GIFT Nifty ended up by 13.50 points or 0.06% at 23,537.50 indicating a lacklustre opening for domestic indices NSE Nifty 50 and BSE Sensex. Here are the top stocks to watch on Tuesday, November 19, 2024.
GIFT Nifty indicated that Indian equity indices BSE Sensex and NSE Nifty 50 may see a lacklustre opening on Tuesday. Here’s a look at the key stocks to watch in trade.
GIFT Nifty ended up by 13.50 points or 0.06% at 23,537.50 indicating a lacklustre opening for domestic indices NSE Nifty 50 and BSE Sensex on Tuesday. Previously, on Monday the NSE Nifty 50 ended down by 78.90. points or 0.34% to settle at 23,452.80 while the BSE Sensex plunged 241.30 points or 0.31% to 77,339.01.
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“The market continued its downward trend, slipping nearly half a percent. Nifty saw a sharp dip initially but managed to recover most of its losses mid-session before eventually closing with a modest cut at 23,453.80. Sector-wise, there was a mixed performance, with metals, FMCG, and auto gaining, while IT and energy sectors remained under pressure. The broader indices also showed mixed results, as the midcap index remained flat while the smallcap index declined by nearly half a percent,” said Ajit Mishra – SVP, Research, Religare Broking.
Mishra also added that the Nifty has now fallen below its major support at the 200-day EMA after a brief pause, indicating that the bears are in control. However, oversold conditions in heavyweight stocks across sectors are currently slowing the pace of the decline. We recommend maintaining a cautious outlook on the index and focusing selectively on stock-specific opportunities.
Stocks to Watch on November 19, 2024
Waaree Energies
The company reported its July-September quarter results on Monday, November 18, posting a 17% increase in net profit to Rs 375.65 crore for the second quarter of the 2024-25 financial year, up from Rs 320.12 crore in the same period last year. Revenue from operations rose slightly by 1.04%, reaching Rs 3,474.37 crore in the quarter, compared to R 3,537.29 crore in the previous year.
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GMR Airports
In October 2024, the company recorded a significant rise in passenger traffic, handling over 10.7 million passengers, marking a 9.2% year-on-year (YoY) increase. This growth encompassed both domestic and international sectors, each experiencing a 9.2% YoY rise.
The company has consistently maintained traffic levels above 10 million passengers per month since December 2023. Additionally, aircraft movements rose 9% YoY and 7% month-on-month, reaching a total of 71,598 for October.
Britannia Industries
The Delhi High Court has ruled in favor of Britannia Industries in a trademark infringement case against Desi Bites Snack, safeguarding its trademark, GOOD DAY. The case involved the unauthorized use of the GOOD DAY mark for products like soan papdi and papad. The court granted an ex parte ad interim injunction, restraining Desi Bites from using the trademark in any capacity.
Medplus Health Services
Franklin Templeton MF, Invesco India, and Kotak Small Cap Fund acquired a 6% stake in Medplus at an average price of Rs 700 per share, totaling Rs 502.23 crore. Meanwhile, PI Opportunities Fund – I exited its position, selling its entire 5.77% stake at the same price, amounting to Rs 482.55 crore. Additionally, SBI Mutual Fund offloaded a 0.83% stake in Medplus at Rs 700 per share, valued at Rs 70 crore.
GVK Power
The company has entered the Corporate Insolvency Resolution Process (CIRP) under the Insolvency and Bankruptcy Code and has released a provisional list of prospective resolution applicants. The list includes notable contenders such as Vedanta, Jindal Power, Shyam Sel and Power, JSW Energy, and Zeal Global Opportunities Fund.
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Shilpa Medicare
The drug firm announced that its wholly-owned subsidiary, Shilpa Pharma Lifesciences Ltd, has received a Certificate of Suitability from the European Directorate for the Quality of Medicines & Healthcare for its active pharmaceutical ingredient, octreotide.
Octreotide, a synthetic peptide produced via solid-phase synthesis, is used in treating conditions such as acromegaly, severe diarrhea and flushing associated with metastatic carcinoid tumors, and profuse watery diarrhea caused by vasoactive intestinal peptide (VIP) secreting tumors.
Themis Medicare
Gujarat Themis Biosyn is set to merge with Themis Medicare, pending approvals from secured creditors, shareholders of both companies, stock exchanges, SEBI, the National Company Law Tribunal (NCLT), and other regulatory authorities. Under the terms of the merger, Themis Medicare will issue 118 shares for every 100 shares held by shareholders of Gujarat Themis Biosyn.
PG Electroplast
The company’s subsidiary, PG Technoplast, has entered a definitive agreement with Spiro Mobility, becoming the exclusive manufacturing partner for Spiro Mobility’s electric vehicles in India. Spiro Mobility is recognized as Africa’s largest EV player, and this partnership marks a strategic move to expand its production footprint in the Indian market.
