GIFT Nifty traded down by 40.50 points or 0.16% at 24,422 indicating a muted opening for domestic indices NSE Nifty 50 and BSE Sensex. Here are the top stocks to watch on Wednesday, September 18, 2024.
GIFT Nifty indicated that Indian equity indices BSE Sensex and NSE Nifty 50 may see a muted opening on Wednesday. Here’s a look at the key stocks to watch in trade.
Stocks in Focus: GIFT Nifty traded down by 40.50 points or 0.16% at 24,422 indicating a muted opening for domestic indices NSE Nifty 50 and BSE Sensex on Wednesday. Previously, on Tuesday, the NSE Nifty 50 ended up by 34.80 points or 0.14% to settle at 25,418.55 while the BSE Sensex jumped 90.88 points or 0.11% to 83,079.66.
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“The Indian market exhibited a subtle positive momentum, driven by the anticipation of a rate cut cycle by the US FED. Although a 25-bps cut is largely factored in, the market remains attuned to the FED’s comments on the health of the economy and the future trajectory of rate cuts,” said Vinod Nair, Head of Research, Geojit Financial Services.
Nair also added that robust institutional flows continued to bolster the domestic market. While the overall trend remained positive, there was notable buying interest in large-cap stocks, particularly in sectors such as IT, FMCG, and private banks.
Stocks to Watch on September 18, 2024
REC
The company has signed a non-binding financial commitment to expand its renewables loan portfolio to over Rs 3 lakh crore by 2030. This move aims to increase the share of renewables in its overall loan book from the current 8% to 30% by the end of the decade. By 2030, the company’s total loan book is expected to reach Rs 10 lakh crore.
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Jupiter Wagons
On Tuesday, September 17, the company announced plans to rename its subsidiary Bonatrans India Pvt. Ltd. to Jupiter Tatravagonka Railwheel Factory Pvt. Ltd. Additionally, it will invest Rs 2,500 crore to boost the factory’s annual production capacity from 20,000 forged wheelsets to 1 lakh forged wheelsets per annum.
Torrent Power
The company has received a Letter of Intent from Maharashtra State Electricity Distribution Co. to procure 1,500 MW of energy storage capacity from a pumped hydro storage project for a period of 40 years.
Zydus Lifesciences
The pharma company announced that it will acquire the ‘Target Business’ of Sterling Biotech, which focuses on the manufacturing of fermentation-based active pharmaceutical ingredients, along with a production facility in Masa, Gujarat, for a pre-agreed amount of Rs 84 crore.
Reliance Power
The company has fully settled its obligations as a guarantor for Vidarbha Industries Power, leading to the release and discharge of the corporate guarantee, undertakings, and all liabilities related to the outstanding debt of Rs 3,872.04 crore. Additionally, the company has resolved all disputes with CFM Asset Reconstruction.
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Biocon
The Life Insurance Corporation of India (LIC) has increased its shareholding in Biocon Ltd, as per an exchange filing on Tuesday, September 17. LIC’s ownership has risen from 5,98,14,429 shares to 6,03,14,429 shares, raising its stake in Biocon from 4.982% to 5.023% of the company’s total equity.
Reliance Infrastructure
The company has reached a one-time settlement with Edelweiss Asset Reconstruction Company to resolve its entire obligations related to non-convertible debentures worth Rs 385 crore. The settlement is set to be completed before September 30, 2024. Edelweiss holds no equity shares in the company and is neither a related party nor part of the promoter group.
Indian Hotels Company
The Tata Group firm has signed a resort at Barnala in Punjab under the Gateway brand. Spread across 9 acres, Gateway Barnala will have 100 villas and rooms along with an all-day diner, a specialty restaurant, 7,000 sq ft banquet hall coupled with meeting rooms, among other facilities, the company said in a statement.
Utkarsh Small Finance Bank
The Reserve Bank of India has approved the variable remuneration for the Managing Director & CEO of the company for FY24, as well as the fixed remuneration for FY25, in accordance with shareholder approval from the Annual General Meeting (AGM).
Bandhan Bank
The lender has increased its fixed deposit (FD) interest rates, now offering up to 8.55% on one-year deposits, in an effort to attract more depositors in a competitive financial market.
Infosys
Metro Bank of the UK has announced a long-term partnership with Infosys to improve its IT and support functions and to drive digital transformation across its business operations.
SKF India
AB SKF, the promoter shareholder of the company, has announced its decision to separate its global automotive business. The company’s Board has established a committee to review and propose the separation, with plans to list the automotive unit on Nasdaq Stockholm in the first half of 2026.
