GIFT Nifty ended down by 48.50 points or 0.19% at 25,063.50 indicating a negative opening for domestic indices NSE Nifty 50 and BSE Sensex. Here are the top stocks to watch on Wednesday October 16, 2024.
GIFT Nifty indicated that Indian equity indices BSE Sensex and NSE Nifty 50 may see a negative opening on Wednesday. Here’s a look at the key stocks to watch in trade.
GIFT Nifty ended down by 48.50 points or 0.19% at 25,063.50 indicating a negative opening for domestic indices NSE Nifty 50 and BSE Sensex on Wednesday. Previously, on Tuesday, the NSE Nifty 50 ended down by 70.60 points or 0.28% to settle at 25,057.35 while the BSE Sensex fell 152.93 points or 0.19% to 81,820.12.
Read More: SpiceJet Rises 3% As Carrier Settles $23.39mn Dispute With Aircastle, Wilmington Trust
“The markets remained volatile and ended slightly lower, continuing their ongoing corrective phase. After an initial rise, Nifty experienced a sharp decline and traded within a narrow range until the close, weighed down by weakness in heavyweights such as Reliance, Bajaj Auto, and TCS. Sectoral performance was mixed, with realty and FMCG finishing in the green, while metals and auto were among the top losers. The broader indices once again outperformed, with the small-cap index gaining over a percent,” said Ajit Mishra – SVP, Research, Religare Broking.
Mishra also added that the market movement aligns with expectations, and we recommend maintaining a cautious stance until Nifty decisively surpasses the 25,300 level. However, select sectors and themes are still presenting buying opportunities, so traders should focus on stock selection and adopt a balanced approach.
Stocks to Watch on October 16, 2024
Cochin Shipyard
The government has announced plans to divest a 5% stake in a state-owned shipyard through an Offer for Sale (OFS), with a floor price set at Rs 1,540 per share. The OFS includes a base offer of 2.5%, with an additional 2.5% available as a green shoe option. The sale is scheduled to open on October 16 for non-retail investors, followed by October 17 for retail investors.
Read More: Hyundai IPO: Why investors should focus on long-term growth, not listing gains
KEI Industries
The cable wire company reported a 10.3% year-on-year (YoY) rise in net profit to Rs 154.8 crore for the second quarter ended September 30, 2024. In the same quarter last year, the company’s net profit stood at Rs 140.3 crore, according to a regulatory filing.
Revenue from operations grew 17.2% to Rs 2,279.6 crore, compared to Rs 1,945 crore in the corresponding period of the previous fiscal. At the operating level, EBITDA increased by 9.1% to Rs 220.5 crore, up from Rs 202.2 crore in the same period last year.
Rallis India
The agri-inputs company reported a 19.5% year-on-year (YoY) increase in net profit at Rs 98 crore for the second quarter ended September 30, 2024. This compares to a net profit of Rs 82 crore in the same quarter of the previous fiscal. The company’s revenue from operations grew 11.5% to Rs 928 crore, up from R 832 crore in the corresponding period last year.
PNC Infratech
The construction engineering company announced that it has received Letters of Acceptance from the Maharashtra State Road Development Corporation (MSRDC) for two major Engineering, Procurement, and Construction (EPC) road projects. The first project involves the construction of an access-controlled Pune Ring Road (Package PRR E2), stretching from Indori to Chimbali in Pune district.
Adani Green Solutions
The company announced that it has acquired two project special purpose vehicles from PFC Consulting Ltd for a cash consideration of approximately Rs 38 crore. In two separate filings with the BSE, AESL stated that it executed share purchase agreements with PFC Consulting Ltd (PFCCL) on October 14, 2024, to acquire 100% equity shares of Jamnagar Transmission Ltd and Navinal Transmission.
Read More: Waaree Energies Set To Float IPO On October 21, Eyes Rs 3,600-Crore Via Fresh Issue
G R Infraprojects
The infrastructure company announced that it has received a Letter of Acceptance (LOA) from the Maharashtra State Road Development Corporation Ltd (MSRDC) for the construction of an access-controlled segment of the Pune Ring Road in Maharashtra. The project, valued at Rs 1,885.63 crore, spans a 9.341-km stretch from village Kalyan/Rathwade to village Shivare/Kusgaon in Pune district.
Capri Global Capital
The non-banking finance company announced its partnership with renewable energy fintech Credit Fair to launch a new rooftop solar finance product under MSME loans, aiming to build a separate Rs 1,000 crore green loan portfolio in the coming years.
This initiative allows individuals and businesses to adopt solar energy with hassle-free, collateral-free financing, offering minimal documentation, loan approvals in under five minutes, and disbursals within 4-6 hours.
Bhageria Industries
The company has received a Letter of Award as a solar power developer (SPD) for solar photovoltaic power generating stations with a total capacity of 32 MW (AC) under Component C of the PM-KUSUM scheme. The scope of work includes power generation, with the Maharashtra State Electricity Distribution Company set to purchase the power generated from the project for a period of 25 years, starting from the scheduled commercial operation date.
Mastek
Foreign portfolio investor Smallcap World Fund Inc has sold a 1.7% stake in the company at an average price of Rs 2,801.68 per share, totaling Rs 148.5 crore. In contrast, Aalidhra Textool Engineers has acquired a 0.65% stake in Mastek at an average price of Rs 2,800.81 per share.
HFCL
The company has launched two Unlicensed Band Radio (UBR) products, featuring a 1 Gbps small form factor 4G/5G backhauling radio that offers unprecedented spectral and power efficiency, and an energy-efficient 2 Gbps point-to-multipoint UBR designed for rural connectivity.
Central Bank Of India
The Competition Commission of India has approved Central Bank of India’s proposed acquisition of a 24.91% shareholding in Future Generali India Insurance and a 25.18% shareholding in Future Generali India Life Insurance.
RailTel Corporation of India
The company has received a work order from the Maharashtra Housing and Area Development Authority for a project valued at Rs 79.84 crore. The project involves selecting a service provider for cloud hosting and managed services to set up, migrate, and manage a data center and disaster recovery site for MHADA on the cloud.
Key Earnings to Watch Today
Bajaj Auto, L&T Technology Services, Aditya Birla Money, South Indian Bank, CRISIL, Accelya Solutions India, Aditya Forge, Citizen Infoline, Hi-Tech Winding Systems, Himadri Speciality Chemical, Mphasis, Nutraplus India, Pasari Spinning Mills, Pondy Oxides & Chemicals, Rajnish Wellness, Sai Industries, Saptak Chem and Business, Shah Metacorp, Tips Music, and Vivid Mercantile.
