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 73.50 points or 0.30% at 24,317 indicating a negative opening for domestic indices NSE Nifty 50 and BSE Sensex on Monday. Previously, on Friday’s Muhurat trading session, the NSE Nifty 50 ended up by 99 points or 0.41% to settle at 24,304.35 while the BSE Sensex jumped 335.05 points or 0.42% to 79,724.12.
“Markets traded under pressure on monthly expiry day, slipping nearly half a percent. Early weakness in IT majors weighed on sentiment, with other sectors joining the decline later in the session. However, resilience in select heavyweight stocks helped limit the overall losses. Nifty ultimately closed at 24,205, down 0.56%. Most sectors saw losses, with IT and FMCG leading the decline. Broader indices showed mixed performance, as midcaps edged lower while smallcaps gained over a percent,” said Ajit Mishra – SVP, Research, Religare Broking.
Mishra also added that the IT had previously shown resilience, holding hope for a recovery, today’s decline in major IT stocks has dampened the outlook for a strong rebound. Current indications point to a possible retest of the prior swing low near the 24,000 level. Despite the negativity in the benchmark indices, there are notable opportunities on both sides in certain sectors. Traders should adjust their strategies accordingly, emphasizing risk management.
Stocks to Watch on November 4, 2024
Hero MotoCorp
The company reported an 18.1% year-over-year increase in total sales for October, reaching 6.79 lakh units, up from 5.74 lakh units in the same month last year. Domestic sales saw a 17.4% jump, with 6.57 lakh units sold compared to 5.59 lakh units previously. Export sales rose significantly, surging by 43.02% to 21,688 units, compared to 15,164 units in October last year.
Zen Technologies
The Company reported a robust performance in Q2, with consolidated profit surging 365.3% year-over-year to Rs 63.4 crore, up from Rs 13.6 crore. Revenue experienced significant growth, rising 263.7% to Rs 241.8 crore, compared to Rs 66.5 crore in the same period last year. EBITDA climbed 322% to Rs 80 crore, up from Rs 18.96 crore, reflecting strong operational gains. Additionally, the EBITDA margin expanded by 457 basis points to 33.07%, compared to 28.5% in the previous year.
Premier Energies
The company’s subsidiaries, Premier Energies International and Premier Energies Photovoltaic, have secured multiple orders totaling Rs 560 crore. The orders, placed by two major independent power producers (IPPs) and other clients, include Rs 513 crore for solar modules and Rs 47 crore for solar cells, highlighting the growing demand for the company’s renewable energy solutions.
Bondada Engineering
The company reported a strong performance in Q2, with consolidated profit jumping 142.1% year-over-year to Rs 36 crore, up from Rs 14.9 crore. Revenue also saw substantial growth, increasing 62.5% to Rs 480.6 crore compared to Rs 295.7 crore in the same period last year.
Zomato
Adonmo has secured additional capital from new investors as of September 25, with Zomato opting not to participate in this round.
Consequently, Zomato’s shareholding in Adonmo has reduced from 19%—its stake since the initial investment in January 2022—to 17%. This shift in shareholding follows Adonmo’s recent fundraising activity, which involved contributions from select new investors.
Sun Pharma
The U.S. District Court of New Jersey has issued a preliminary injunction preventing Sun Pharma from launching Leqselvi, a treatment for severe alopecia areata. Under this ruling, Sun Pharma is prohibited from introducing Leqselvi until a favorable court ruling is achieved or the patent in question expires. The company has expressed disagreement with the decision and plans to file an immediate appeal.
Rushil Decor
The company has announced a planned 16-day shutdown of its Chikmagalur MDF manufacturing unit for maintenance work, tentatively starting on November 5. The company has prepared adequate inventory to cover production needs during this period, aiming to prevent any potential revenue loss from the temporary closure.
Apollo Hospitals
The company has entered into a definitive agreement to build and operate a new 500-bed hospital in Worli, with an investment commitment of Rs 130 crore. Additionally, the company plans to expand its existing hospital facility in Lucknow, increasing capacity from 300 to 500 beds with an investment of Rs 325 crore.
MOIL
The company has announced a price reduction for its manganese ore, effective November 1. The price for ore with manganese content of 44% and above has been cut by 7%, while ore with manganese content below 44% will see a 1% price decrease.
NCC
The company secured orders totaling Rs 3,496 crore in October from state and central government bodies, as well as private companies.
Afcons Infrastructure
Afcons Infrastructure, a subsidiary of the Shapoorji Pallonji Group, is set to be listed on the NSE and BSE on November 4, 2024. The company’s IPO successfully raised Rs 5,430 crore, which includes a fresh issue of 2.7 crore shares amounting to Rs 1,250 crore and an offer for sale of 9.03 crore shares valued at Rs 4,180 crore.