GIFT Nifty indicated that Indian equity indices BSE Sensex and NSE Nifty 50 may see a negative opening on Tuesday. Here’s a look at the key stocks to watch in trade.
Stocks in Focus: GIFT Nifty traded down by 23 points or 0.09% at 24,380 indicating a negative opening for domestic indices NSE Nifty 50 and BSE Sensex on Tuesday. Previously, on Monday, the NSE Nifty 50 ended down by 3.30 points or 0.01% to settle at 24,320.55 while the BSE Sensex fell 36.21 points or 0.05% to 79,960.39.
“The market is turning to a consolidation phase due to the absence of major triggers to support the current premium valuation in the near term, prompting investors to book some profits. The earnings season is around the corner, and the initial expectation is subdued,” said Vinod Nair, Head of Research, Geojit Financial Services.
Nair also With stable input prices and ongoing price cuts, the period of margin expansion appears to be concluding, which is likely to affect earnings and valuations.
Stocks to Watch on July 9, 2024
Mahanagar Gas
The state-run company has announced a price increase for Compressed Natural Gas (CNG) and domestic Piped Natural Gas (PNG) to partially offset rising gas costs. Effective from midnight of July 8, 2024, or the morning of July 9, 2024, the delivered price of CNG will increase by Rs 1.50 per kilogram, while the price of domestic PNG will rise by Rs 1.00 per standard cubic meter in and around Mumbai.
Godrej Consumer Products
The FMCG major reported a mixed performance across its global operations for the latest quarter. Despite challenging operating conditions in India, the company’s domestic business showed resilience, achieving high-single-digit organic volume growth and mid-single-digit value growth.
Container Corp
The state-owned company has reported a 6% year-on-year (YoY) increase in total volumes for the first quarter of FY25. The company handled 11.59 lakh twenty-foot equivalent units (TEUs) compared to 10.93 lakh TEUs during the same period last year.
Jupiter Wagons
The mobility solutions provider announced that its Fund Raising Committee has approved the launch of a qualified institutional placement (QIP), setting the floor price at Rs 689.47 per equity share. The preliminary placement document was filed with both BSE Ltd and the National Stock Exchange of India Ltd on July 8, 2024.
Senco Gold
Jewellery retail major announced robust performance for the first quarter of FY25, with retail sales growing by 11% and same-store sales increasing by 4%. The company also reported growth in average transaction value and average selling price, both in the 12% range. Including exports, e-commerce, corporate, digital products, and other segments, total sales growth for Q1 stood at 9% year-on-year (YoY).
Utkarsh Small Finance Bank
The microfinance lender announced it has received approval from the Reserve Bank of India (RBI) for the reappointment of Govind Singh as Managing Director and Chief Executive Officer. The approval, conveyed via an RBI letter dated July 8, 2024, extends Singh’s tenure for three years, starting from September 21, 2024.
Sun Pharma
The pharmaceutical major anticipates high single-digit consolidated topline growth for the fiscal year 2025. Additionally, the company plans to commence patient enrollment for phase-2 trials of its weight loss drug, GLP-1R, in the second half of the calendar year 2024.
Torrent Power
Torrent Power’s subsidiary, Torrent Urja 14 (TU14), is set to establish solar projects with a capacity of up to 50 MW to provide clean power to ARS Steels & Alloy International (ARS). According to a BSE filing on Monday, the Subscription and Shareholders’ Agreement (SSSA) signed on the same day includes ARS acquiring an equity stake in TU14, a branch of Torrent Power.