GIFT Nifty indicated a positive start for domestic indices NSE Nifty 50 and BSE Sensex. Here’s a look at the key stocks to watch in trade.
Stocks in focus: GIFT Nifty traded 0.22% higher during Monday’s early trading session at 19,279, indicating a positive opening for domestic indices NSE Nifty 50 and BSE Sensex. The equity benchmarks closed in the red on Friday. Sensex tanked over 350 points to close at 64,886.51, while Nifty 50 slipped 0.62% to end trade at 19,265.80.
“The domestic market experienced another week of losses as investor sentiment was influenced by the Jackson Hole meeting outcome. Investors are eagerly awaiting insights from Fed officials to gauge the future prospects of rate hikes. Despite a slight softening due to a weak US PMI, US bond yields remained elevated. The US Manufacturing PMI, registering at 47 against an expected 49.3, sparked hopes for an extended rate hike pause. Sectors closely tied to the Western economy, like IT and pharma, experienced increased volatility, while domestically-focused mid- and small-cap stocks demonstrated resilience and gained momentum,” said Vinod Nair, Head of Research at Geojit Financial Services.
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Stocks to Watch on 28 August, 2023
Vedanta
Vedanta won an arbitration against a demand for a higher payout from its Rajasthan oil and gas fields after disallowance of Rs 9,545 crore in certain costs incurred. The government had sought additional profit petroleum (or its share from the oil and gas fields) after it reallocated certain costs between the fields in the block and disallowed a portion of the cost incurred on laying a pipeline to evacuate oil produced from the Rajasthan block.
Coffee Day Enterprises
Coffee Day Global, which operates the Cafe Coffee Day (CCD) chain, has been given a temporary relief against bankruptcy proceedings initiated by lender IndusInd Bank last month. The Chennai bench of the National Company Law Tribunal halted admission of IndusInd Bank’s plea against Coffee Day Global by the NCLT Bengaluru, till September 20.
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IOC, ONGC, GAIL
Stock exchanges have slapped fines on state-owned oil and gas firms including IOC, ONGC and GAIL for their failure to meet listing requirements of having a requisite number of independent directors and women directors. Gas utility GAIL was slapped Rs 2.71 lakh fine, Hindustan Petroleum Corporation Ltd (HPCL) Rs 3.59 lakh, Bharat Petroleum Corporation Ltd (BPCL) Rs 3.6 lakh, Oil India Ltd Rs 5.37 lakh and a fine of Rs 5.37 lakh was imposed on Mangalore Refinery and Petrochemicals Ltd (MRPL).
Bharat Electronics
Bharat Electronics won new defence and non-defence orders worth Rs 3,289 crore during July and August 2023. The orders include a Rs 1,075 crore order from Hindustan Shipyards for supply of CMS, communication systems, electronic warfare systems and other sensors for fleet support ships.
L&T
Shareholders of L&T approved a buyback of 3.33 crore shares for a consideration of Rs 10,000 crore, with a maximum price of Rs 3,000 per share on a proportionate basis through tender offer route through stock exchange mechanism. The maximum share price comes at a 13.98% premium to Friday’s closing price of Rs 2,632.00 apiece on the NSE.
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HDFC Bank
The private lender has reappointed Sanmoy Chakrabarti as Chief Risk Officer. He will hold the position for five years with effect from 14 December, 2023
Paytm
Societe Generale and Morgan Stanley picked up a 1.57% stake in Paytm after Antfin Holding BV offloaded 2.27 crore shares in One97 Communications, the parent company of Paytm, through a block deal on Friday.
(With agency inputs.)
