GIFT Nifty ended down by 126.50 points or 0.54% at 24,322 indicating a negative opening for domestic indices NSE Nifty 50 and BSE Sensex. Here are the top stocks to watch n Monday November 18, 2024.
GIFT Nifty indicated that Indian equity indices BSE Sensex and NSE Nifty 50 may see a negative opening on Monday. Here’s a look at the key stocks to watch in trade.
GIFT Nifty ended down by 126.50 points or 0.54% at 24,322 indicating a negative opening for domestic indices NSE Nifty 50 and BSE Sensex on Monday. Previously, on Thursday the NSE Nifty 50 ended down by 26.35. points or 0.11% to settle at 23,532.70 while the BSE Sensex plunged 110.65 points or 0.14% to 77,580.31.
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“The Nifty index had a subdued session on the weekly expiry day following the recent sell-off. The benchmark index saw sharp fluctuations in the early hours, but a lack of clear direction among heavyweights kept the movement contained throughout the day. Sectorally, there was a mixed performance—realty and auto sectors edged higher, while FMCG and pharma ended in the red. Meanwhile, broader indices showed slight relief, posting gains in the range of 0.4% to 0.8%,” said Ajit Mishra – SVP, Research, Religare Broking.
Mishra also added that the The Nifty’s pause was largely anticipated after retesting its major support level at the 200-day exponential moving average (DEMA). We advise monitoring leveraged positions closely at this point. With major earnings now behind us, it’s crucial to focus on the performance of the IT and banking sectors for further cues.
Stocks to Watch on November 18, 2024
Reliance Industries
Reliance and Disney have finalized their joint venture to establish a unified entertainment brand in India, valued at Rs 70,352 crore. Nita Ambani will take on the role of Chairperson for this newly formed venture, which aims to consolidate both companies’ strengths in the Indian entertainment market.
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Hero MotoCorp
The automaker reported that net profit rose by 14.2% to Rs 1,203.5 crore, up from Rs 1,053.8 crore in the same period last year. Revenue saw a 10.8% increase, reaching Rs 10,463.2 crore compared to Rs 9,445.4 crore previously. EBITDA also showed strong growth, jumping 14.1% to Rs 1,515.9 crore, up from Rs 1,328.3 crore a year earlier.
Crompton Greaves
The company posted a robust 28.6% increase in profit for the September 2024 quarter, reaching Rs 125 crore, up from Rs 97.2 crore in the same period last year. Revenue also saw an improvement, rising by 6.4% to Rs 1,896 crore compared to Rs 1,782.3 crore a year earlier.
Grasim Industries
The company reported a significant 66% decline in profit for Q2 FY2025, falling to Rs 390 crore from Rs 1,164 crore in the same period last year. The drop was largely attributed to lower cement realizations and planned investments in the paints business under Birla Opus. Despite this, revenue increased by 11.1%, reaching Rs 33,562.85 crore.
Honasa Consumer
The parent company of Mamaearth reported a net loss of Rs 18.6 crore for Q2 FY2025, compared to a profit in the same period last year. Revenue declined to Rs 461.8 crore from Rs 496 crore, while EBITDA turned negative at Rs 30.7 crore, reversing from a positive Rs 40.1 crore in the previous year.
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Delhivery
The logistics company reported a profit of Rs 10.2 crore for Q2 FY2025, a significant turnaround from a loss of Rs 102.9 crore in the same period last year.
Revenue increased by 12.8% to Rs 2,189.7 crore, while EBITDA improved to Rs 57.3 crore, compared to a loss of Rs 15.7 crore last year. The EBITDA margin stood at 2.6%.
ACME Solar Holdings
The company’s subsidiary, ACME Sun Power, has secured a term loan of Rs 3,753 crore from REC to support the development and construction of 320 MW of Firm and Dispatchable Renewable Energy (FDRE) projects. These projects, undertaken in collaboration with SJVN, will be located in Rajasthan and Gujarat.
Adani Total Gas
GAIL has reduced gas supply to Adani Total Gas by 13%, effective November 16. The company noted that this reduction would negatively impact profitability and announced plans to adjust retail prices to mitigate the effect on consumers.
Hindustan Zinc
The world’s second-largest integrated zinc producer has secured a composite license for a gold mining block in Rajasthan through state government auctions. The company has been named the preferred bidder for the Dugocha gold block, marking a significant expansion into the gold mining sector.
Indraprastha Gas
GAIL India, the nodal agency for domestic gas allocation, has announced an additional reduction in domestic gas supply to Indraprastha Gas, effective November 16. The revised allocation is around 20% lower than the previous level, a move expected to adversely impact Indraprastha Gas’s profitability.
PNB Housing Finance
BNP Paribas Financial Markets has acquired a 0.05% stake in PNB Housing Finance, purchasing shares at an average price of Rs 914.75 each. The shares were bought from Goldman Sachs (Singapore) Pte – ODI.
