GIFT Nifty traded up by 73 points or 0.29% at 25,560 indicating a positive opening for domestic indices NSE Nifty 50 and BSE Sensex. Here are the top stocks to watch on Friday, September 20, 2024.
GIFT Nifty indicated that Indian equity indices BSE Sensex and NSE Nifty 50 may see a positive opening on Friday. Here’s a look at the key stocks to watch in trade.
Stocks in Focus: GIFT Nifty traded up by 73 points or 0.29% at 25,560 indicating a positive opening for domestic indices NSE Nifty 50 and BSE Sensex on Friday. Previously, on Thursday, the NSE Nifty 50 ended up by 38.25 points or 0.15% to settle at 25,415.80 while the BSE Sensex jumped 236.57 points or 0.29% to 83,184.80.
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“The benchmark indices concluded with a minor gain after hitting record highs post the US FED’s more than expected interest rates cut of 50 bps and hinted for further reduction. The substantial rate cut sparked concerns over global slowdown, resulting in profit booking in mid & small cap trading at premium valuation,” said Vinod Nair, Head of Research, Geojit Financial Services.
Nair also added that meanwhile, domestic heavyweight sectors like banking and FMCG saw buying interest, driven by foreign inflows and the RBI’s monetary easing expected in October.
Stocks to Watch on September 20, 2024
NTPC
The company’s board has approved an investment of Rs 11,130.98 crore for the Darlipali Super Thermal Power Project, Stage-II (1×800 MW), and Rs 9,790.87 crore for the Sipat Super Thermal Power Project, Stage-III (1×800 MW).
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Reliance Infrastructure
The Board has approved the issuance of up to 12.56 crore equity shares, or warrants convertible into equity shares, at an issue price of Rs 240 per share through a preferential allotment. Additionally, the company plans to raise up to Rs 3,000 crore by issuing equity shares to qualified institutional buyers via a qualified institutional placement (QIP).
Religare Enterprises
Religare Enterprises, currently a takeover target for the Burman family of FMCG firm Dabur, has announced that it has successfully cleared Rs 163.75 crore in debt owed to JM Financial Products and JM Financial Credit Solutions.
IDFC First Bank
The Reserve Bank of India (RBI) has approved the re-appointment of V Vaidyanathan as the Managing Director and Chief Executive Officer (MD & CEO) of IDFC First Bank for a period of three years, starting from December 19, 2024.
Prestige Estate
The company has issued corporate guarantees totaling Rs 545 crore for credit facilities obtained by its jointly controlled entities, Thomsun Realtors and Techzone Technologies. The company confirmed issuing a Rs 75 crore corporate guarantee for Thomsun Realtors, with Catalyst Trusteeship serving as the trustee for Aditya Birla Finance.
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Phoenix Mills
The company has announced that its wholly-owned subsidiary, Casper Realty Private Ltd, has emerged as the highest bidder for two prime plots in Mohali, Punjab. Located in Sector 62, YPS Chowk, Sahibzada Ajit Singh Nagar (Mohali), the plots together cover approximately 13.14 acres.
Tata Power
The company has announced it is engaged in a legal dispute with Adaro International (Singapore) Pte over a coal supply agreement signed in August 2020 for the Trombay power plant. The dispute has escalated to the International Court of Arbitration under the International Chamber of Commerce, with both parties filing significant claims against each other.
Geojit Financial
The investment services firm announced the approval of a rights issue following a meeting of its Rights Issue Committee on Thursday. The company will offer equity shares to eligible shareholders at Rs 50 per share, which includes a premium of Rs 49 over the face value of Rs 1.
Infosys
The IT major announced plans to invest up to Rs 17 crore (approximately $2 million) in the spacetech startup GalaxEye Space Solutions Private Ltd through its Infosys Innovation Fund. Additionally, the company extended its strategic collaboration with Posti, the leading delivery and logistics provider in Finland, Sweden, and the Baltics.
IIFL Finance
The Reserve Bank of India (RBI) has lifted the restrictions on IIFL Finance Ltd’s gold loan business. Initially imposed on March 4, 2024, the restrictions had prevented the company from sanctioning, disbursing, or selling its gold loans. As of September 19, IIFL can now fully resume its gold loan operations.
Indian Overseas Bank
The public sector bank has announced that it has received an order from the Income Tax Department under Section 250 of the Income Tax Act, 1961, confirming a refund of Rs 123.87 crore. This refund, which includes interest under Section 244A of the Act, pertains to the assessment year 2021-22.
Sandur Manganese
The Karnataka State Pollution Control Board (KSPCB) has granted Consent for Operation for the company’s manganese and iron ore mines. This approval allows the company to increase manganese ore production from 0.43 MTPA to 0.55 MTPA.
VST Industries
Ace investor Radhakishan Damani has sold an additional 1 lakh shares in the company at an average price of Rs 439.05 per share. In contrast, Reliance Mutual Fund has purchased 85,000 shares at an average price of Rs 439.96 per share, while the Thrift Savings Plan acquired 83,970 shares at an average price of Rs 440.74 per share.
Rane Holdings
The company has acquired the remaining 51% stake in its joint venture, Rane NSK Steering Systems (RNSS), from NSK Ltd, Japan. Following this acquisition, RNSS will become a wholly-owned subsidiary and will be renamed Rane Steering Systems.
