GIFT Nifty ended 64.50 points or 0.24% down at 26,289.50 indicating a negative opening for domestic indices NSE Nifty 50 and BSE Sensex. Here are the top stocks to watch on Monday, September 30 2024.
GIFT Nifty indicated that Indian equity indices BSE Sensex and NSE Nifty 50 may see a negative opening on Monday. Here’s a look at the key stocks to watch in trade.
Stocks in Focus: GIFT Nifty ended 64.50 points or 0.24% down at 26,289.50 indicating a negative opening for domestic indices NSE Nifty 50 and BSE Sensex on Monday. Previously, on Friday, the NSE Nifty 50 ended down by 37.10 points or 0.14% to settle at 26,178.95 while the BSE Sensex fell 264.27 points or 0.31% to 85,571.85.
Read More: Diffusion Engineers IPO: GMP, IPO allotment status, listing date and time – All key details here
“Indian benchmarks experienced a 1.7% increase for the week, marking the third consecutive weekly gain. This upward trend was significantly influenced by last week’s substantial US rate cut. The market responded positively to the Fed’s rate cut and stable economic data points, which accelerated foreign inflows and generated momentum in domestic markets. Additionally, China’s economic stimulus announcement has bolstered investor confidence, resulting in notable positive momentum in global markets, particularly within Asian indices,” said Vinod Nair, Head of Research, Geojit Financial Services.
Nair also added that the Metals and commodity-related stocks outperformed, while IT and export stocks rallied in anticipation of a recovery in discretionary spending, as indicated by signals from American IT peers. Softer commodity prices, including oil, are favorable for the domestic economy, and there is an expectation of a recovery in corporate earnings in H2FY25, driven by anticipated increases in government spending.
Stocks to Watch on September 30, 2024
BSE
The stock exchange has revised its transaction charges for Sensex and Bankex Options across all expiries to Rs 3,250 per crore of premium turnover value, effective from October 1. However, the transaction charges for other contracts in the equity derivatives segment will remain unchanged.
Read More: Share Buyback Rules: Big shift from October 1! How will new tax affect shareholders, investors
Mahanagar Gas
Life Insurance Corporation of India (LIC) has reduced its stake in a natural gas distribution company by 2.091%, lowering its holding from 9.03% to 6.939% between September 12 and 26, 2024.
Welspun Enterprises
The company has been declared the lowest (L1) bidder by the Brihanmumbai Municipal Corporation (BMC) for a project valued at Rs 1,989.9 crore. The project involves the design and construction of an 8.48 km tertiary treated water conveyance tunnel from the Dharavi Wastewater Treatment Facility (WWTF) to the Ghatkopar WWTF, to be completed within 93 months.
Punjab National Bank
The state-run lender has raised Rs 5,000 crore through a Qualified Institutions Placement (QIP). It approved the allotment of 48.19 crore shares to eligible qualified institutional buyers at a price of Rs 103.75 per share. Key investors include Citigroup Global Markets Mauritius – ODI, BOFA Securities Europe SA – ODI, SBI Contra Fund, Morgan Stanley Asia (Singapore), and Goldman Sachs.
Radico Khaitan
One of India’s largest IMFL companies has officially unveiled Rampur’s latest expression of Indian Single Malt Whisky, the Barrel Blush, at Whisky Live Paris 2024.
Reliance Industries
Reliance Industries Limited (RIL) and Disney have announced a strategic joint venture to combine some of India’s most compelling entertainment brands. The Ministry of Information and Broadcasting has approved the transfer of licenses for non-news and current affairs TV channels held by Viacom18 Media Private Ltd to Star India Private Ltd, subject to conditions set by the Competition Commission of India.
IDFC First Bank
The board has approved the amalgamation of IDFC Financial Holding Company with IDFC, effective September 30, and the merger of IDFC with IDFC First Bank, effective October 1. Additionally, V Vaidyanathan has been appointed as the Managing Director and CEO of IDFC First Bank for a three-year term, starting from December 19, 2024.
Tata Motors
Tata Group’s automotive division has conducted a groundbreaking ceremony for its new vehicle manufacturing facility in Tamil Nadu. The state-of-the-art greenfield plant will run on 100% renewable energy and will produce next-generation vehicles for both Indian and global markets. The facility is expected to create over 5,000 jobs while contributing to significant skill development in the local community.
Biocon
The US FDA has completed its inspection of Biocon Biologics’ insulin facility in Johor Bahru, Malaysia. The agency found no issues related to data integrity, systemic deficiencies, or quality oversight at any of the units during the inspection.
Lupin
The Mumbai-based pharmaceutical company announced that the US FDA conducted an inspection of Lupin’s Pithampur Unit-1 API and finished product manufacturing facility from September 16 to September 27, 2024. The inspection concluded with three observations on both the API and finished product sides.
Dr Reddy’s Laboratories
The pharmaceutical company has invested $620 million in preference shares of its subsidiary, Dr. Reddy’s Laboratories SA, Switzerland. The subsidiary has allotted 6.2 million non-convertible preference shares, each with a nominal value of $100, to the parent company.
Zydus Lifesciences
The pharmaceutical firm has received final approval from the US FDA to manufacture Enzalutamide Capsules, 40 mg. These capsules, which are androgen receptor inhibitors, are indicated for the treatment of patients with metastatic castration-resistant prostate cancer. Enzalutamide will be produced at the company’s manufacturing facility in Moraiya, Ahmedabad.
Bharat Electronics (BEL)
The Ministry of Corporate Affairs has approved the incorporation of “BEL IAI AeroSystems Private Limited” as a joint venture between Bharat Electronics Ltd and Israel Aerospace Industries Ltd, effective September 25, 2024.
ICICI Prudential Life Insurance Company
The company has received an order from the Assistant Commissioner of Income Tax in Mumbai, demanding tax and interest totaling Rs 361.23 crore for the Assessment Year 2022-23. In response, the company plans to file an appeal against the order before the Commissioner (Appeals).
Apollo Hospitals
The board of Apollo Healthco has approved the allotment of Rs 2,475 crore worth of compulsorily convertible non-cumulative participating preference shares (CCPS – Class A and B) with a face value of Rs 100 per share to Rasmeli, an affiliate of Advent, in exchange for a 16.9% stake. Following this allotment, Apollo Hospitals’ ownership in its subsidiary, Apollo Healthco, will decrease from 94.91% to 78.879%.
Adani Enterprises
April Moon Retail, a joint venture of Adani Airport Holdings, has signed a Share Purchase Agreement to acquire a 74% stake in Cococart Ventures (CVPL) for Rs 200 crore. The agreement involves CVPL’s existing shareholders, Karan Ahuja and Arjun Ahuja. Adani Airport Holdings is a subsidiary of Adani Enterprises.
Nuvama Wealth Management
Global investors Morgan Stanley Asia Singapore Pte, Goldman Sachs Funds – Goldman Sachs India Equity Portfolio, and Smallcap World Fund Inc. have acquired a 5.2% stake in Nuvama at an average price of Rs 6,702.60 per share, totaling Rs 1,234.8 crore. Meanwhile, EDEL Finance Company and Ecap Equities have sold a 6.2% stake in Nuvama at the same price, amounting to Rs 1,481.2 crore.
Adani Energy Solutions
Adani Electricity Mumbai has signed a Business Transfer Agreement with its subsidiary, North Maharashtra Power, to transfer the Adani Dahanu Thermal Power Station. Adani Electricity Mumbai is a subsidiary of Adani Energy Solutions.
Sterling and Wilson Renewable Energy
Morgan Stanley Asia Singapore Pte, Societe Generale, and Citigroup Global Markets Mauritius have acquired a 2.8% stake in a renewable energy company at an average price of Rs 623 per share. In contrast, promoters Shapoorji Pallonji & Company sold a 5.78% stake at an average price of Rs 623.28 per share, while Khurshed Yazdi Daruvala offloaded 1.35% of his shares at an average price of Rs 630.01 per share.
Manba Finance
Shares of Manba Finance are set to debut on the BSE and NSE on Monday, September 30, 2024. Ahead of listing Shares of Manba Finance are trading with the grey market premium (GMP) Rs 38 per share.
(Disclaimer: Views, recommendations, and opinions expressed are personal and do not reflect the official position or policy of Financial Express.com. Readers are advised to consult qualified financial advisors before making any investment decisions. Reproducing this content without permission is prohibited.)
