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.
GIFT Nifty ended up by 67 points or 0.27% at 25,140 indicating a positive opening for domestic indices NSE Nifty 50 and BSE Sensex on Monday. Previously, on Friday, the NSE Nifty 50 ended down by 34.20 points or 0.14% to settle at 24,964.25 while the BSE Sensex plunged 230.05 points or 0.28% to 81,381.36.
“Markets traded lackluster on Friday and ended slightly lower amidst mixed cues. Early in the session, weak sentiment in IT major, TCS, after its earnings report impacted the mood, with further pressure from declines in private banking giants. However, selective buying in heavyweight stocks helped limit the decline as the day progressed. Sector-wise, the trend remained mixed—pharma and metal saw gains, while realty and banking finished in the red. Broader indices outperformed, gaining nearly half a percent each,” said Ajit Mishra – SVP, Research, Religare Broking.
Mishra also added that the market has been facing selling pressure on every rise, though resilience in key heavyweights, particularly in the IT, pharma, and metal sectors, has slowed the downward momentum. We recommend maintaining a cautious stance on the Nifty until it decisively surpasses the 20-day exponential moving average (DEMA), which is currently around the 25,300 level. With opportunities on both sides, traders should prioritize careful stock selection and effective trade management
Stocks to Watch on October 14, 2024
Reliance Industries
The company is set to report its Q2 results on Monday, October 14, after market hours. Investors will be closely watching the announcement, particularly for any updates regarding the record date for the proposed bonus issue of shares.
HAL
The Department of Public Enterprises announced that Finance Minister Nirmala Sitharaman has approved the elevation of Hindustan Aeronautics, making it the 14th Maharatna Central Public Sector Enterprise (CPSE).
Avenue Supermarts
The parent of Dmart reported a 5.8% rise in net profit for Q2, reaching Rs 659.6 crore. Revenue grew by 14.4% to Rs 14,444.5 crore during the same period. EBITDA saw an 8.8% increase to Rs 1,094 crore, though the EBITDA margin narrowed by 40 basis points, slipping to 7.6% from 8% a year ago.
Indo Count Industries
The company’s subsidiary, Indo Count Global, Inc., has acquired a 100% stake in Modern Home Textiles, Inc. for $11.7 million through a stock purchase agreement with Modern Home’s stockholders. The acquisition is expected to be completed by October 31.
Bajaj Housing Finance
The one-month lock-in period for shareholders will end on Monday, October 14, making 12.6 crore shares, or 2% of the company’s outstanding equity, eligible for trading. However, this does not imply that all these shares will necessarily be sold in the open market.
Network 18 Media
The company reported a 2.2% decline in consolidated revenue, which stood at Rs 1,825 crore. The consolidated operating EBITDA loss narrowed to Rs 178 crore, compared to a loss of Rs 218 crore last year. Subscription revenue saw a significant increase of 44%, reaching Rs 733 crore, while the news business revenue rose by 6% to Rs 445 crore, with EBITDA improving to Rs 7 crore from a loss of Rs 10 crore.
Ashoka Buildcon
The construction engineering company has secured a letter of acceptance for projects worth Rs 2,000 crore from the Maharashtra State Road Development Corporation.
These projects involve the construction of major bridges across Jaigad Creek between Tawsal and Jaigad, Kundalika Creek between Revdanda and Salav, and Bankot Creek between Kolmandla (District Raigad) and Veshvi along the Revas Reddi Coastal Highway in Ratnagiri, Maharashtra.
JSW Energy
The Company’s subsidiary, JSW Energy PSP Two, has signed an Energy Storage Facility Agreement (ESFA) with the Maharashtra State Electricity Distribution Company (MSEDCL) for the procurement of 1,500 MW / 12,000 MWh of pumped hydro energy storage. The agreement ensures the supply of energy storage capacity for a period of 40 years, during which the company will receive a fixed capacity charge of Rs 84.66 lakh per MW per annum.
Indoco Remedies
The US FDA has classified its inspection of the company’s Goa facility as Official Action Indicated (OAI). The inspection took place at Goa Plant-II & III, L-32, 33, 34, in July 2024, with the regulatory decision indicating that further corrective actions may be required.
Sula Vineyards
The company reported a 1.3% year-on-year decline in net revenue for Q2, totaling Rs 141.8 crore compared to Rs 143.7 crore in the previous year. Revenue from its own brands grew slightly by 0.3%, reaching Rs 127.2 crore, up from Rs 126.8 crore. Additionally, wine tourism revenue saw a modest increase of 1.3%, rising to Rs 12.2 crore from Rs 12.1 crore in the same period last year.
Key Results To Watch Today
Reliance Industries, HCL Technologies, Angel One, Sterling and Wilson Renewable Energy, Alok Industries, Gopal Snacks, Ceenik Exports, Dr Lalchandani Labs, International Travel House, Nutraplus India, Oriental Hotels, Premier Polyfilm, Rajoo Engineers, and Rita Finance and Leasing.