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 41 points or 0.16% at 25,433 indicating a positive opening for domestic indices NSE Nifty 50 and BSE Sensex on Monday. Previously, on Friday, the NSE Nifty 50 ended up by 83.95 points or 0.33% to settle at 25,235.90. while the BSE Sensex jumped 231.17 points or 0.28% to 82,365.78.
“Despite a lack of fresh triggers in the domestic economy, the market has showcased a broad-based recovery and breached a new high, driven by domestic inflows and renewed sentiment on the FED rate cut in the September meeting. Consolidation in US 10-year yield along with outperformance in the IT index by 4% this week pointed to the possibility of higher spending, which is likely to increase the prospects of an upgrade in earnings,” said Vinod Nair, Head of Research, Geojit Financial Services.
Nair also added that a positive shift in FII’s stance towards the domestic market will keep the overall sentiment positive. Progressing monsoon season and increasing the capacity of reservoir level brighten the prospects of rural economy and will increase discretionary spending.
“On the global front, an upbeat US GDP growth and an expectation of a steady US job market may push back the possibility of a deeper rate cut cycle by the FED. The Indian Q1 GDP growth is expected to be moderate, while investors are likely to remain watchful due to premium valuation and may keep their eye on defensive and value stocks,” added Nair
Stocks to Watch on September 2, 2024
Tata Motors
Tata Motors reported a decline in total sales for August 2024, with 71,693 units sold compared to 78,010 units in the same month last year. Domestic sales dropped by 8% to 70,006 units. The commercial vehicle segment saw a significant 15% decrease, falling to 27,207 units due to reduced demand for both heavy and small commercial vehicles.
Domestic passenger vehicle sales, including electric vehicles, fell by 3% to 44,142 units. Overall, passenger vehicle sales, including electric vehicles, slightly decreased to 5,935 units. Electric vehicle sales, both domestic and international, also experienced a decline, totaling 5,935 units in August 2024 compared to 6,236 units in August 2023.
Maruti Suzuki India
In August, total vehicle sales saw a 4% decline year-on-year, dropping to 1,81,782 units from 1,89,082 units in the same month last year. Domestic passenger vehicle sales fell by 8%, reaching 1,43,075 units, largely due to a significant 20% decrease in compact car sales.
Despite the downturn in the mini and compact car segments, utility vehicles bucked the trend with a 7% increase in sales. On the export front, there was positive growth, with shipments rising to 26,003 units, up from 24,614 units in the previous year
TVS Motors
The company reported a 13% year-on-year increase in total sales for August, reaching 3,91,588 units. Two-wheeler sales saw a robust growth of 14%, with 3,78,841 units sold in August 2024. Domestic two-wheeler sales rose by 13% to 2,89,073 units, while exports surged by 14% to 99,976 units, up from 87,515 units in the same period last year.
Eicher Motors
Royal Enfield experienced a 5% decline in sales for August, with total units dropping to 73,629 compared to 77,583 units in the same period last year. The company’s exports also saw a 2% decrease, falling to 8,006 units from 8,190 units.
Meanwhile, VE Commercial Vehicles reported a modest 1% growth in sales, reaching 6,543 units, up from 6,476 units last year. Domestic sales for VE Commercial Vehicles increased by 2% to 6,028 units, compared to 5,907 units previously. However, exports for VE Commercial Vehicles saw a significant decline of 23%, with only 255 units shipped compared to 332 units last year.
MOIL
The state-owned company has announced a price reduction for ferro-grade manganese ores for September. Prices for manganese ores with a manganese content of Mn-44% and above have been cut by 20%. Additionally, the prices of all other ferro grades with manganese content below Mn-44%, as well as SMGR (Mn-30% & Mn-25%), fines, and chemical grades, have been lowered by 15%.
OIL India
Oil India Limited (OIL) and Indra Dhanush Gas Grid (IGGL) have signed hook-up agreements to connect OIL’s natural gas fields in Upper Assam with the Duliajan Feeder Line of the North-East Gas Grid. Additionally, the agreements include the evacuation of natural gas from OIL’s DSF block in Tripura through IGGL’s 12” NB x 86 km Agartala-Tulamura natural gas pipeline.
NBCC India
The Board of Directors has approved a bonus issue, offering one additional share for every two equity shares held. The record date for the bonus issue is set for October 7.
HPCL
Pushp Kumar Joshi has retired from his position as Chairman & Managing Director, effective September 1, and is no longer a director. The Ministry of Petroleum & Natural Gas has appointed Rajneesh Narang, the current Director-Finance, as the interim Chairman & Managing Director for a three-month period, starting September 1.
Biocon
Biocon Pharma, a subsidiary of Biocon, has received US FDA approval for its Sacubitril/Valsartan tablets and Daptomycin for injection. Additionally, Biocon has obtained an Establishment Inspection Report (EIR) from the US FDA for its greenfield API facility in Visakhapatnam, clearing the way for commercial supplies to the US market.
Wipro
The company has appointed Srikumar Rao as the Global Head of its Engineering Edge Business Line, effective October 5, following the resignation of Harmeet Chauhan. In his new role, Srikumar will report to Srini Pallia.
SJVN, NHPC, RailTel
The Government of India has awarded Navratna Status to SJVN, NHPC, and RailTel Corporation of India.
Siemens
The company has received an order from the Deputy Commissioner of Income-tax, which includes a potential tax demand of Rs 29.4 crore. This brings the total cumulative amount in ongoing litigations and disputes with the Deputy Commissioner of Income-tax to Rs 77.5 crore.