition is aimed at enhancing Jubilant Biosys’ drug discovery capabilities in the fields of Biologics and Antibody Drug Conjugates (ADC). Additionally, Pierre Fabre may engage Jubilant Biosys’ services for up to €7 million over the first four years.
DCX System
The company has received orders totaling Rs 107.09 crore from both domestic and international customers. The orders are for the supply of electronic kits and cable & wire harness assemblies.
Kolte-Patil Developers
Khiroda Chandra Jena has stepped down from his role as Chief Financial Officer of the company, effective August 17. He has resigned to pursue professional opportunities outside the organization.
Escorts Kubota
The company is exploring various options for industrial land to establish a greenfield facility. An investment intent has been submitted to the Government of Uttar Pradesh for land acquisition. The company estimates a phased investment of over Rs 4,500 crore and aims to achieve annual production revenue exceeding Rs 10,000 crore at full capacity. The project is expected to create direct and indirect employment opportunities for over 14,000 people once fully operational.