GIFT Nifty indicated that Indian equity indices BSE Sensex and NSE Nifty 50 may see a positive opening on Monday. Here’s a look at the key stocks to watch in trade.
Stocks in Focus: GIFT Nifty traded up by 42.50 points or 0.19% at 22,524 indicating a positive opening for domestic indices NSE Nifty 50 and BSE Sensex on Monday. Previously, on Thursday, the NSE Nifty 50 ended up by 203.25 points or 0.92% to settle at 22,326.90, while the BSE gained 655.04 points or 0.90% to 73,651.35.
“Indian equities closed the day and fiscal year on an optimistic note, with volatility by the end of the session, as buying by retails, DIIs, and FIIs surged across categories. The mid- and small-cap stocks have emerged as frontrunners, rebounding from the initial sell-off earlier in the month,” said Vinod Nair, Head of Research, Geojit Financial Services.
Nair also added that, An upgrade in the domestic economy forecast hints at an encouraging outlook for the stock market in FY25. However, the emphasis is on large-cap due to the persisting premium valuations of mid-cap stocks, which could pose a concern on the broad market in the short to medium term.
Stocks to Watch on April 1, 2024
HDFC Bank
HDFC Bank has entered into a binding term sheet to sell its entire equity stake in HDFC Education and Development Services Pvt. Ltd. The sale will be conducted through a Swiss Challenge method, with subsequent definitive agreements expected between the purchaser and HDFC Bank.
Infosys
Infosys anticipates a refund of Rs 6,329 crore from the Income Tax Department. The company is assessing the impact of these refunds on its financial statements for the quarter.
Pharma Stocks
The National Pharmaceutical Pricing Authority (NPPA) has announced that prices of essential medicines will rise starting April 1. The notice specifies a 0.00551% increase in the Maximum Retail Price (MRP) of scheduled formulations from the start of the fiscal year 2024-25.
Indian Oil Corporation
Indian Oil Corporation has signed a binding term sheet with Panasonic Energy to establish manufacturing facilities for Lithium-Ion Cells in India. This move aims to enhance India’s self-reliance and strengthen its position in the global energy landscape.
MOIL
MOIL has increased prices of various grades of Manganese ore, with a 6% hike for grades above Mn-44% and a 3% increase for other grades, effective from March.
Torrent Power
Torrent Power has been awarded a contract by its distribution unit to develop a 150 MW grid-connected wind solar hybrid project, with an estimated cost of Rs 1,825 crore.
Lupin
Lupin has obtained approval from the USFDA for its Eslicarbazepine Acetate tablets, a generic version of Aptiom. The drug will be manufactured at Lupin’s Pithampur unit, potentially granting the company 180-day exclusivity with estimated sales of $354 million.
Asian Paints
Asian Paints’ board has approved a Rs 200 crore investment in its subsidiary, Asian Paints International.
JM Financial
Atul Mehra has stepped down as Joint MD of JM Financial, effective March 28, while Adi Patel has been redesignated as MD from Joint MD.
RVNL
Rail Vikas Nigam Limited (RVNL) has secured contracts as the lowest bidder for three projects worth varying amounts, including those from South Eastern Railway, North Eastern Frontier Railway, and the Energy Development Corporation.
Adani Total Gas
Adani Total Gas’ subsidiary, Adani Total Energies Biomass Ltd., has commenced operations at Phase 1 of its Barsana Biogas Plant in Uttar Pradesh, with a capacity of 600 Tonnes Per Day Of Feedstock. The project’s total cost is expected to exceed Rs 200 crore across all phases.