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 52.50 points or 0.23% at 22,674 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 just 0.95 points to settle at 22,513.70, while the BSE gained 20.59 points or 0.03% to 74,248.22.
“Although the RBI policy meeting unfolded as anticipated, concerns over food inflation and warnings of a heat wave tampered sentiment. While the main domestic indices concluded with marginal movement, the Bank Nifty edged higher, propelled by robust credit growth in Q4FY24,” said Vinod Nair, Head of Research, Geojit Financial Services.
Stocks To Watch: Nykaa, Ambuja Cement, Adani Power, Wipro, Bharti Airtel, Jain Irrigation Stocks To Watch: Zomato, Bajaj Auto, IndusInd Bank, Poly Medicure, HCL Tech, Saraswati Saree Depot Stocks To Watch: Eicher Motors, LIC, Cochin Shipyard, Biocon, Oil India, SJVN, Grasim, Alkem Lab, OLA Electric Mobility Stocks To Watch: Bharti Airtel, ONGC, BEML, Adani Energy Solutions, Bharti Hexacom, Lupin, Shree Cement
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Nair also added that, The global sentiment was dampened by the rise in oil prices and tensions in the Middle East. Investors remain attentive to upcoming US non-farm payroll and unemployment data, seeking clarity on the Federal Reserve’s future rate path.
Stocks to Watch on April 8, 2024
Wipro
Wipro announced the resignation of CEO Thierry Delaporte on April 6, nearly a year before the completion of his five-year term. Delaporte will continue as CEO until May 31, 2024, with Srinivas Pallia set to succeed him as the new CEO.
Vodafone Idea
Amid ongoing financial struggles, Vodafone Idea’s board has greenlit the issuance of up to 139 crore equity shares to Oriana Investments Pte. Ltd., totaling Rs 2,075 crore. The board also approved an increase in authorized share capital from Rs 75,000 crore to Rs 1 lakh crore.
Bandhan Bank
Bandhan Bank’s MD and CEO, Chandra Shekhar Ghosh, will retire from his services upon the completion of his tenure on July 9, 2024, marking a significant leadership change for the bank.
ZEE Entertainment
Punit Goenka, MD and CEO of ZEE Entertainment Enterprise, has proposed the implementation of a lean and streamlined management structure to the board, aiming for increased efficiency and effectiveness.
Titan
Titan, a Tata Group company, reported robust year-on-year revenue growth of nearly 17% in the quarter ending March 2024, with its jewellery business leading the way with an 18% increase. Despite a decline in eyecare business, emerging businesses like Taneira and CaratLane showed significant growth.
Punjab National Bank
Punjab National Bank (PNB) has reported a 7% year-on-year increase in total deposits, reaching Rs 13.7 lakh crore as of March 31. Meanwhile, total advances have surged by 11.5%, reaching Rs 9.86 lakh crore, leading to a robust total business of Rs 23.56 lakh crore, up by 8.8%.
Union Bank
Union Bank of India has witnessed significant growth in total deposits, which have reached Rs 12.2 lakh crore, marking a 9.3% year-on-year increase as of March 31. The bank’s total business stands at 21.3 lakh crore, up by 10.3%.
Bank of Baroda
Bank of Baroda’s domestic deposits have risen by 7.75% year-on-year, reaching 11.3 lakh crore as of March 31. Additionally, domestic advances have seen substantial growth, standing at Rs 8.97 lakh crore, up by 12.8%. Furthermore, global deposits have increased by 10.2%, totaling Rs 13.3 lakh crore, while global advances have reached Rs 10.9 lakh crore, up by 12.4% year-on-year.
Adani Wilmar
Adani Wilmar, the Adani Group’s FMCG arm, achieved double-digit volume growth in both its edible oils and foods business segments during the March quarter, marking a significant milestone for the company.
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Nestle India
Nestle India approved an increase in general license fees paid to Nestle S.A., effective from July 1, 2024, aiming to enhance its partnership and drive growth in the FMCG sector.
Utkarsh Small Finance Bank
Utkarsh Small Finance Bank showcased significant year-on-year growth in its loan portfolio, deposits, and retail term deposits, signaling a positive trajectory for the bank’s operations.
Godrej Consumer
Godrej Consumer anticipates mid-single-digit sales growth, driven by currency volatility, with double-digit underlying volume growth projected, underscoring its resilience in the FMCG market.
Greaves Cotton
Greaves Cotton’s unit has entered into an agreement with Tsuyo Manufacturing to advance its presence in the low-speed electric 3-wheeler vehicle segment. The company also appointed K. Vijaya Kumar as Executive Director and CEO, emphasizing its strategic focus on sustainable mobility solutions.
