GIFT Nifty traded down by 3.50 points or 0.01% at 25,361.50 indicating a muted opening for domestic indices NSE Nifty 50 and BSE Sensex. Here are the top stocks to watch on Tuesday September 3, 2024.
GIFT Nifty indicated that Indian equity indices BSE Sensex and NSE Nifty 50 may see a muted opening on Tuesday. Here’s a look at the key stocks to watch in trade.
Stocks in Focus: GIFT Nifty traded down by 3.50 points or 0.01% at 25,361.50 indicating a muted opening for domestic indices NSE Nifty 50 and BSE Sensex on Tuesday. Previously, on Monday, the NSE Nifty 50 ended up by 42.80 points or 0.17% to settle at 25,278.70. while the BSE Sensex jumped 194.07 points or 0.24% to 82,559.85.
“The Indian market continues to hold its ground and sustains the new high with marginal positivity. The positive trend is broadly sustaining as the domestic economic growth is still healthy and PMI numbers are much above the long-term average indicating uptick in earnings in the coming quarters,” said Vinod Nair, Head of Research, Geojit Financial Services.
Nair also added that the volatility is increasing as Q1 GDP growth has moderated and a similar trend is witnessed in corporate earnings. Also, August Indian PMI readings were marginally below July numbers indicating that caution is in the air.
Stocks to Watch on September 3, 2024
Maruti Suzuki India
The country’s largest carmaker reported a 2.2% year-on-year increase in total production for August 2024, with output rising to 1.69 lakh units, up from 1.65 lakh units in August 2023. This follows a 3.9% year-on-year decline in total sales for the same month.
ICICI Bank
ICICI Bank on Monday denied the allegations made by the Congress that Madhabi Puri Buch, the chairperson of the Securities and Exchange Board of India (SEBI), continued to receive a salary from the bank while serving as a full-time member of the regulatory body.
Medi Assist
Bessemer India has initiated a block deal involving the company, with a deal size reported to be Rs 540.94 crore. Shares are being offered at a floor price of ₹570 per share, representing a 7.7% discount to Medi Assist’s most recent closing price, according to sources familiar with the matter.
Read More: Boss Packaging IPO on Day 02: Issue subscribed to 18.42 times; retail portion booked 32.45 times
Vedanta
The Anil Agarwal-owned mining conglomerate announced its third interim dividend of Rs 20 per share following its board meeting on Monday. Earlier this year, the company had declared two interim dividends of Rs 11 and Rs 4 per share, respectively.
NMDC
The state-owned company released its provisional production and sales figures for August 2024, showing a year-on-year decline in both metrics. Iron ore production for the month dropped by 10% to 3.07 million tonnes (MT), down from 3.41 MT in August 2023.
Welspun Corp
The company announced that its board has approved an investment of approximately $100 million to enhance the high-frequency induction welding (HFIW) pipe manufacturing and coating capabilities of its wholly-owned subsidiary, Welspun Pipes Inc., in the United States.
Adani Green
The company announced that its board has approved the execution of binding agreements, including a joint venture agreement, with Adani Renewable Energy Sixty Four Limited (ARE64L) and TotalEnergies Renewables Singapore Pte Limited (TotalEnergies).
Read More: BPCL Dividend 2024: Govt Gets Rs 2,413 Crore From Oil PSU
Hindustan Aeronautics
The Cabinet Committee on Security (CCS) has approved the acquisition of 240 AL-31FP aero-engines for the Indian Air Force’s Su-30 MKI aircraft, according to the Ministry of Defence. The contract, valued at over Rs 26,000 crore, will be fulfilled by Hindustan Aeronautics Ltd (HAL) under the Buy (Indian) category.
Lemon Tree Hotels
The hospitality firm announced the signing of a new property, the Lemon Tree Hotel in Gir, Gujarat. The hotel will be managed by Carnation Hotels Private Ltd., a wholly-owned subsidiary of Lemon Tree Hotels Ltd., and is slated to open in the fiscal year 2030.
Matrimony.com
The board is scheduled to meet on September 5 to discuss a proposal for the buyback of the company’s equity shares.
Gensol Engineering
The homegrown company announced that, in collaboration with Matrix Gas & Renewables Ltd, it has emerged as the lowest bidder for the engineering, procurement, and construction (EPC) contract to develop India’s first bio-hydrogen project for a leading power generation company in the country.
Indian Energy Exchange
The company’s subsidiary, International Carbon Exchange (ICX), has signed an Issuer Agreement with the International Tracking Standard Foundation (I-TRACK Foundation of The Netherlands) and Evident EV (of the United Kingdom). This agreement authorizes ICX to serve as a local issuer of International Renewable Energy Certificates (I-REC) in the Indian market.
