Stocks in Focus: GIFT Nifty traded at 19,619.50, marginally up 0.10%, indicating a tepid opening for domestic indices NSE Nifty 50 and BSE Sensex. On Monday, the NSE Nifty 50 fell 0.72% to settle at 19,512.35, while the BSE Sensex tanked 483.24 points to 65,512.39.
“Nifty declined as investors shifted to a risk-off mode due to geopolitical tensions in the Middle East. From a technical standpoint, on the hourly chart, the 200SMA (placed around 19,670) acted as a significant resistance during Friday’s trading session, resulting in a decline in the index. On the downside, support is found in the range of 19,480 to 19,430. The market may continue to exhibit a ‘sell on the rise’ sentiment until Nifty surpasses the 19,700 level,” said Rupak De, Senior Technical analyst at LKP Securities.
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Stocks to Watch on October 10, 2023
Maruti Suzuki India
Maruti Suzuki India, the country’s largest carmaker has announced an ambitious CAPEX of around Rs 1.25 lakh crore till FY2031, in addition to the regular CAPEX it incurs for its existing plants at Gurgaon, Manesar and Gujarat.
Stocks To Watch: Nykaa, Ambuja Cement, Adani Power, Wipro, Bharti Airtel, Jain Irrigation Stocks To Watch: Zomato, Reliance Industries, L&T, Ola Electric, Cyient DLM, Petronet LNG, Genus Power Stocks To Watch: Hindalco, Godrej Consumer Product, Apollo Tyres, Radico Khaitan, NHPC, Maruti Suzuki, Eicher Motors, LIC Stocks To Watch: Bharti Airtel, ONGC, BEML, Adani Energy Solutions, Bharti Hexacom, Lupin, Shree Cement
In a presentation made to shareholders and analysts, the carmaker stated that there will be a lag between investments and income as it incurs additional cash flows for new capacities.
Adani Enterprises
Adani Group has condemned the Financial Times and its collaborators for allegedly carrying baseless allegations. “There is a renewed attempt by the Financial Times and its collaborators to rehash old and baseless allegations to tarnish the name and standing of the Adani Group. This is part of their extended campaign to advance vested interests under the guise of public interest,” said the company in a regulatory filing on the NSE.
“Continuing their relentless campaign, the next attack is being fronted by Dan McCrum of the Financial Times, who jointly with the OCCRP put out a false narrative against the Adani Group on 31 August 2023. The OCCRP is funded by George Soros, who has openly declared his hostility against the Adani Group,” according to the regulatory filing on the NSE.
Hero MotoCorp
The world’s largest two-wheeler market has issued a clarification on the FIR filed by the Delhi police for allegedly falsifying accounts and availing tax credits on fake bills.
According to reports, Pawan Munjal, Chairman, Hero MotoCorp along with four other people had been accused of availing tax credits on fake bills generated by his company.
Genus Power Infrastructures
The company has announced that its wholly owned subsidiary has received two letters of awards worth Rs 3,115.01 crore. The LOAs are for the appointment of Advanced Metering Infrastructure Service Providers including design of Advance Metering Infrastructure system with supply, installation and commissioning with FMS of 34.79 Lakhs Smart Prepaid Meters, system meters including DT Meters with corresponding energy accounting on DBFOOT basis.
Indian Oil Corporation
The Company has appointed Anuj Jain on the Board of Indian Oil as Director (Finance) of the Company with effect from October 9, 2023 (afternoon). Sanjay Kaushal has ceased to be CFO of the Company.
State Bank of India
The Bank is working out a risk matrix, wherein some special credits will be given to borrowers who embark on green initiatives, chairman Dinesh Khara said on Monday.
SBI has been measuring the carbon footprint of its portfolio at the account level to mitigate climate risks and provide sustainable financing. “At the bank level, we have started working out the risk matrix of our borrowers wherein we give some special credits to those embarking on green initiatives,” Khara said at an event organised by Ficci.
Tata Steel
Fitch has upgraded the steelmaker’s rating to ‘BBB’ from ‘BB+’ with a stable outlook. “The Outlook is Stable. We have also upgraded the rating on the USD1 billion notes due July 2024 issued by TSL’s subsidiary, ABJA Investment Co. Pte., and guaranteed by TSL, to ‘BBB-‘, from ‘BB+’,” said the Rating Action Commentary.
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Mazagon Dock Shipbuilders
The company has signed Letter of Intent (LOI) with an European Client for Construction of 06 firm and 04 optional units of 7500 DWT Multi- Purpose Hybrid Power Vessels. The prices for which would be firmed up at the time of Signing of Contract.
Nykaa
Nomura expected a consolidated revenue growth of approximately 23% y-o-y, with an Ebitda margin of 5.8%, reflecting a q-o-q increase of 60 bps. Looking ahead to FY24F, there is the potential for some upside risk in revenue growth, estimated at 22% y-o-y. However, achieving our Ebitda margin estimate of 6.6% for FY24F will require stronger improvements in the second half of FY24F, said Nomura.
(With agency inputs.)
