GIFT Nifty indicated that Indian equity indices BSE Sensex and NSE Nifty 50 may see a gap up opening. Here’s a look at the key stocks to watch in trade.
Stocks in Focus: GIFT Nifty traded higher as the index was up 54.50 points or 0.24% at 22,742.50 indicating a positive start for domestic indices NSE Nifty 50 and BSE Sensex on Monday. Previously, on Friday, the NSE Nifty 50 rose 42 points or 0.19% to settle at 22,531, while the BSE Sensex rose 76 points or 0.10% to close at 73,961.
Stocks to watch on June 03, 2024
Hindustan Unilever
Hindustan Unilever (HUL) is digitising its manufacturing ecosystem to be future-ready, CEO & MD Rohit Jawa said in the latest annual report of the country’s largest consumer goods company for FY24. Jawa, who took over from Sanjiv Mehta in June last year, said that two factories at Dapada in Dadra and Nagar Haveli and Sonepat in Haryana, had implemented fourth industrial revolution solutions on the shop floor. This had earned them the title of an “End-to-End Lighthouse” factory at the World Economic Forum, making them members of the global Lighthouse network.
Stocks To Watch: Hindustan Zinc, Suzlon Energy, Glenmark Pharma, Hindustan Aeronautics, Vedanta Stocks To Watch: Vedanta, Vodafone Idea, Happiest Minds Technologies, Asian Paints, Piramal Enterprises Stocks To Watch: Eicher Motors, LIC, Cochin Shipyard, Biocon, Oil India, SJVN, Grasim, Alkem Lab, OLA Electric Mobility Stocks To Watch: Infosys, Coal India, Bank of Baroda, Maruti Suzuki, Tata Steel
Adani Group
Adani Group recorded its highest-ever EBITDA of Rs 82,917 crore in FY24, a 45% rise from the year-ago period, with 84% of it coming from its core infrastructure businesses. The core infrastructure and utility platform generated Rs 69,337 crore of the total EBITDA, while its base rose to over 350 million consumers. This is providing a “highly predictable” cashflow generation for the group, according to Adani Portfolio’s Credit and Result compendium for FY24.
NHAI
National Highways Authority of India (NHAI) has increased the charges by an average of 5% on expressways across the country. The yearly revision of highway user fees was postponed due to the Lok Sabha elections, which were initially scheduled to take effect on April 1. A senior NHAI official announced on Sunday, “The new user fee will come into effect from 3.6.2024.”
Coal India
Coal India and its subsidiaries recorded coal production of 64.4 million tons in the month of May 2024 in comparison to 59.9 million tons in May 2023, posting a growth of 7.5%. It also announced that it produced 126.2 million tons of coal during the April-May period, up 7.4% from 117.5 million tons during the same period the previous year.
Wipro
Wipro announced the expansion of retail-focused capabilities within Wipro VisionEDGE+. This, it said, enhanced offering, developed in partnership with Cisco and AT&T, and leveraging Amazon Web Services (AWS), serves as a comprehensive retail transformation platform designed to unlock the full potential of the retail media network.
Bharti Hexacom
After mopping up nearly Rs 4,300 crore from the proceeds of Bharti Hexacom’s public listing in April by selling a 15% stake, state-owned Telecom Consultants of India (TCIL) is now looking at selling the balance 15%, after telecom tariff hikes, officials said. The market is expecting a 20-25% tariff hike by telecom service providers after the elections, which may result in an increase in the share price of Bharti Hexacom.
Vedanta
London-headquartered Vedanta Resources (VRL), the parent company of Indian mining major Vedanta, expects to post an Ebitda of $6.5 billion in FY25, buoyant on volume growth from ongoing projects. This would be the highest-ever Ebitda recorded by the firm.The firm has also earmarked a capex of $6 billion to expand capacities across businesses. However, the timeframe for the capex was not disclosed.
Cochin Shipyard
Udupi Cochin Shipyard Limited, a wholly owned subsidiary of Cochin Shipyard Limited, on Friday announced that it won another prestigious order from its existing customer, Ocean Sparkle Limited (OSL), an Adani Harbor Services Limited Company. The contract for the construction of three ASD (Azimuthing Stern Drive) Tugs of 70 T Bollard Pull Power was signed by Harikumar A, CEO, UCSL and Hiren Shah, MD and CEO, OSL.
Tata Group
Tata Sons chairman N Chandrasekaran on Friday said companies in the diversified group are executing over 100 generative artificial intelligence projects. Addressing TCS’ 29th annual general meeting, he said all the projects have benefitted the group and that GenAI will have a significant impact on nearly every sector in the country in future.