Stocks To Watch, Tuesday, October 1, 2024: GIFT Nifty futures, trading marginally ahead at 26,002 at 7:02 AM, indicated that markets in India were likely headed for a start with a small gain.
Markets in the Asia-Pacific region were mixed on Tuesday following Federal Reserve chair Jerome Powell’s comments that future rate cuts would not be as aggresive as the last one.
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Many Asian markets, including South Korea, Hong Kong, and mainland China, are closed for a public holiday today, while China markets will remain closed for the rest of the week due to Golden Week celebrations.
Japan’s Nikkei 225 rebounded sharply, gaining 1.73 per cent after a 4.8 per cent decline on Monday, while the Topix rose 1.43 per cent. In contrast, Australia’s S&P/ASX 200 fell 0.47 per cent, pulling back from an all-time high.
In the US, the S&P 500 closed at a record high on Monday, gaining 0.42 per cent at close. The Dow Jones Industrial Average also set a new record, edging up to close at 42,330.15, while the tech-heavy Nasdaq Composite rose by 0.38 per cent.
Meanwhile, here are a few stocks likely to be in focus on Tuesday, October 1:
Bharti Airtel: The telecom company has prepaid Rs 8,465 crore to the government for spectrum acquired in 2016, which carried an interest rate of 9.3 per cent.
Care Health Insurance, Religare Enterprises: The shareholders of Care Health Insurance reappointed Rashmi Saluja as a director, despite a challenge from the Burman family, which owns a significant stake in Religare Enterprises. Religare holds a 64 per cent stake in Care Health.
Blue Dart Express: The logistics company announced a price increase of 9-12 per cent for shipments starting January 1, 2025. This decision aims to cover rising operational costs while ensuring the delivery of quality service, the company said.
Indian Oil Corporation: IOC has withdrawn its Rs 22,000 crore rights issue following a lack of government support in the 2024-25 budget.
Tata Power: The company signed a Rs 1.2 trillion investment pact with the Rajasthan government, including Rs 75,000 crore for green energy projects. This initiative aims to make Rajasthan a power surplus state and create over 28,000 jobs.
Bajaj Auto: The company has emerged as the leading player in India’s electric vehicle market with sales of over 25,000 in September. The company’s aggressive expansion and steady demand for electric three-wheelers have contributed to its growth.
Lupin: The company has entered a distribution agreement with Ireland’s Scope Ophthalmics to market various eye care products in Mexico, enhancing its ophthalmology portfolio and expanding its international footprint.
Mankind Pharma: The company’s board has approved its proposal to raise up to Rs 10,000 crore through non-convertible debentures and commercial papers. The company is strategically positioning itself after its recent acquisition of Bharat Serums and Vaccines.
Aurobindo Pharma: The company reported receiving 10 procedural observations from the US FDA after an inspection of its API facility in Telangana. The company aims to address these observations promptly, it said.
Adani Enterprises: Adani Airport Holdings has successfully raised Rs 1,950 crore ($232.72 million) through its largest domestic bond issue since the Hindenburg Research allegations. The bonds, rated A+, offer a monthly coupon of 9.35 per cent. Major mutual funds, including SBI Equity Hybrid Fund and Aditya Birla Finance, are among the anchor investors.
Tata Steel: The company’s Port Talbot plant in South Wales has halted operations at its Blast Furnace 4 after over a century, transitioning to greener steel production with a £1.25 billion investment in Electric Arc Furnace technology. Despite the closure resulting in approximately 2,800 redundancies, the company aims to sustain over 5,000 jobs and enhance its competitive edge in low CO2 steelmaking.
Emami: The company is gearing up for significant growth, aiming for Rs 10,000 crore in revenue over the next six to seven years, up from an anticipated Rs 4,000 crore this fiscal year. The company has a robust portfolio of over 500 products, bolstered by strategic acquisitions that account for nearly half of its revenue. Emami’s focus on direct-to-consumer (D2C) strategies and investments in new categories positions it well for future expansion.
McLeod Russel India: The company’s chairman and MD, Aditya Khaitan expressed optimism about resolving the company’s debt issues amid insolvency petitions from creditors totaling around Rs 1,800 crore. With encouraging results in Q1FY25, the company hopes for a price rebound due to crop shortages and regulatory changes that could benefit compliant tea producers.
Dr. Reddy’s Laboratories: The company has completed the acquisition of Haleon plc’s global consumer healthcare brands in the nicotine replacement therapy sector for GBP 458 million. This strategic move enhances DRL’s portfolio, expanding its footprint in the NRT market across Europe, Asia, and Latin America, excluding the US.
Adani Ports and Special Economic Zone, Ambuja Cements: Adani New Industries, Adani Ports and Special Economic Zone, and Ambuja Cements have joined the World Economic Forum’s ‘Transitioning Industrial Clusters’ initiative. This collaboration aims to enhance economic growth, job creation, and decarbonisation by 2050.
Cyient DLM: Morgan Stanley sold 4.34 lakh shares of Cyient DLM for Rs 29 crore, while HDFC Mutual Fund increased its stake by purchasing 4 lakh shares at the same price of Rs 667 each. HDFC’s holding in the firm now stands at 5.29 per cent, up from 4.79 per cent.
RBL Bank: Hydra Trading has sold a 1.24 per cent stake in RBL Bank, amounting to 75.11 lakh shares, for over Rs 152 crore at an average price of Rs 203 per share. This transaction reduces Hydra’s holding to approximately 0.01 per cent in the bank.
SpiceJet: Plutus Wealth Management acquired 85 lakh shares of SpiceJet, representing a 0.66 per cent stake, for around Rs 51 crore at an average price of Rs 59.95 per share.
