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.
Stocks in Focus: GIFT Nifty traded down by 153.50 points or 0.62% at 24,773.50 indicating a negative opening for domestic indices NSE Nifty 50 and BSE Sensex on Monday. Previously, on Friday, the NSE Nifty 50 ended down by 292.95 points or 1.17% to settle at 24,852.15 while the BSE Sensex plunged 1017.23 points or 1.24% to 81,183.93.
“SEBI’s deadline over FII’s disclosure norm created panic among the market participants, leading to a sharp sell-off in the Indian market. This is not expected to impact FII’s long-term stance on India. Yet, due to lack of new market catalysts and elevated valuations, this muted trend is expected to remain in the short term. Q1 GDP growth has moderated, and similar trends are witnessed in corporate earnings,” said Vinod Nair, Head of Research, Geojit Financial Services.
Nair also added that August Indian PMI readings were marginally below July numbers, indicating that caution is in the air. Weak monthly sales impacted the Auto sector. PSU banks underperformed due to premium valuation, while a decline in commodity prices led to a drop in the metals sector.
“The continuous decline in oil prices to a 14-month low and weak job opening data is adding to the fears. Week ahead, US non-farm payroll and US inflation data will be closely monitored,” Nair further added.
Stocks to Watch on September 9, 2024
Ola Electric Mobility
Ola Electric’s one-month shareholder lock-in period will end on Monday, September 9, marking a month since its listing on the stock exchanges. Around 18.18 crore shares, representing 4% of the company’s outstanding equity, will become eligible for trading following the end of the lock-in period, as noted by Nuvama Alternative and Quantitative Research. However, this does not imply that all these shares will necessarily be sold, only that they will be available for trading.
Jio Financial Services
Jio Financials and BlackRock Advisors Singapore Pte. Ltd. have formed a joint venture named Jio BlackRock Investment Advisers Pvt. Ltd. to provide investment advisory services, pending regulatory approvals. The newly incorporated company aims to carry out the primary business of offering advisory solutions in the investment space.
Mazagon Dock
The Company has secured an order worth Rs 1,486 crore from Oil & Natural Gas Corporation (ONGC) for a subsea pipeline replacement project. The project will be executed on an engineering, procurement, and construction (EPC) reimbursable basis.
Godfrey Phillips
Bina Modi has been reappointed as Managing Director of Godfrey Phillips, with nearly 87% of shareholders supporting her reappointment. The Delhi High Court permitted her to vote in the AGM on behalf of the 48% shareholding held by the KK Modi family trust.
SpiceJet
SpiceJet is set to issue shares to Carlyle Aviation as part of a deal to convert a portion of its dues into equity. Carlyle Aviation will acquire SpiceJet shares to settle $137.68 million in dues. Under the restructuring agreement, SpiceJet’s total dues will be reduced from $137.68 million to $97.51 million, with $40 million of Carlyle Aviation’s dues being converted into equity.
Suven Pharma
The US Food & Drug Administration (US FDA) has classified Suven Pharma subsidiary Casper Pharma’s formulations manufacturing facility in Hyderabad as ‘Voluntary Action Indicated’ (VAI). Following this classification, the US FDA has officially closed its inspection of the facility.
Granules India
Granules India has announced the completion of the US Food and Drug Administration (USFDA) inspection at its Gagillapur facility in Hyderabad, Telangana. The inspection, which took place from August 26 to September 6, 2024, resulted in six observations. Granules India has expressed its commitment to addressing these observations promptly and will submit its response to the USFDA within the required timeframe.
RBM Infracon
The company has secured an order worth Rs 3,498 crore from Oil & Natural Gas Corporation (ONGC), which includes Rs 3,371 crore for crude and Rs 127 crore for gas at Nandej.
Zydus Lifesciences
The drugmaker has received a GST demand order of ₹16.76 crore from the Central Goods and Service Tax, Goa Commissionerate, for allegedly availing ineligible Input Tax Credit (ITC) without proof of actual receipt of services between FY 2017-18 and 2019-20. The company plans to challenge the order by filing an appeal and stated that there will be no material impact on its financial or operational activities.
Suzlon Energy
The company has acquired a 51% stake in Renom, making Renom a subsidiary of the company.
Ami Organics
The company has announced that its manufacturing facility in Surat has successfully passed the Good Manufacturing Practices (GMP) inspection conducted by the Pharmaceutical and Medical Devices Agency Japan. The facility has been declared GMP compliant.