Stocks in Focus: GIFT Nifty traded down 14.5 points, or 0.08%, at 19,309.5, indicating a tepid opening for domestic indices NSE Nifty 50 and BSE Sensex on Wednesday. Previously on Monday, the NSE Nifty 50 tanked 260.90 points or 1.34% to settle at 19,281.75, while the BSE Sensex shed as much as 825.74 points to 64,571.88. The Bank Nifty index shed 571.85 points to settle at 43,151.20.
“Benchmark indices witnessed severe pounding in the last hour trades as simmering geo-political tension in the Middle-East region triggered a wave of selling pressure and prompted investors to offload equity holdings. Investors are already worried about further interest rate hike and inflation, and with the addition of the Israel-Hamas conflict, the uncertainty has increased further and leading to weak sentiment in global equities,” said Shrikant Chouhan, Head of Equity Research (Retail), Kotak Securities.
Stocks to Watch on October 25, 2023
Reliance Industries
Disney is nearing a deal to sell a controlling stake in the Disney Star business’s India operations, which it values at around $10 billion, to Reliance Industries, Bloomberg News reported on Monday.
ONGC
Oil and Natural Gas Corporation (ONGC) has won the bid submitted for the acquisition of a 100% equity stake at an equity value of Rs 925 crore in PTC Energy (PEL), a wholly owned subsidiary of PTC India (PTC).
Tech Mahindra
The Company’s subsidiary viz., Tech Mahindra (Americas) Inc. has approved a proposal to divest its 30% holding in Avion Networks Inc on October 23, 2023, as reported in their NSE filing
Lupin
The pharma major has received approval from the United States Food and Drug Administration (US FDA) for its Abbreviated New Drug Application for Fluconazole Tablets USP, 50 mg, 100 mg, 150 mg, and 200 mg, to market a generic equivalent of Diflucan Tablets, 50 mg, 100 mg, 150 mg, and 200 mg, of Pfizer, Inc. This product will be manufactured at Lupin’s Pithampur facility in India,” said the company in a press release.
JSW Steel
Industrialist Sajjan Jindal-led JSW Steel will spend Rs 12,000 crore as capex for the rest of the financial year, even as it continues to scout for iron ore and coking coal mines. The firm will add another 8.5 MTPA capacity this year, which after getting commissioned will generate funds for its planned capacity addition of 50 MTPA by FY30, a top official said.
“We have spent nearly Rs 8,000 crore of the total Rs 20,000-crore capex earmarked for this fiscal, and the remaining would be utilised for capacity addition of 6.5 million tonne per annum (MTPA). This capacity addition will be undertaken between Bhushan Power & Steel (BPSL) and Vijayanagar plant in this fiscal,” JSW Steel Joint MD & CEO Jayant Acharya told FE in an interaction.
Axis Bank
The bank is scheduled to report its earnings for the second quarter of FY24 today.
Companies scheduled to report their Q2 earnings today-
Tech Mahindra
Jubilant Foodworks
Chennai Petroleum Corporation
TV18 Broadcast
Network 18 Media & Investments
Gulf Oil Lubricants India
(With agency inputs.)
