GIFT Nifty traded up by 38 points or 0.15% at 24,500.50 indicating a positive opening for domestic indices NSE Nifty 50 and BSE Sensex. Here are the top stocks to watch on Tuesday, September 17, 2024
GIFT Nifty indicated that Indian equity indices BSE Sensex and NSE Nifty 50 may see a positive opening on Tuesday. Here’s a look at the key stocks to watch in trade.
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Stocks in Focus: GIFT Nifty traded up by 38 points or 0.15% at 24,500.50 indicating a positive opening for domestic indices NSE Nifty 50 and BSE Sensex on Tuesday. Previously, on Monday, the NSE Nifty 50 ended up by 27.25 points or 0.11% to settle at 25,383.75 while the BSE Sensex jumped 97.84 points or 0.12% to 82,988.78.
“The domestic market traded in a narrow range with a positive bias as the participants are keenly awaiting the FEDs decision this week. The weakness in the US job market and benign inflation are pointing at a slew of rate cuts on the table,” said Vinod Nair, Head of Research, Geojit Financial Services.
Nair also added that the inflow of foreign money and an expectation of stability in domestic growth may keep sentiment optimistic, each rising by over half a percent
Stocks to Watch on September 17, 2024
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Indo Count Industries
Indo Count Global Inc., the US-based subsidiary of Indo Count, has acquired an 81% stake in Fluvitex USA, Inc. by signing a Stock Purchase Agreement with Masias Invest, S.L., for $19.63 million. The company also holds an exclusive option to purchase the remaining 19% stake for $4.6 million within the next five years.
JK Tyre
The board of JK Tyre has approved the merger of Cavendish Industries with itself. As part of the merger, JK Tyre will issue 92 shares for every 100 shares of Cavendish Industries. The merger is subject to statutory, regulatory, and customary approvals.
TVS Holdings
The company has acquired a 100% stake in its step-down subsidiary, TVS Digital, from TVS Motor Company. As a result, TVS Digital is now a wholly-owned subsidiary of the company.
Reliance Infrastructure
The company’s board is set to meet on September 19 to consider a preferential issue of shares for raising funds. Previously, in July 2021, the company raised Rs 550 crore through a preferential share issue, with promoters contributing Rs 400 crore and international investor Varde Capital Partners subscribing to shares worth Rs 150 crore.
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TVS Motors
The company has launched the refreshed Apache RR310, starting at Rs 2.75 lakh, reflecting a Rs 3,000 price increase from the previous model. The base version, available in Racing Red, does not include the quick-shifter feature. The variant with the quick-shifter is priced at Rs 2.92 lakh, while the Bomber Grey version with the quick-shifter is available for Rs 2.97 lakh.
Firstsource Solutions
The business process management services provider has announced a strategic collaboration with Microsoft to offer advanced digital transformation services globally. By utilizing Microsoft Azure OpenAI Service, the partnership aims to enhance innovation and efficiency across various industries, according to the company’s statement.
Sandur Manganese and Iron Ores
The company has received approval from its Board of Directors to raise up to Rs 1,000 crore through a Qualified Institutions Placement (QIP) in one or more tranches.
Global Spirits
The company has launched its first single malt whisky under the brand DOAAB India Craft Whisky, marking its debut in the luxury segment of India’s growing whisky market.
HEG
Gulshan Kumar Sakhuja has resigned as the Chief Financial Officer (CFO) of the company to pursue opportunities outside the organization. His last working day will be September 18.
Vedanta
Vedanta Aluminium has confirmed to a media group that it is addressing a breach in its process water storage pond at the Lanjigarh alumina refinery in Odisha, which occurred on September 15, 2024, due to severe weather conditions. The breach, caused by elevated water levels and pressure in the dam’s catchment area, has affected agricultural lands in the surrounding region.
Monarch Networth Capital
The board has appointed Govinda Meghani as the Chief Financial Officer of the company, effective September 16.
PN Gadgil Jewellers
The shares of PN Gadgil Jewellers will be listed on September 17 after receiving 59.41 times subscription. The Rs 1,100-crore IPO raised Rs 330 crore from anchor investors. Shares are commanding a GMP of Rs 309 in the unlisted market, suggesting a premium listing gain of over 64%.
