GIFT Nifty indicated that Indian equity indices BSE Sensex and NSE Nifty 50 may see a negative opening on Monday. Here’s a look at the key stocks to watch in trade.
Stocks in Focus: GIFT Nifty traded down by 79.50 points or 0.34% at 23,387 indicating a negative opening for domestic indices NSE Nifty 50 and BSE Sensex on Monday. Previously, on Friday, the NSE Nifty 50 ended down by 65.90 points or 0.28% to settle at 23,501.10 while the BSE Sensex plunged 269.03 points or 0.35% to 77,209.90.
“Despite experiencing significant volatility, the domestic market concluded the day positively. In the near term, market attention is expected to centre around the upcoming Union budget and the progress of the monsoon,” said Vinod Nair, Head of Research, Geojit Financial Services.
Nair also added that on the global front, the decline in US bond yields has facilitated robust FII inflows in recent days. The fertilizer stocks exhibited good momentum, driven by the proposed removal of GST & hike in MSP.
Stocks to Watch on June 24, 2024
CarTrade Tech
Highdell Investment and Macritchie Investments are set to sell stakes of 7% and 3.4% respectively through block deals on Monday. The floor price for the shares has been set at Rs 820 each, reflecting a 4.3% discount to Friday’s closing price. The total deal size is anticipated to be around Rs 400 crore, with an option to increase by an additional Rs 100 crore.
Following the transactions, there will be a 75-day lock-in period for the sellers. As of the end of the March quarter, Highdell Investments held a 17.36% stake in the company, while Macritchie Investments had a 16.3% stake.
Fertilizer Stocks
The GST Council has referred the request to reduce the GST on fertilizers to the Group of Ministers (GoM) on rate rationalization for further consideration.
TVS Motors
The company has signed an agreement with CSC Grameen e-Stores to expand the reach of its three-wheeler commercial vehicle range. This partnership will allow CSC’s village-level entrepreneurs to serve as touchpoints for TVS Motor’s commercial vehicles.
Cipla
The US Food and Drug Administration (USFDA) has issued a Form 483 with six observations for the company’s Goa facility, following an inspection conducted from June 10 to June 21, 2024. Notably, this facility has been under a warning letter since February 2020. Additionally, the company’s Indore plant has been under a warning letter since November 2023.
Pfizer Limited
The company has received an order from the Deputy Commissioner of State Tax in Dehradun, imposing a penalty of Rs 14.19 lakh for the financial year 2017-18 under the Value Added Tax Act, 2005. In response, the company has stated that, based on its assessment, it believes the demand is not justified. They are currently preparing to appeal against the order.
Sun Pharma
The company has announced the outcome of its Phase-1 obesity trial for GL0034 (Utreglutide), a GLP-1 inhibitor drug. Belonging to the same class as Novo Nordisk’s Ozempic and Wegovy, as well as Eli Lilly’s Mounjaro, Utreglutide is still in the early stages of development but significantly enhances the prospects of the company’s specialty business. GLP-1 drugs achieved nearly $50 billion in sales in 2023, with projections indicating growth to $100 billion by 2029.
Religare Enterprises
Religare has received an Order-In-Appeal from the Commissioner of Central Tax (Appeal-II), New Delhi, imposing a penalty of Rs 15.64 crore for the period FY 2007-08 to 2014-15. The company is currently evaluating its next course of action in response to the order.
Lupin
The company has received an Establishment Inspection Report (EIR) from the USFDA for its Somerset manufacturing facility, which has been designated with a Voluntary Action Indicated (VAI) status. The inspection took place between May 7 and May 17, 2024.
IREDA
The company has successfully raised Rs 1,500 crore through the issuance of bonds, which included a base issue of Rs 500 crore and a green shoe option of Rs 1,000 crore. The bond issuance was oversubscribed by 2.65 times.
MCX
The company’s board has shortlisted candidates for the position of its next Managing Director and Chief Executive Officer. The company will now begin the process of seeking regulatory approvals for the appointment.
Prestige Estate
The company’s board has approved a plan to raise up to Rs 5,000 crore through Qualified Institutional Placement (QIP) and other methods.
Honeywell Automation India
The company has received a demand notice from the Department of Registration and Stamps, Government of Maharashtra, imposing a reduced penalty of Rs 1.67 lakh. According to the company, this development is not expected to have a significant impact on its financials or operations. The company is currently assessing the demand and will take appropriate actions in response.
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