GIFT Nifty indicated that Indian equity indices BSE Sensex and NSE Nifty 50 may see a negative opening on Tuesday. Here’s a look at the key stocks to watch in trade.
Stocks in Focus: GIFT Nifty traded down 24.5 points, or 0.12%, at 19,589 during Tuesday’s early trading session, indicating a negative opening for domestic indices NSE Nifty 50 and BSE Sensex. The benchmark domestic indices ended September’s last trading session in positive territory. The NSE Nifty 50 surged 0.75% to settle at 19,638.30, while the BSE Sensex added 320.09 points to 65,828.41.
“Overall we expect the market to trade in a broader range as the higher oil price has rekindled the worry over inflation and might result in a prolonged high interest rate environment. Auto stocks will remain in focus as companies will announce monthly sales numbers. Interest rate sensitive sector would also be in focus, as the RBI policy meeting is scheduled next week. Investors will also take cues from macro data to be released globally,” said Siddhartha Khemka, Head – Retail Research, Motilal Oswal Financial Services.
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Stocks to Watch on October 3, 2023
Vedanta
The company announced a demerger of its existing businesses into six listed entities. This demerger is designed as a straightforward vertical split, where for every one share of VEDL, shareholders will also receive one share in each of the five newly listed companies. The demerger is expected to be completed within 12-15 months. It offers investors opportunities to invest in standalone businesses, providing a pure-play approach.
Coal India
The company produced about 333 million tonnes (MTs) of coal ending the first half of the current financial year posting a strong 11.3% year-on-year growth. This was nearly 34 MTs higher compared to same period FY 2023. All CIL’s producing subsidiaries clocked growth. Output for the month of September 2023 was 51.4 MTs, a 5.8 MTs jump or a growth of 12.6%. CIL produced 45.7 MTs during the same month last year, according to the information available on the NSE.
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Adani Green Energy
Adani plans to build 10 GW solar manufacturing capacity by 2027 New Delhi, Oct 2 (PTI) Billionaire Gautam Adani’s group is planning to build 10 GW of integrated solar manufacturing capacity by 2027, as it looks to capture energy transition business, sources close to the company said. Adani Group currently has a solar manufacturing capacity of 4 GW.
Adani Solar has a confirmed order book of over 3,000 MW in exports that are to be serviced over the next 15 months, they said, adding Adani, recently, raised USD 394 million for solar manufacturing from Barclays PLC and Deutsche Banks AG through a trade finance facility, according to PTI.
Tata Motors
The carmaker has sold a total of 1,38,939 units during the second quarter of FY 2023-24, inclusive of domestic and overseas markets. During the same period in the previous financial year, the homegrown carmaker sold 1,42,851 units of passenger vehicles which translates to a YoY decline of 3 percent. The figures include both electric and ICE vehicles.
Maruti Suzuki India
Maruti’s recent launch helped sales garner pace in September and exports too see higher traction on a year-on-year comparison. The company sold 153,106 vehicles in September. This is flat compared to the 150,885 vehicles sold last September. Compared to August, when the leading passenger vehicle market leader sold 156,114 vehicles, the September sales card is 2% higher led by 48% share of SUVs in terms of individual segment growth.
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Tata Power
Rating firm Moody’s Investors Service upgraded the corporate family rating of Tata Power Company to Ba1 from Ba2 and maintained the stable outlook. “The rating upgrade to Ba1 is driven by Tata Power’s solid financial metrics, which are projected to remain above the upgrade trigger set for the earlier Ba2 rating,” said Yong Kang, a Moody analyst.
Mahindra & Mahindra
On October 1, the company announced that its overall auto sales for the month of September 2023 stood at 75,604 vehicles, a YoY growth of 17%, including exports.
Hero MotoCorp
The registered sales of 5,36,499 units in September 2023, registering a YoY growth of 3 percent. In comparison, the two-wheeler maker sold 519,980 units in the month of September 2022.
JSW Infrastructure
The company is scheduled to make its debut on the bourses today. The JSW Infrastructure IPO opened for public subscription on Monday, September 25, 2023, and closed on Wednesday, September 27, 2023.
Hindustan Zinc
The company has posted its production release of Q2FY24. According to the regulatory filed on the NSE, “Mined metal production in second quarter at 252kt, marginally down YoY and 2% down sequentially mainly due to lower ore production at Rampura Agucha & Kayad mine partly offset by better overall metal grades.
Manoj Vaibhav Gems ‘N’ Jewellers
The company is scheduled to make its debut on the bourses today. The Manoj Vaibhav Gems ‘N’ Jewellers IPO opened for public subscription on Friday, September 22, 2023, and closed on Tuesday, September 26, 2023.
