GIFT Nifty indicated that Indian equity indices BSE Sensex and NSE Nifty 50 may see a gap up opening on Tuesday. Here’s a look at the key stocks to watch in trade.
Stocks in Focus: GIFT Nifty traded higher as the index was up 60 points, or 0.25%, at 23,611, indicating a positive start for domestic indices NSE Nifty 50 and BSE Sensex on Tuesday. Previously, on Friday, the NSE Nifty 50 rose 66.70 points, or 0.29%, to settle at 23,465.60, while the BSE Sensex jumped 182 points, or 0.24%, to close at 76,993.
Stocks to watch on June 18, 2024
IIFL Finance
IIFL Finance reported its fiscal fourth-quarter profit at Rs 430.63 crore, down 5.9% in comparison to Rs 457.56 crore for the fourth quarter of FY23. Its revenue from operations came in at Rs 2,853.57 crore, a growth of 30.5% on-year as against Rs 2,187.36 crore during the same period last year.
Stocks To Watch: Zomato, Paytm, RVNL, Zen Technologies, Alkem Laboratories Stocks To Watch: Zomato, Reliance Industries, L&T, Ola Electric, Cyient DLM, Petronet LNG, Genus Power Stocks To Watch: Berger Paints, Vodafone Idea, ONGC, IRFC, Wipro Stocks To Watch: Tata Consumer Products, Varun Beverages, JSW Infra, IOC, Vodafone Idea
HAL
The Defense Ministry has given a tender order worth Rs 50,000 crore to Hindustan Aeronautics Limited (HAL) to procure a total of 156 Light Combat Helicopters, out of which 90 are for the Indian Army and the rest for the Indian Air Force. This is the largest single order given for the acquisition of choppers by an Indian company.
Air Conditioner Companies
Companies manufacturing air conditioners, air coolers, ice creams, and colas will close the April-June period with a sales growth of 40–50% versus last year due to a prolonged heatwave in many parts of the country. Besides, the southwest monsoon is yet to pick up in the west, north, central and eastern regions.
Zomato
Zomato has confirmed that the company is in conversation with Paytm to acquire the company’s movie and events business. However, the company has yet not confirmed the evaluation of the deal. Earlier, it was speculated that the deal is pegged at Rs 1500 crore.
Tata Elxsi
Tata Elxsi has announced its collaboration with Red Hat to monetise applications and reduce operational expenditures through simplifying operations in 5G networks for telcos and enterprises.
Havells India
Lloyd, a consumer durables brand from Havells India, announced that it will invest a total of Rs 50-60 crore in order to expand its existing manufacturing capacities of air conditioners at Ghiloth and Sricity locations. The company will expand the manufacturing capacities to 15 lakh units per annum at Ghiloth and Sricity locations, from the existing 9 lakh and 11.2 lakh units, respectively, in order to cater to the increased demand.
Adani Enterprises
Adani Group chairman Gautam Adani and other promoters have increased their stake in Adani Enterprises (AEL), the group’s flagship company, by buying a 2.02% stake through open market purchases. Following the stake purchases, executed between September 2023 and June this year, the promoters’ stake in the flagship firm has risen to 73.95%, according to stock exchange data.
Bharti Airtel
Bharti Airtel said it has prepaid Rs 7,904 crore to the Department of Telecommunications (DoT) to clear high-cost deferred liabilities for spectrum acquired in 2012 and 2015. With this, the company has fully prepaid all its deferred liabilities pertaining to spectrum acquired in the 2012 and 2015 auctions, it said in a release.
FSN E-Commerce Ventures
Nykaa plans to scale up its fashion, beauty and consumer businesses over the next three years while increasing its presence in foreign markets, founder and CEO Falguni Nayar said during the company’s annual investor day on Friday. Nayar is also the executive chairperson of the company.
Vodafone Idea
Kotak Mahindra Bank founder Uday Kotak on Friday took a swipe at Vodafone Idea for settling the dues of its vendors by issuing preferential shares. Without naming the company, Kotak in a post on X on Friday said that such deals are like “robbing Peter to pay Paul”. The reference was to Vodafone Idea board’s decision on Thursday to make preferential allotment of nearly 1.7 billion equity shares worth Rs 2,458 crore to its network vendors, Nokia Solutions and Ericsson India. The company had also earlier settled dues of telecom tower firm American Tower Company in a similar way.