GIFT Nifty ended 229 points or 0.88% down at 25,801 indicating a negative opening for domestic indices NSE Nifty 50 and BSE Sensex. Here are the top stocks to watch on Thursday October 3, 2024.
GIFT Nifty indicated that Indian equity indices BSE Sensex and NSE Nifty 50 may see a negative opening on Thursday. Here’s a look at the key stocks to watch in trade.
GIFT Nifty ended 229 points or 0.88% down at 25,801 indicating a negative opening for domestic indices NSE Nifty 50 and BSE Sensex on Thursday. Previously, on Tuesday, the NSE Nifty 50 ended down by 13.95 points or 0.05% to settle at 25,796.90 while the BSE Sensex fell 33.49 points or 0.04% to 84,266.29.
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“The market traded flat, taking a pause after Monday’s decline. The Nifty index opened with a positive start but couldn’t sustain its gains, moving in a narrow range throughout the session before closing at 25,808, down 0.12%. Sector-wise, the trend was mixed—IT and auto sectors edged higher, while energy ended in the red. On a positive note, the broader indices outperformed and managed to close in the green,” said Ajit Mishra – SVP, Research, Religare Broking.
Mishra also added that the Looking ahead, the index may see further consolidation. Traders should concentrate on careful stock selection and effective trade management during this phase. Focus on sectors or themes that are demonstrating resilience, and consider accumulating positions. Simultaneously, holding some short positions as a hedge may be prudent until the index signals a clear upward trend.
Stocks to Watch on October 3, 2024
Suzlon Energy
The company has received an advisory and warning letter from both the National Stock Exchange (NSE) and BSE Ltd regarding non-compliance with SEBI’s Listing Obligations and Disclosure Requirements (LODR). The warnings were issued in response to the company’s handling of disclosures concerning the resignation of Independent Director, Marc Desaedeleer.
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Mankind Pharma
The company has received regulatory approvals, including clearance from the Competition Commission of India, for its acquisition of Bharat Serums and Vaccines. In July 2024, a Share Purchase Agreement was signed between the company, Bharat Serums and Vaccines, the sellers—Ansamira and Miransa (affiliates of Advent International funds)—and certain minority shareholders, Bhaskar Iyer and Abhijit Mukherjee, finalizing the acquisition of a 100% stake in Bharat Serums and Vaccines.
Reliance Power
Reliance Power, has partnered with Druk Holding and Investments Ltd. (DHI), the commercial and investment arm of the Royal Government of Bhutan, to jointly develop major renewable energy projects in Bhutan. The collaboration will focus on the development of 500 MW of solar power and 770 MW of hydropower projects in the country.
ITC
ITC Infotech India, a subsidiary of the company, has acquired 100% of Blazeclan Technologies for Rs 485 crore. As a result, Blazeclan and its subsidiaries have become step-down wholly owned subsidiaries of the company, effective October 1.
Aurobindo Pharma
The company has received final approval from the USFDA to manufacture and market Cephalexin tablets USP, 250 mg and 500 mg, in the US. The drug is bioequivalent and therapeutically equivalent to Eli Lilly and Company’s Keflet tablets. Aurobindo is eligible for 180 days of shared generic drug exclusivity. Cephalexin is used to treat infections caused by susceptible strains of designated microorganisms.
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NMDC
The company reported a 13.8% rise in iron ore sales for September 2024, reaching 3.54 million tonnes (MT), up from 3.11 MT in the same period last year, driven by strong market demand and improved operational efficiency. Production also saw a slight increase, with NMDC producing 3.04 MT of iron ore in September 2024, compared to 3.00 MT in September 2023.
Coal India
The company reported a decline in production for September, marking the second consecutive month of reduced output as monsoon rains continued to impact operations. Production for the month fell by 1% year-on-year to 50.9 million tonnes, down from 51.4 million tonnes in September last year.
Ashoka Buildcon
The infrastructure company has secured a letter of award from MMRDA for a Rs 474.10 crore project, which involves the design and construction of an elevated road from Kalyan Murbad Road to Badlapur Road and Pune Link Road. In addition, the company has received two more letters of award for contracts totaling Rs 1,264 crore, including the design and construction of a creek bridge from Kolshet to Kalher and another from Gaimukh to Payegaon.
Maruti Suzuki India
The country’s largest carmaker reported total sales of 1.84 lakh units in September 2024, reflecting a 1.9% increase from 1.81 lakh units sold in the same month last year. However, total domestic sales fell by 1.15% to 1.57 lakh units, with domestic passenger vehicle sales declining by 3.9% to 1.45 lakh units. In contrast, total exports surged by 23.2% to 27,728 units compared to September 2023.
Eicher Motors
Royal Enfield reported an 11% year-on-year increase in sales, reaching 86,978 units in September, surpassing analysts’ estimates. This is up from 78,580 units sold in the same month last year. Additionally, exports surged by 77% in September, totaling 7,652 units compared to 4,319 units in September of the previous year.
Hero MotoCorp
The two-wheeler major reported sales of 6.37 lakh units in September 2024, surpassing analysts’ estimates and marking an 18.7% increase from the 5.36 lakh units sold in the same month last year. Domestic sales rose by 18.6% year-on-year to 6.16 lakh units, while exports grew by 21.7% to 20,344 units during the month.
South Indian Bank
The lender reported gross advances of Rs 84,741 crore (provisional numbers) for Q2 FY25, reflecting a growth of 13.07% from Rs 74,947 crore in the same quarter last year. Total deposits for the period increased by 8.6% to Rs 1.05 lakh crore, while CASA (Current Account Savings Account) grew by 8% year-on-year to Rs 33,583 crore in Q2 FY25.
KRN Heat Exchanger and Refrigeration
The company is set to list its shares on the NSE and BSE on Thursday, October 3, following a strong subscription for its initial public offering (IPO).
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