GIFT Nifty indicated that Indian equity indices BSE Sensex and NSE Nifty 50 may see a positive opening on Wednesday. Here’s a look at the key stocks to watch in trade.
Stocks in Focus: GIFT Nifty traded up by 75 points or 0.33% at 22,834 indicating a positive opening for domestic indices NSE Nifty 50 and BSE Sensex on Wednesday. Previously, on Tuesday, the NSE Nifty 50 ended down by 23.55 points or 0.10% to settle at 22,642.75, while the BSE dropped 58.80 points or 0.0.08% to 74,683.70.
“The Indian market reached a fresh intraday peak before seeing profit-booking at higher levels in anticipation of tomorrow’s key US inflation data, which carries weight in determining future rate cuts by the US Fed. Concerns have emerged amidst recent better-than-anticipated US employment and manufacturing data, suggesting a potential shift in expectations regarding rate cuts this year,” said Vinod Nair, Head of Research, Geojit Financial Services.
Nair also added that, Moreover, escalating geopolitical tensions in the Middle East, alongside supply concerns, have propelled crude prices upward, impacting overall market sentiment. In the near term, the focus will shift to Q4 earnings, which will kick off this weekend.
Stocks to Watch on April 10, 2024
Paytm
On Tuesday, Paytm announced that Surinder Chawla, the Managing Director and CEO of its banking arm, Paytm Payments Bank Ltd (PPBL), has tendered his resignation. Effective from June 26, 2024, Chawla cited personal reasons and a desire to explore fresh career avenues for his departure.
Lupin
Lupin, a prominent pharmaceutical company, disclosed on Tuesday the successful launch of the first generic version of Oracea (doxycycline capsules, 40 mg) in the United States. This development follows Lupin’s recent approval from the United States Food and Drug Administration (US FDA) for the product.
ICICI Prudential
ICICI Prudential, a leading insurance company, revealed on Tuesday that it has received a Goods and Services Tax (GST) demand order amounting to Rs 20.50 crore for the financial year 2018-19. The demand notice, issued under Section 73 of the GST Act, 2017, was received from the office of the State Tax Officer in Gujarat on April 9, 2024.
Shyam Metalics
Shyam Metalics announced on Tuesday its expansion into stainless steel flat products with the inauguration of a new facility. The facility, boasting a capacity of 0.3 MTPA, will specialize in the production of 200 and 400-series stainless steel hot rolled coils.
Exide Industries
Battery maker Exide Industries disclosed on Tuesday its acquisition of a 26% equity stake in Clean Max Arcadia Private for Rs 5.34 crore. The primary objective behind Exide’s investment in Clean Max Arcadia is to qualify as a captive consumer of solar power, thereby advancing renewable energy adoption within its operations.
Protean Egov Technologies
Mumbai-based Protean Egov Technologies announced its plans to launch a qualified institutional placement (QIP). The QIP offering comprises a base issue size of Rs 170 crore and a green shoe option of Rs 75 crore.
Shivalik Rasayan
Shivalik Rasayan, a chemical manufacturer, disclosed on Tuesday that the US FDA has completed the inspection of its API facility based in Dahej. The inspection, conducted between April 1-9, 2024, resulted in the issuance of seven observations. According to the company, these observations are procedural in nature.
Avenue Supermarts
Avenue Supermarts, the parent company of D-Mart, announced the opening of a new store in Bengaluru on Tuesday. With this addition, the total number of stores operated by Avenue Supermarts now stands at 366.
Rattan India Power
Rattan India Power revealed on Tuesday the appointment of Manish Ratnakar Chitnis as Chief Financial Officer (CFO), following the resignation of Ankur Mitra.
Paisalo Digital
Paisalo Digital disclosed on Tuesday a significant year-on-year increase in its Assets Under Management (AUM) and disbursements for the fourth quarter. The company’s AUM surged by 32% to reach Rs 4,622 crore, while disbursements witnessed a remarkable 38% jump to Rs 3,588 crore.
