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Stock Market, BSE, Nifty, Capital(Photo: Shutterstock)
Stocks to Watch, Thursday, October 3, 2024: Markets in Indian looked poised for a gap down start on Thursday, as indicated by GIFT Nifty futures that were trading around 250 points behind Nifty futures’ last close, at 25,737.
Meanwhile, gains in Asia were being led by Japanese stocks, which were buoyed by the modest overnight uptick on Wall Street despite escalating tensions in the Middle East. The Nikkei 225 was up 2.57 per cent at open, while the broader Topix index rose by 2 per cent.
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Australia’s S&P/ASX 200 was up 0.25 per cent. Meanwhile, Hong Kong’s Hang Seng index futures traded at 22,438, slightly lower than the previous close of 22,443.73, following a strong session on Wednesday when the index surged over 6 per cent to reach a 22-month high.
In the US, major indexes finished just above the flatline, with the S&P 500 inching up 0.01 per cent to close at 5,709.54, the Dow Jones Industrial Average adding about 39 points to end at 42,196.52, and the Nasdaq Composite rising 0.08 per cent to 17,925.12.
Meanwhile, here are a few stocks likely to be in focus today, Thursday, October 3:
State Bank of India: SBI plans to open 600 new branches this fiscal year to expand its reach in emerging residential areas, said its chairman and managing director CS Setty. The bank is also innovating its product offerings to attract depositors, aiming for a stronger market presence, he added. Separately, SBI is also a part of a consortium looking to auction off Rs 1,772.7 crore worth of non-performing loans related to the Bareilly Highways Project. The auction is scheduled for October 30, with NARCL submitting an anchor bid that sets the stage for counter offers.
Mankind Pharma: The company has received approval from India’s competition regulator for its Rs 13,630 crore acquisition of Bharat Serums and Vaccines. This deal will enhance Mankind’s product offerings, particularly in women’s health, and is part of its broader strategy to strengthen its market position.
Adani Enterprises: Adani Enterprises has merged its two step-down subsidiaries, Adani Infrastructure and Mundra Solar Technology, into Adani New Industries, which focuses on green hydrogen and wind turbine manufacturing. This strategic move may strengthen their position in the renewable energy sector. Separately, the company is planning a $1.3 billion share sale to institutional investors, marking a significant move after previous setbacks.
Dr. Reddy’s Laboratories: The company, in collaboration with Hetero, has secured a licensing agreement with Gilead Sciences for lenacapavir, a new HIV treatment, aimed at expanding access in 120 low-income countries, including India.
Hindustan Zinc: The company reported a 2 per cent increase in mined metal production to 256,000 tonnes in Q2FY25, alongside a rise in refined metal output. Production of refined zinc increased 7 per cent YoY to 1,98,000 tonnes 2QFY24, while refined lead production was up 12 per cent YoY to 63,000 tonnes.
IPO Listing: Shares of KRN Heat Exchanger will list on the NSE and BSE today.
Zydus Lifesciences: The pharma company has received tentative approval from the USFDA to manufacture generic Enzalutamide tablets for prostate cancer treatment, which had annual sales of $1.4 billion in the US.
Eicher Motors: The motorcycle maker reported an 11 per cent increase in wholesales to 86,978 units in September, attributed to strong demand following recent product launches.
Reliance Infrastructure, Reliance Power: The Anil Ambani-led Reliance Group has entered into a partnership with Bhutan’s Druk Holding and Investments for renewable energy projects, marking Reliance’s first foreign venture. This includes developing 500 MW of solar and 770 MW of hydropower capacities, by a 50:50 subsidiary of Reliance Infrastructure and Reliance Power.
NTPC: THDCIL, operating under NTPC, has signed an MoU with the Rajasthan government for 1,600 MW of pumped storage projects, involving an investment of Rs 8,800 crore. This is aimed at enhancing energy storage and grid stability.
Godrej Properties: The company’s board has approved a fundraise of Rs 6,000 crore for growth initiatives, pending shareholder approval, reinforcing its strong presence in the real estate market.
HCL: Foxconn is investing up to Rs 424 crore in a semiconductor joint venture with HCL, aimed at establishing a plant in India as part of its broader investment strategy in the country.
Adani Power: The company has signed an agreement to acquire the Dahanu Power Station for Rs 815 crore, consolidating its thermal power assets and improving operational efficiency.
Marico: The FMCG company reported a high single-digit revenue growth in Q2, despite facing currency headwinds. It anticipates moving into double-digit growth in the latter half of the fiscal year, particularly in their domestic market.
Coal India: The state-owned company is exploring options to lease out four old washeries to optimise asset utilisation. It is also expanding its washery capacity and aiming for significant production targets.
ZEE Entertainment Enterprises: Under the leadership of CEO Punit Goenka, ZEEL is focusing on enhancing profitability and stakeholder value. The company is implementing strategic steps aimed at optimising operations, with a notable emphasis on quality content.
Ashok Leyland: The vehicle manufacturer has entered into a partnership with FlixBus India to enhance intercity bus travel. This collaboration aims to provide local bus operators with advanced technology and services, positioning Ashok Leyland for significant growth as FlixBus expands its network in India.
Blue Star: The air-conditioning manufacturer is currently involved in arbitration with Oman’s WJ Towell & Co LLC, which has raised a claim of Rs 461.74 crore against the company. Blue Star maintains that the claims are unfounded and asserts that they will not materially impact the company financially.
Reliance Industries: Even as the UK-based BP’s exclusivity with Reliance has ended, but both companies plan to maintain their strategic partnership. BP continues to invest in oil, gas, and mobility in India, having already invested over $12 billion in the country.
Tafe: The ongoing dispute between Tafe and AGCO could impact Tafe’s tractor production under the Massey Ferguson brand. AGCO terminated its agreements with Tafe, citing unauthorised actions, which Tafe is contesting in court.
