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.
Stocks in Focus: GIFT Nifty traded up by 51.50 points or 0.21% at 24,660 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 31.50 points or 0.13% to settle at 24,572.65 while the BSE Sensex dropped 12.16 points or 0.02% to 80,424.68.
“The Indian market failed to catch up the initial gains as there is a degree of profit booking witnessed in auto stocks due to a slowdown in demand. However, oil stocks gained momentum with the reduction in windfall tax on crude oil,” said Vinod Nair, Head of Research, Geojit Financial Services.
Stocks To Watch: Zomato, Reliance Industries, L&T, Ola Electric, Cyient DLM, Petronet LNG, Genus Power Stocks To Watch: Maruti Suzuki India, GMR Airports Infra, Brightcom Group, Hindustan Zinc, Adani Enterprises, Kolte-Patil Developers Stocks To Watch: Vedanta, Vodafone Idea, Happiest Minds Technologies, Asian Paints, Piramal Enterprises Stocks To Watch: Trent, BEL, Ambuja Cement, Hero MotoCorp, ONGC, Alembic Pharma, Interarch Building Products
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Nair also added that the The recent healthy US economic data diminished the likelihood of a US recession, while a slide in the dollar index supported the hypothesis of a rate cut in the September FOMC meeting.
Stocks to Watch on August 20, 2024
Zomato
A significant transaction is expected on Tuesday as Antfin Singapore plans to sell 13.6 crore shares of Zomato, representing 1.54% of the company’s total equity. The shares are likely to be sold through a block deal at a floor price of Rs 251.68 per share, which is slightly below today’s closing price of Rs 262.17 per share.
Bajaj Auto
The company announced plans to increase its accounting provision for deferred tax by ₹211 crore due to recent regulatory changes introduced under the Finance Act, 2024. This adjustment comes in response to the withdrawal of the indexation benefit on long-term capital gains from debt mutual funds purchased before April 1, 2023, and the reduction in the applicable tax rate.
Nucleus Software
The company’s board is scheduled to meet on August 22 to discuss a potential share buyback, which would mark the third such initiative following previous buybacks in 2017 and 2021. The buyback could be executed through either the tender offer route or the open market route, depending on the board’s decision.
Poly Medicure
The company has opened its Qualified Institutional Placement (QIP) issue on August 19, setting a floor price of Rs 1,880.69 per share. According to media reports, the issue size is expected to be around Rs 1,000 crore. The funds raised from this QIP are likely to be allocated towards setting up new manufacturing facilities, pursuing inorganic growth initiatives, and for general corporate purposes.
DCM Shriram
On August 19, the company successfully commissioned a new Hydrogen Peroxide (H₂O₂) plant at its chemical complex in Jhagadia, located in the Bharuch District of Gujarat. The plant boasts a capacity of 52,500 tonnes per annum and will utilize hydrogen produced on-site.
HCL Tech
The board of HCLTech has appointed Shiv Walia as the company’s new Chief Financial Officer, effective September 6. This appointment follows the resignation of Prateek Aggarwal, who has stepped down from the CFO position to pursue opportunities outside the company.
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IndusInd Bank
The Reserve Bank of India has granted approval to IndusInd Bank to establish a wholly owned subsidiary dedicated to the asset management business of mutual funds. The bank has also received the go-ahead to infuse equity capital into the newly formed asset management subsidiary.
Motilal Oswal
The company’s Board of Directors has approved the issuance of non-convertible debentures (NCDs) with a base issue size of Rs 100 crore. The issuance includes a green shoe option to retain oversubscription of up to Rs 100 crore, bringing the total potential offering to Rs 200 crore. The NCDs will be issued on a private placement basis.
Sequent Scientific
The pharmaceutical company, in partnership with Mepro Pharmaceuticals, has received prequalification (PQ) approval from the World Health Organization (WHO) for Albendazole, an active pharmaceutical ingredient (API). Albendazole is an essential medication used to treat a variety of parasitic infections.
Saraswati Saree Depot
Saraswati Saree Depot’s shares are set to debut on the stock exchanges on Tuesday. Ahead of the listing, the company’s shares are trading with a gray market premium (GMP) of Rs 46. With the upper price band set at Rs 160, the stock is anticipated to list at a 29% premium over the issue price. This strong GMP suggests positive investor sentiment ahead of the listing.
