Stocks to Watch on October 3: GIFT Nifty on the NSE IX traded 23.5 points, or 0.12 per cent, lower at 19,590, signaling that Dalal Street was headed for negative start on Tuesday. Here’s a slew of stocks that will be in focus today for various reasons.
Vedanta: Anil Agarwal-promoted Vedanta Ltd announced, post market hours last Friday, that its board had approved a pure-play, asset-owner business model that would ultimately result in six separate listed firms. The restructuring is expected to be completed in 12-15 months. Analysts, however, assert that the proposed demerger will not resolve the debt problem of its promoter entity, Vedanta Resources (VRL).
JSW Infrastructure: The company will debut on the bourses on October 3, 2023. The grey market premium, as per IPOWatch.com, stands at Rs 23 or 19 per cent over issue price of Rs 119.
Federal Bank: The private sector lender posted a 20 per cent year-on-year growth in advances at Rs 1.95 trillion in the quarter ended September, 2023 (Q2 FY24). Its deposits, meanwhile, grew 23 per cent year-on-year to reach Rs 2.32 trillion.
Mahanagar Gas Ltd: MGL, on October 1, cut retail price of compressed natural gas (CNG) by Rs 3 per kg and domestic PNG (piped natural gas) by Rs 2 per SCM in and around Mumbai effective immediately.
Auto stocks: Automobile companies announced their sales numbers for the month of September over the weekend. Tata Motors, for instance, reported domestic sales of 82,023 units in September 2023 compared to 80,633 units sold last year. Maruti Suzuki India, on the other hand, reported its highest ever monthly sales in September 2023 at 181,343 units, up about 3 per cent YoY.
NMDC: Prime Minister Narendra Modi will address a public meeting in Jagdalpur city in poll bound Chhattisgarh today, and will dedicate to the nation and lay foundation stones of several projects worth Rs 26,000 crore, including the NMDC’s steel plant.
Maruti Suzuki: Maruti Suzuki India, on Friday, said it has received a show cause notice from the GST Authority proposing to demand interest and impose penalty, besides appropriating tax already paid, amounting to Rs 139.3 crore.
Coal India: Coal India’s total production rose 12.6 per cent YoY in the month of September 2023 to 51.4 million tonne. Besides, it produced about 333 MTs of coal during the first half of the current financial year (H1-FY24), posting a growth of 11.3 per cent YoY.
UTI AMC: The Tata Group is considering evaluating whether to bid for UTI Asset Management Company, according to a report by Economic Times, after Mukesh Ambani-owned Jio Financial Services entered the market.
Meanwhile, the company has reportedly appointed Vinay Lakhotia as the Chief Financial Officer with effect from 1 October, 2023.
Ultratech Cement: UltraTech Cement’s consolidated sales rose 15.54 per cent to 26.69 MT YoY in Q2-FY24. Further, its total sales volume in the domestic market was up 15.37 per cent to 25.66 MT during the quarter under review.
Adani Green: Billionaire Gautam Adani’s group is planning to build 10 GW of integrated solar manufacturing capacity by 2027, as it looks to capture energy transition business. Adani Group currently has a solar manufacturing capacity of 4 GW.
Hindustan Zinc: Vedanta group firm said its production of mined metal dropped by one per cent to 2,52,000 tonnes in Q2-FY24. Sequentially, it was down two per cent due to lower ore production at Rampura Agucha and Kayad mine partly offset by better overall metal grades.
Blue Dart: The logistics company will hike prices effective January 2024. The increase, the company said, will be 9.6 per cent as compared to 2023, depending on the shipping profile.
Apollo Micro Systems: The company is setting up a state-of-the-art defence equipment manufacturing facility at Hyderabad.
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