GIFT Nifty is trading down by just 12 points or 0.05% at 23,659.50 indicating a lacklustre opening for domestic indices NSE Nifty 50 and BSE Sensex. Here are the top stocks to watch on Thursday, November 21, 2024.
GIFT Nifty indicated that Indian equity indices BSE Sensex and NSE Nifty 50 may see a lacklustre opening on Thursday. Here’s a look at the key stocks to watch in trade.
GIFT Nifty is trading down by just 12 points or 0.05% at 23,659.50 indicating a lacklustre opening for domestic indices NSE Nifty 50 and BSE Sensex on Thursday. Previously, on Tuesday the NSE Nifty 50 ended up by 64.70. points or 0.28% to settle at 23,518.50 while the BSE Sensex jumped 239.38 points or 0.31% to 77,578.39.
Read More: NTPC Green Energy IPO: GMP At 0.7%, Check Latest Subscription Status
“Markets experienced a volatile session on Tuesday and ended marginally higher, pausing after the recent decline. Despite an initial uptick and a positive move in the first half, a sharp sell-off in the latter half erased all gains. Sectoral trends remained mixed, with realty, auto, and pharma leading the gainers, while metal and energy ended in the red. Broader indices outperformed amidst the choppiness, closing with gains of nearly half a percent each,” said Ajit Mishra – SVP, Research, Religare Broking.
Mishra also added that the The Nifty’s movement reflects that bears are firmly in control, using every rebound as an opportunity to short. We maintain our “sell on rise” stance for the index until a decisive reversal is evident, while emphasizing a selective approach for stock-specific trades.
Stocks to Watch on November 21, 2024
Adani Group
Dollar bond prices of Adani Group companies saw a sharp decline in early Asian trading on Thursday, November 21, following the indictment of the conglomerate’s billionaire chairman, Gautam Adani, in New York on charges of bribery and fraud, according to Reuters.
Debt issued by Adani Port and Special Economic Zone, maturing in August 2027, dropped by more than five cents on the dollar, based on LSEG data. Bonds of Adani Electricity Mumbai, maturing in February 2030, fell nearly eight cents, while Adani Transmission bonds also declined by over five cents, trading slightly above 80 cents.
Read More: Saatvik Green Energy files draft papers with Sebi to raise Rs 1,150 crore via IPO
Wipro
The leading technology services and consulting company, has announced a collaboration with Lineaje aimed at enhancing security for open-source components within enterprise software applications. The partnership aligns with Wipro Ventures, the company’s corporate investment arm, which recently invested in Lineaje, a US-based firm specializing in software supply chain security.
UPL
Agrochemicals major has approved the terms for its Rs 3,377.74-crore rights issue, as confirmed by the Rights Issue Committee in a recent meeting. The issue includes 9,38,25,955 partly paid-up equity shares at a price of Rs 360 each, which includes a premium of Rs 358 per share upon full payment. Eligible shareholders will be able to subscribe to one rights equity share for every eight fully paid-up equity shares they hold as of the record date, set for November 26, 2024.
GNFC
The company has signed a Memorandum of Understanding (MOU) with INEOS Acetyls to explore the feasibility of constructing a world-scale 600,000-tonne acetic acid plant at its site in Bharuch, Gujarat. INEOS Acetyls is a global leader in acetic acid production, while GNFC stands as India’s sole current producer of acetic acid.
Aditya Birla Capital
The company has invested Rs 100 crore in its wholly owned subsidiary, Aditya Birla Capital Digital Ltd (ABCDL), via a rights issue, as per a recent stock exchange filing. The investment, completed on November 19, 2024, allows ABCL to retain its 100% ownership in ABCDL. This capital infusion is expected to support ABCDL’s digital initiatives and expansion plans.
Read More: Stock Market Holiday: Are NSE, BSE closed on November 20 for Assembly Elections in Maharashtra?
Bharti Airtel
Nokia has secured a multi-year, multi-billion-dollar extension contract with Bharti Airtel to provide 4G and 5G equipment across major cities and states in India. Under this agreement, Nokia will deploy technology from its 5G AirScale portfolio, including base stations, baseband units, and advanced Massive MIMO radios, all supported by its energy-efficient ReefShark System-on-Chip technology
Tata Power
The company has announced a strategic partnership with Druk Green Power Corporation Ltd (DGPC), a subsidiary of Bhutan’s sole generation utility, Druk Holding and Investments Ltd, to jointly develop at least 5,000 MW of clean energy generation capacity in Bhutan.
According to a stock exchange filing, this collaboration aligns with Bhutan’s energy sector vision, which aims to expand the country’s total generation capacity to 25,000 MW by 2040 to strengthen energy security and support regional energy integration.
Godrej Properties
The real estate developer has acquired a 53-acre land parcel in Joka, Kolkata, with plans to develop a residential project. The proposed development is expected to offer 1.3 million square feet of saleable area, primarily focused on residential plots, and has an estimated revenue potential of Rs 500 crore.
JSW Steel
The steelmaker has been declared the “Preferred Bidder” for the Codli Mineral Block XII located in Dharbandora, Goa, following a forward auction held on November 12, 2024. The Directorate of Mines & Geology, Goa, announced the results on November 18, stating that the company achieved the highest final offer price at 92.60% of the “value of mineral dispatched.”
PSP Projects
Adani Infra (India), a project management consulting subsidiary of the Adani Group, has signed definitive agreements to acquire a 30.07% stake in PSP Projects from the current promoter, Prahladbhai S Patel, in a deal valued at Rs 685.4 crore. Prahladbhai S Patel and his family currently hold a 60.14% stake in the company. Additionally, Adani Infra has announced an open offer to acquire up to a further 26% stake in PSP Projects at Rs 642.06 per share, amounting to Rs 661.8 crore.
Dr Reddy’s Lab
The United States Food and Drug Administration (USFDA) has completed a Good Manufacturing Practices (GMP) inspection at the company’s API manufacturing facility (CTO-2) in Bollaram, Hyderabad. Conducted from November 13 to 19, the inspection resulted in the US health regulator issuing a Form 483 with seven observations.
Godfrey Phillips
Cigarette maker has announced that its board of directors has declared an interim dividend of 1,750%, equating to Rs 35 per equity share of Rs 2 each, for the financial year ending March 31, 2025. The record date to determine shareholder entitlement for the interim dividend has been set for Friday, November 29, 2024. The dividend will be paid to eligible shareholders within 30 days from today.
Garden Reach Shipbuilders & Engineers
The company has secured a Rs 226.2 crore contract with the Transport Department of the Government of West Bengal for the delivery of 13 hybrid ferries. These ferries will operate on the River Hooghly under the West Bengal Transport Infrastructure Development Corporation, aiming to enhance the region’s transport infrastructure and promote eco-friendly travel solutions.
(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.)
