GIFT Nifty traded up by 26 points or 0.10% at 24,773.50 indicating a positive opening for domestic indices NSE Nifty 50 and BSE Sensex. Here are the top stocks to watch on Monday, September 16,2024.
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 26 points or 0.10% at 24,773.50 indicating a positive opening for domestic indices NSE Nifty 50 and BSE Sensex on Monday. Previously, on Friday, the NSE Nifty 50 ended down by 32.40 points or 0.13% to settle at 25,356.50 while the BSE Sensex fell 71.77 points or 0.09% to 82,890.94.
“The markets saw lackluster trading on Friday, ending slightly lower as they took a breather following a strong surge. After a flat opening, the Nifty fluctuated within a narrow range throughout the session and ultimately closed at 25,344. Sectoral performance was mixed, with realty and metals showing solid gains, while FMCG and energy declined. Meanwhile, the broader indices outperformed the benchmark, each rising by over half a percent,” said Ajit Mishra – SVP, Research, Religare Broking.
Mishra also added that the swift recovery in US markets, along with the recent uptick in foreign inflows, is driving this upward movement. We remain bullish and recommend using any interim dips to accumulate high-quality large-cap and large mid-cap stocks.
Stocks to Watch on September 16, 2024
Sugar Stocks
The government has granted permission to sugar mills and distilleries to produce rectified spirit and extra-neutral alcohol from sugarcane juice and B-heavy molasses. This decision is expected to enhance the production flexibility of ethanol and other alcohol-based products, supporting the sugar industry’s diversification efforts.
Adani Green Energy & Adani Power
Maharashtra State Electricity Distribution Company (MSEDCL) has issued a Letter of Intent for the supply of 6,600 MW of hybrid solar and thermal power. Adani Green Energy will supply 5,000 MW of solar power from its Khavda project, while Adani Power will provide 1,496 MW of thermal power from a new 1,600 MW ultra-supercritical facility.
Thermax
Indian multinational engineering company Thermax Ltd, specializing in clean air and energy solutions, has announced that its subsidiary, Thermax Babcock & Wilcox Energy Solutions Limited (TBWES), has secured a repeat order from a client in Botswana. The project involves setting up a 600 MW greenfield energy plant, with the order valued at Rs 516 crore.
Max Healthcare
Max Healthcare has entered a strategic partnership with the Lakshdeep Group to acquire a controlling stake in Jaypee Healthcare, currently undergoing the Corporate Insolvency Resolution Process. Jaypee Healthcare operates hospitals in Noida, Bulandshahr, and Anupshahr, Uttar Pradesh. As part of the deal, Max Healthcare will arrange debt to settle the accepted claims of Jaypee Healthcare’s financial creditors. The agreement includes Max acquiring a 64% stake, with options to buy or sell the remaining shares in the future.
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Hindustan Unilever
Hindustan Unilever Ltd (HUL) has filed a petition before the Bombay High Court challenging a Rs 962 crore tax order issued by the Income Tax authorities. The notice relates to a dispute over Tax Deducted at Source (TDS) in connection with HUL’s acquisition of GlaxoSmithKline’s (GSK) consumer healthcare business.
GMR Airports
The company reported a 9% year-on-year increase in passenger traffic for August 2024. With a capacity to handle approximately 10.6 million passengers across its airports, the company has seen consistent growth since December 2023.
Mazgoan Dock
Mazagon Dock Shipbuilders Limited has announced a final dividend of Rs 12.11 per share for FY 2024 and set September 19, 2024, as the record date for its Annual General Meeting (AGM). The announcement has drawn attention from shareholders and market analysts alike.
SpiceJet
The company’s members have approved a special resolution to raise funds, signaling its intent to bolster financial resources. Meanwhile, its market share for August dropped to 2.3%, down from 3.1% in the previous month.
Phoenix Mills
The company has set September 21, 2024, as the record date for its proposed bonus share issue. The company plans to issue one bonus share for every existing share, subject to approval at its Annual General Meeting on September 13, 2024.
Asian Paints
The company has scheduled a board meeting for October 23, 2024, to discuss the declaration of an interim dividend for FY 2025. If approved, the record date for the dividend is anticipated to be October 31, 2024.
PTC India
PTC Energy, ONGC Green, and the company have signed a share purchase agreement under which the company will divest its entire 100% stake in PTC Energy to ONGC Green.
Bajaj Housing Finance
Bajaj Housing Finance shares are set to be listed on both BSE and NSE at 10 AM on Monday, September 16. Gray market platforms report that the IPO’s Gray Market Premium (GMP) surged to approximately Rs 79 on the allotment day, indicating a premium of over 100% and highlighting strong demand for the company’s shares.
