GIFT Nifty indicated that the equity benchmarks NSE Nifty and BSE Sensex might see a muted open on Tuesday. Here’s a look at key stocks to watch in trade.
Stocks in focus: GIFT Nifty traded 0.03% lower during Tuesday’s early trading session at 19,593.5, indicating a flat opening for domestic indices NSE Nifty 50 and BSE Sensex. On Friday, the Sensex closed above the 65,500 mark, while the Nifty topped 19,500. Sectors like metals took the lead, along with gains in PSU banks, I.T., real estate, and media. However, consumer durables and fast-moving consumer goods stocks faced challenges.
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“Recent releases of domestic macroeconomic data have portrayed a positive picture for the domestic markets, allowing them to maintain their momentum. Despite profit booking in Nifty Auto after reaching an all-time high, the market regained its footing with robust buying in IT stocks. The increase in the US unemployment rate has solidified expectations of a pause in rate hikes, and positive global cues have further boosted market sentiment,” said Vinod Nair, Head of Research at Geojit Financial Services.
Stocks to Watch on 5 September, 2023
Escorts Kubota
Escorts Kubota announced a price hike for its tractors starting September 16, as mentioned in a regulatory filing on September 4. The price adjustment will span across their entire tractor lineup, impacting multiple models and versions in diverse regions.
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Tata Power
Tata Power Renewable Energy inked a deal with Neosym Industry for the delivery of 26 MW solar power, situated in Jamkhed, Maharashtra, with an annual generation capacity of 59 MU.
Cipla
Cipla’s subsidiary in South Africa has inked a definitive term sheet to purchase a 100% share in Actor Holdings (Pty), a private pharmaceutical firm with expertise in consumer health and generic drugs. The agreed-upon payment stands at approximately Rs 400 crore in cash for 920 equity shares, which represents the entire equity stake.
Oil India
Oil India has gained the green light from its board to make an equity investment of up to Rs 1,738 crore in the North East Gas Distribution Company, a joint venture with Assam Gas Company.
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LIC Housing Finance
LIC Housing Finance invested an additional Rs 21.61 crore in LIC Mutual Fund Asset Management Company through a rights issue.
Ramco Cements
Ramco Cements commissioned the balance capacity of 3 MW of waste heat recovery system out of the 12 MW capacity at Kolimigundla plant. With this, the total operating capacity of the waste heat recovery system for the company has gone up to 43 MW.
Hero MotoCorp
Hero MotoCorp received the green light from its board to invest an additional Rs 550 crore in Ather Energy, an electric two-wheeler company in which it already holds a stake.
(With agency inputs.)
