GIFT Nifty traded up by 60.50 points or 0.23% at 25,901 indicating a positive opening for domestic indices NSE Nifty 50 and BSE Sensex. Here are the top stocks to watch on Monday, September 23, 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 60.50 points or 0.23% at 25,901 indicating a positive opening for domestic indices NSE Nifty 50 and BSE Sensex on Monday. Previously, on Friday, the NSE Nifty 50 ended up by 375.15 points or 1.48% to settle at 25,790.95 while the BSE Sensex jumped 1359.52 points or 1.63% to 84,544.31.
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“After a sideways start, the market gained momentum with a surprise 50 bps rate cut by the US FED. The apprehension of a slowdown in growth was eased slightly after the lower-than-expected US jobless claim. The data pointed to a soft landing of the US economy at the start of the rate cut cycle. However, the IT index failed to rebound, mainly due to layoffs and the depreciation of USD. Strong monsoon and festive demand cheer the auto index with an outperformance,” said Vinod Nair, Head of Research, Geojit Financial Services.
Nair also added that the global economy went through a rate-cut cycle, the BOE stuck to a cautious tone and kept the rate unchanged, citing inflation pressure. On the other hand, BoJ kept its rate unchanged as expected as the central bank adopted a wait-and-watch approach after raising the interest rate in July. We have seen a sectorial rotation among investors to large caps, especially in consumption, staples, auto, finance, and realty. In the short term, investors are being cautious on export-oriented sectors like pharma and IT due to depreciation in the dollar.
Stocks to Watch on September 23, 2024
Vodafone Idea
The debt-ridden telecom operator has finalized a $3.6 billion (Rs 30,000 crore) deal with Nokia, Ericsson, and Samsung for the supply of network equipment over three years. This deal marks the first step in the company’s transformative three-year capital expenditure plan, valued at $6.6 billion (Rs 55,000 crore).
HDFC Bank
The lender’s subsidiary, HDB Financial Services, is planning an initial public offering (IPO) that will include a fresh issue of up to Rs 2,500 crore, along with an offer for sale by existing and eligible shareholders.
HFCL
The telecom company has signed a strategic partnership with General Atomics Aeronautical Systems Incorporated (GA-ASI). As part of the agreement, the company has been chosen to develop and supply critical sub-systems for GA-ASI’s advanced Unmanned Aircraft Systems (UAS).
SpiceJet
The airline’s board has approved the issuance and allotment of 48.7 crore equity shares to qualified institutional buyers at Rs 61.60 per share, which includes a premium of Rs 51.60 and a discount of Rs 3.19 per share to the floor price. The total amount raised from the issue will be Rs 2,999.99 crore.
Reliance Industries
The company has extended the deadline for shareholders to pay the call money on partly paid shares to October 7, 2024. Shareholders who do not meet this deadline will be ineligible for the bonus issue.
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Adani Total Gas
The city gas joint venture between Adani Group and France’s TotalEnergies has secured a $375 million financing package from global lenders. This marks the largest global funding initiative in the city gas distribution (CGD) sector.
ONGC
ONGC Videsh, a subsidiary of ONGC, has signed a non-associated gas agreement for the Azeri-Chirag-Deepwater Gunashili (ACG) field in Azerbaijan. The non-associated natural gas (NAG) resources in the ACG field are estimated to be significant, with up to 4 trillion cubic feet (tcf) in place.
Glenmark Pharmaceuticals
The United States Food and Drug Administration (USFDA) has completed a Good Manufacturing Practice (GMP) inspection at the company’s formulation manufacturing facility in Chhatrapati Sambhaji Nagar (Aurangabad). Conducted from September 9-20, the inspection concluded with no observations.
Tata Steel
The company has commissioned India’s largest blast furnace at Kalinganagar, Odisha. As part of a Rs 27,000 crore investment, the Phase II expansion will boost the total crude steel capacity from 3 million tonnes per annum (MTPA) to 8 MTPA.
Godfrey Phillips India
The board of directors discussed the issuance of bonus shares but noted the need to seek clarification from the Reserve Bank of India (RBI) regarding the distribution of bonus shares to non-resident shareholders, including those under Foreign Direct Investment and Foreign Portfolio Investment.
Bharat Forge
The company, along with its subsidiaries J S Auto Cast Foundry India and Kalyani Centre for Precision Technology, has signed share subscription and shareholders agreements (SSSHA) with special purpose vehicles (SPVs) of Sunsure Energy to off-take renewable energy under the group captive scheme as per the Electricity Act, 2003.
Mankind Pharma
The board has approved raising up to Rs 10,000 crore through non-convertible debentures (NCDs) and commercial papers on a private placement basis.
JM Financial
The board has re-appointed Adi Patel as Managing Director for three years and appointed Vishal Kampani as Managing Director for five years, effective October 1. Currently serving as Non-Executive Vice Chairman, Vishal Kampani will transition to the role of Vice Chairman and Managing Director with this appointment.
Aarti Drugs
The USFDA inspected the company’s API manufacturing facility in Tarapur, Maharashtra, from September 12-20. Following the inspection, the company received seven inspectional observations in Form 483, none of which were related to data integrity.
