GIFT Nifty indicated that Indian equity indices BSE Sensex and NSE Nifty 50 may see a lacklustre opening on Tuesday. Here’s a look at the key stocks to watch in trade.
Stocks in Focus: GIFT Nifty traded up by just 8.50 points or 0.04% at 22,180 indicating a lacklustre opening for domestic indices NSE Nifty 50 and BSE Sensex on Tuesday. Previously, on Monday, the NSE Nifty 50 ended up by 81.55 points or 0.37% to settle at 22,122.25, while the BSE Sensex gained by 281.52 points or 0.39% to 72,708.16.
“Markets continued to scale higher for the fifth consecutive session and witnessed a record closing at 22122.25 gaining nearly 0.32 percent. After an initial decline, the market rebounded sharply from the lower levels and printed a record high of 22184.20.Meanwhile, on the sectoral front PSU Bank and CNX IT witnessed profit booking wherein Pharma, FMCG and Oil and Gas sector remained top gainers. The broader indices traded insync with the benchmark index gaining nearly 0.4 percent,” said Ajit Mishra, SVP – Technical Research, Religare Broking Ltd.
Stocks To Watch: Hindustan Zinc, Suzlon Energy, Glenmark Pharma, Hindustan Aeronautics, Vedanta Stocks To Watch: Berger Paints, Vodafone Idea, ONGC, IRFC, Wipro Stocks To Watch: Hindalco, Godrej Consumer Product, Apollo Tyres, Radico Khaitan, NHPC, Maruti Suzuki, Eicher Motors, LIC Stocks To Watch: Realty Stocks, Lupin, Tata Power, PB Fintech, SBI, Suzlon Energy, Godrej Consumer, ABFRL
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Mishra also said, Nifty has managed to surpass the hurdle of 22150, but failed to close above the same. For index to continue its upward momentum, it would be crucial for the private banking majors to participate and contribute to the move. We maintain our view to stay focused on stock selection and refrain from aggressive bets until Nifty decisively close above 22150.
Stocks to Watch on February 20, 2024
Kotak Mahindra Bank
Kotak Mahindra Bank has announced the appointment of Devang Gheewalla as the Chief Financial Officer and a Key Managerial Personnel. Additionally, Milind Nagnur has been appointed as the Chief Operating Officer of the bank.
Mazagon Dock Shipbuilders
Mazagon Dock Shipbuilders has been granted a patent by the Indian Patent Office for a groundbreaking procedure in the final alignment of the Propeller Shaft on a Destroyer Class Vessel while in Dry Dock.
Whirlpool of India
Whirlpool of India’s promoter, Whirlpool Mauritius, is set to divest a 24% stake at a floor price of Rs 1,230 per share. The floor price represents a discount of 7.6% to the current market price.
CIE Automotive
CIE Automotive reported a 0.29% decline in revenue at Rs 2,240.39 crore YoY in the third quarter, with a 9.12% decrease in net profit at Rs 177.05 crore. The company’s board has approved a final dividend of Rs 5 per share.
Torrent Power
Torrent Power plans to invest Rs 25,000 crore in developing four projects related to pumped storage hydro, green hydrogen, and solar energy generation in Uttar Pradesh.
Godrej Consumer
Godrej Consumer and its arm will divest their entire stake in the Mauritius-based unit, Godrej East Africa Holdings, to HKG Africa Weave for a consideration of Rs 30 crore.
ONGC
Shareholders of ONGC’s Cyprus-based step-down unit, IEL, have approved the merger of five arms with itself. The unit will have three step-down units in Cyprus post-merger.
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LTIMindtree
LTIMindtree has introduced Navisource.AI, a GenAI-powered autonomous sourcing platform. The platform aims to reduce overall procurement costs by 10-15%.
Deepak Fertilisers & Petrochemicals
Deepak Fertilisers & Petrochemicals has entered into a long-term supply agreement for Liquefied Natural Gas (LNG) with Equinor ASA, Norway.
Marico
FMCG giant Marico has introduced four gourmet-style flavors in its flavoured Oats range under the flagship brand – Saffola.
Vibhor Steel Tubes
The company’s shares will debut on the stock exchanges on Wednesday at an issue price of Rs 151 apiece. The Rs 72.17 crore was subscribed 298.86 times on its third and final day. The public issue was subscribed 298.86 times on day 3.
Mining Stocks
The government has announced that it received 40 bids submitted in offline form for mines under the ninth round of the Commercial Coal Mine auctions. The auctions, initiated in December 2023, encompassed a total of 32 coal mines.
Titagarh Rail
Titagarh Rail, a prominent player in the rail manufacturing, is making significant strides as it prepares to commence the supply of driverless train sets for Bengaluru Metro’s Yellow Line from April.
IREDA and PNB
In a move aimed at promoting sustainable initiatives, the Indian Renewable Energy Development Agency (IREDA) and Punjab National Bank (PNB) have signed a Memorandum of Understanding (MoU).
