GIFT Nifty ended up by 59 points or 0.24% at 25,061 indicating a positive opening for domestic indices NSE Nifty 50 and BSE Sensex. Here are the top stocks to watch on Thursday October 17, 2024.
GIFT Nifty indicated that Indian equity indices BSE Sensex and NSE Nifty 50 may see a positive opening on Thursday. Here’s a look at the key stocks to watch in trade.
GIFT Nifty ended up by 59 points or 0.24% at 25,061 indicating a positive opening for domestic indices NSE Nifty 50 and BSE Sensex on Thursday. Previously, on Monday, the NSE Nifty 50 ended down by 86.05 points or 0.34% to settle at 24,971.30 while the BSE Sensex fell 318.76 points or 0.39% to 81,501.36.
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“The markets continued their downward trend, losing nearly half a percent as part of the ongoing correction. Following a flat opening, Nifty experienced sharp fluctuations in both directions, ultimately closing at 24,971.30 level. Most key sectors were under pressure, mirroring the benchmark performance, with auto and IT stocks among the top losers. The broader indices, after their recent gains, also pulled back slightly, finishing marginally in the red,” said Ajit Mishra – SVP, Research, Religare Broking.
Mishra also added that the market’s upward movements are being met with resistance, primarily due to persistent selling by foreign investors and a lackluster start to the earnings season. However, strength in select heavyweight stocks is helping to slow the decline. We maintain a negative outlook on the index, with the next critical support level at 24,700. On the stock front, opportunities are emerging on both sides, so traders should adjust their positions accordingly.
Stocks to Watch on October 17, 2024
Reliance Industries
The company has set October 28, 2024, as the record date for its upcoming bonus issue of shares. The company had announced this ahead of its Annual General Meeting on September 5, 2024. Shareholders will receive bonus shares in a 1:1 ratio, meaning they will get one free share for every one held as of the record date.
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Bajaj Auto
The company reported a 31% year-on-year decline in consolidated profit after tax to Rs 1,385 crore for the second quarter ended September 30, 2024. This drop was primarily driven by higher expenses and a one-time hit due to an increased provision for deferred tax. In comparison, the company had posted a consolidated profit after tax (PAT) of Rs 2,020 crore during the same period in the previous fiscal year.
Oberoi Realty
The Mumbai-based company announced that its board’s operations committee has approved the issuance of non-convertible debentures (NCDs) amounting to Rs 1,500 crore on a private placement basis. In a stock exchange filing, the company stated, “The Operations Committee of the Board of Directors, in its meeting held today, approved the issuance of non-convertible debentures for an aggregate amount of up to Rs 1,500 crore on a private placement basis.”
Kolte-Patil Developers
The realty firm released its Q2 update, highlighting strong growth in sales value despite a slight decline in collections. The company reported collections of Rs 550 crore for the quarter, reflecting a 10% drop quarter-on-quarter but a 16% rise year-on-year. Meanwhile, sales value surged to Rs 770 crore, marking an 8% increase quarter-on-quarter and a 22% rise year-on-year, achieving the firm’s highest-ever quarterly sales value.
Crisil
The leading ratings firm, reported a 12.9% year-on-year (YoY) increase in net profit, reaching Rs 171.6 crore for the third quarter ended September 30, 2024. In the same period last year, the company posted a net profit of Rs 152 crore, according to a regulatory filing.
Revenue from operations also saw a 10.3% rise, growing to Rs 811.8 crore compared to Rs 735.9 crore in the corresponding quarter of the previous fiscal.
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L&T Technologies
The engineering services company reported a 1.3% increase in net profit for the September quarter, reaching Rs 319.6 crore, despite narrowing profit margins. This compares to a net profit of Rs 315.4 crore in the same period last year and Rs 313.6 crore in the preceding June quarter. Revenues for the reporting quarter saw a 7.8% growth, rising to Rs 2,572.9 crore.
RVNL
The state-run company announced that it has emerged as the lowest bidder (L1) for a contract awarded by Maharashtra Metro Rail Corporation Ltd. The project, valued at around Rs 270 crore (including GST), involves the construction of ten elevated metro stations as part of Phase 2 of the Nagpur Metro Rail Project (NMRP).
GMR Airports
The company reported robust growth in passenger and cargo traffic for September 2024 and the first half of FY25. Total passenger traffic in September increased by 9% year-over-year, reaching 10.2 million, despite a 4% month-over-month decline. Domestic passenger traffic grew by 7.5% year-over-year, while international traffic saw a 12.2% rise year-over-year
Bikaji Foods
The company’s subsidiary, Bikaji Foods Retail, is set to make a strategic investment of up to Rs 131.01 crore in Hazelnut Factory Food Products to acquire a 53.02% stake in tranches. This acquisition aligns with the company’s broader strategy to develop and expand its quick service restaurant (QSR) business vertical.
Welspun Corp
The company’s subsidiary, Sintex-BAPL, has successfully completed the acquisition of a 100% stake in Weetek Plastic from its current shareholders. As a result of this acquisition, Weetek Plastic has become a wholly owned step-down subsidiary of the company. Based in Raipur, Chhattisgarh, Weetek Plastic specializes in manufacturing plastic pipes, fittings, and water storage tanks, with a combined production capacity of 19 KMPTA.
Cochin Shipyard
The Government of India has announced its decision to exercise a green shoe option of up to 2.5% in the offer for sale of Cochin Shipyard on October 17.
The offer, which was subscribed 2.16 times the base size by non-retail investors on October 16, will open for retail investors on the same day. The government is selling a total of 5% stake in Cochin Shipyard, which includes a 2.5% base issue size and a 2.5% green shoe option.
Titagarh Rail Systems
Morgan Stanley Asia Singapore Pte has acquired a 0.57% stake in the company at an average price of Rs 1,120 per share, totaling Rs 85.5 crore.
Meanwhile, Smallcap World Fund Inc sold a 0.59% stake in the company at an average price of Rs 1,120.12 per share, valued at Rs 88.6 crore. This activity highlights the ongoing interest in the company’s stock amidst market fluctuations.
Key Earnings To Watch Today
Infosys, Wipro, Axis Bank, Nestle India, LTIMindtree, Tata Chemicals, Tata Communications, Ceat, Havells India, Jindal Stainless, Central Bank of India, Indian Overseas Bank, 5paisa Capital, Geojit Financial Services, Deccan Bearings, Dhanlaxmi Bank, Harshil Agrotech, Mahindra EPC Irrigation, National Standard, Polycab India, Quick Heal Technologies, Shemaroo Entertainment, Steel Exchange India, SW Investments, and Tanla Platforms.
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