GIFT Nifty ended 22 points or 0.08% down at 25,984.50 indicating a negative opening for domestic indices NSE Nifty 50 and BSE Sensex. Here are the top stocks to watch on Tuesday, October 1, 2024.
GIFT Nifty indicated that Indian equity indices BSE Sensex and NSE Nifty 50 may see a negative opening on Tuesday. Here’s a look at the key stocks to watch in trade.
GIFT Nifty ended 22 points or 0.08% down at 25,984.50 indicating a negative opening for domestic indices NSE Nifty 50 and BSE Sensex on Tuesday. Previously, on Monday, the NSE Nifty 50 ended down by 368.10 points or 1.41% to settle at 25,810.85 while the BSE Sensex fell 1,272.07 points or 1.49% to 84,299.78.
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“The markets began the week on a feeble note, losing nearly one and a half percent due to mixed global cues. After opening with a gap down, Nifty gradually declined, ending the day near its low at the 25,810.85 level. Initially, the drop was limited to a few heavyweight stocks but later spread across the board. Sector-wise, auto, realty, and banking were the biggest losers, while the metal index stood out, hitting a new high and gaining over a percent,” said Ajit Mishra – SVP, Research, Religare Broking.
Mishra also added that the Nifty’s three-week upward streak had pushed the index into overbought territory, leading participants to trim their positions amid mixed global signals. The broad-based decline in heavyweight stocks put the bulls on the back foot, potentially paving the way for some consolidation. The next crucial support for Nifty is around the 25,560 level, near the short-term moving average i.e. 20 DEMA. If a rebound occurs, the 26,000-26,250 zone could pose resistance. Traders are advised to adopt a stock-specific strategy and maintain positions on both sides of the market.
Stocks to Watch on October 1, 2024
Tata Power
The company has signed a Memorandum of Understanding (MoU) with the Rajasthan Government for an investment of Rs 1.2 lakh crore in renewable energy projects. The plan includes initiatives in manufacturing, transmission, distribution, nuclear power, rooftop installations, and EV charging infrastructure.
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Mankind Pharma
The company has completed the transfer of its Over the Counter (OTC) Business Undertaking to its subsidiary, Mankind Consumer Products Private Limited (MCPPL), as a going concern on a slump sale basis. As part of the deal, the pharma firm will divest its OTC business, which includes a portfolio of non-prescription products, to the subsidiary.
Bank of Maharashtra
The public sector lender launched its Qualified Institutions Placement (QIP) issue on September 30, setting a floor price of Rs 60.37 per share. The issue size is expected to be around Rs 3,500 crore, according to sources quoted by CNBC-TV18.
NTPC
Subsidiary NTPC Green Energy has signed a Memorandum of Understanding (MoU) with the Rajasthan Government for the development of 25 GW of renewable energy projects in Rajasthan.
IRCTC
The Board has appointed Gaisingam Kabui, GGM (Finance), as the Chief Financial Officer (CFO) of the company, effective October 1. Additionally, the Ministry of Railways has communicated that Rabindra Nath Mishra (IRAS, EDF/C&PPP, Railway Board) will be given the additional charge of Director (Finance) at IRCTC, also effective October 1.
Jindal Stainless
The company has partnered with CJ Darcl Logistics Ltd (CJ Darcl) to develop lightweight, sustainable stainless steel containers. As part of this collaboration, the steel manufacturer supplied 2.2 metric tonnes of JT stainless steel for each container, replacing traditional carbon steel in the sidewalls, end walls, and roof.
India Glycols
The company has expanded its capacity by adding an additional 100 kilo litres per day (KLPD) to its existing grain-based distillery in Kashipur, Uttarakhand. Additionally, it has increased capacity by 180 KLPD at its bio-fuel ethanol plant at the same location.
Vipul Organics
The company has announced a Rights Issue, offering shareholders 1 share for every 3 shares held on the record date. The issue price has been set at Rs 54 per share.
Unichem Labs
The company has signed an asset purchase agreement with Bayshore Pharmaceuticals, USA. Under this agreement, Bayshore USA will sell its product approvals and all goodwill related to 9 US ANDAs, along with its generics formulations marketing and distribution business in the US (Unichem Pharmaceuticals, USA), to Unichem Labs. The transaction, structured as a slump sale or transfer of the entire business (debt-free) and associated goodwill, is valued at $2.65 million and $10 million, respectively. Bayshore USA is a step-down subsidiary of Unichem’s parent company, Ipca Laboratories.
Blue Dart
The logistics company has announced a general price increase, effective January 1, 2025, with an average hike ranging from 9% to 12%. However, customers who sign up between October 1 and December 31, 2024, will not be affected by the price increase.
Andhra Cement
The Board has approved the Draft Letter of Offer for a rights issue amounting to Rs 180 crore. The company has submitted the Draft Letter of Offer to the Securities and Exchange Board of India, BSE, and the National Stock Exchange of India for approval.
Tata Consumer Products
Vikram Grover has resigned as Managing Director and CEO of Nourishco Beverages, effective September 30. Nourishco Beverages recently merged with Tata Consumer.
SpiceJet
Plutus Wealth Management LLP has acquired a 0.66% stake in the airline company at an average price of Rs 59.95 per share, totaling Rs 50.95 crore.
Piramal Pharma
Piramal Pharma Solutions, a subsidiary of Piramal Enterprises, has announced an $80 million investment plan to expand its sterile injectables facility in Lexington, Kentucky.
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