GIFT Nifty indicated that Indian equity indices BSE Sensex and NSE Nifty 50 may see a negative opening on Wednesday. Here’s a look at the key stocks to watch in trade.
Stocks in Focus: GIFT Nifty traded down by 52 points or 0.23% at 22,865 indicating a negative opening for domestic indices NSE Nifty 50 and BSE Sensex on Wednesday. Previously, on Tuesday, the NSE Nifty 50 ended down by 44.30 or 0.19% to settle at 22,888.15 while the BSE ended lower 220.04 points or 0.29% to 75,170.46.
“Nifty’s woes deepened as it fell for the third consecutive day, mirroring investor anxiety surrounding upcoming events like exit polls and US GDP data. This nervousness sent the volatility index, India VIX, soaring to a two-year high, indicating a jittery market,” said Prashanth Tapse, Senior VP (Research), Mehta Equities.
Stocks To Watch: Nykaa, Ambuja Cement, Adani Power, Wipro, Bharti Airtel, Jain Irrigation Stocks To Watch: Zomato, Reliance Industries, L&T, Ola Electric, Cyient DLM, Petronet LNG, Genus Power Stocks To Watch: Eicher Motors, LIC, Cochin Shipyard, Biocon, Oil India, SJVN, Grasim, Alkem Lab, OLA Electric Mobility Stocks To Watch: Bharti Airtel, ONGC, BEML, Adani Energy Solutions, Bharti Hexacom, Lupin, Shree Cement
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Tapse also added that While most sectors felt the heat, a few stocks like Divis Labs defied the trend and emerged as gainers. On the flip side, Adani Ports found itself at the bottom of the pile, leading the pack of losers.
Stocks to Watch on May 29, 2024
Reliance Industries
Reliance Industries has entered into a one-year contract with Russia’s Rosneft to acquire a minimum of 3 million barrels of oil each month, with payments to be made in roubles. This agreement, aligned with President Putin’s initiative for alternative financial systems amidst Western sanctions, ensures Reliance access to discounted oil and highlights India’s significant role as a major purchaser of Russian crude.
IRCTC
The railway PSU reported a 1.9% year-on-year increase in net profit, reaching Rs 284.2 crore for the fourth quarter, compared to Rs 278.8 crore in the same quarter last year. IRCTC’s revenue from operations saw a 19.7% rise, climbing to Rs 1,154.8 crore from Rs 965 crore in the corresponding period of the previous fiscal year.
Amara Raja Energy
The automotive battery maker reported a 61.4% year-on-year surge in net profit, reaching Rs 229.8 crore for the fourth quarter, compared to Rs 142 crore in the same quarter last year. The company’s revenue from operations grew by 19.5%, rising to Rs 2,908 crore from Rs 2,433.2 crore in the corresponding period of the previous fiscal year.
NBCC
The state-owned construction firm reported a 24.6% year-on-year increase in net profit, reaching Rs 141.5 crore for the fourth quarter, compared to Rs 113.6 crore in the same quarter of FY23. Revenue from operations surged 43%, rising to Rs 4,025 crore from Rs 2,814 crore in the corresponding period of the previous fiscal year.
Wockhardt
The pharmaceuticals firm reported a net loss of Rs 177 crore for the fourth quarter ending March 31, 2024, compared to a net loss of Rs 237 crore in the same quarter last year. The company’s revenue from operations increased by 3.2%, rising to Rs 700 crore from Rs 678 crore in the corresponding period of the previous fiscal year.
Hindalco Industries
Novelis Inc has filed with the Securities and Exchange Commission (SEC) to offer 45 million (4.5 crore) shares in an initial public offering (IPO). The estimated price band for the IPO is between $18 and $21 per share. At the upper end of this range, Novelis aims for a valuation of up to $12.6 billion in its US IPO.
Adani Enterprises
At its meeting on May 28, the Board of Directors of Adani Enterprises approved raising ₹16,600 crore through the issuance of equity shares and other eligible securities, or a combination thereof. This will be done via qualified institutional placement (QIP) or other permissible modes, in one or more tranches, according to a regulatory filing by Adani Enterprises.
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PNB Housing Finance
Two shareholders of the housing finance company have been offered a 2.68% stake, equivalent to 6.96 million shares. The floor price for the offer has been set at Rs 717 per share, representing a 5% discount to the last closing price, according to sources. The shareholders aim to raise nearly ₹500 crore through the share sale.
Aditya Birla Fashion & Retail
The company reported a net loss of Rs 266.4 crore for the fourth quarter ending March 31, 2024, compared to a net loss of Rs 194.5 crore in the same quarter last fiscal year. Revenue from operations increased by 18.3%, rising to Rs 3,406.7 crore from Rs 2,879.7 crore in the corresponding period of the previous year.
Brigade Enterprises
The realty firm reported a 234.3% year-on-year surge in net profit, reaching Rs 210.9 crore for the fourth quarter, compared to Rs 63.1 crore in the same quarter of FY23. The company’s revenue from operations soared by 102.04%, climbing to Rs 1,702.4 crore from Rs 842.6 crore in the corresponding period of the previous year.
Gujarat Narmada Valley
The state-run company reported a 61.3% year-on-year decline in net profit, dropping to Rs 130 crore for the fourth quarter, compared to Rs 336 crore in the same quarter last year. The company’s revenue decreased by 7.1%, falling to Rs 2,110 crore from Rs 2,271 crore in the corresponding period of the previous fiscal year.
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Indian equity indices closed on a flat note on Monday. The Nifty 50 closed 3.30 points or 0.01% lower, than its previous close, at 24,320.55. Similarly, the BSE Sensex closed 36.22 points or 0.05% lower, than the previous close, at 79,960.38. Divi’s Laboratories, Titan, BPCL, Shriram Finance, and Adani Ports were the major losers in the Nifty 50 on Monday.
Sectoral Index
Bank Nifty fell 234.55 points or 0.45% to end the session at 52,425.80. Outperforming the overall market, Nifty Midcap 100 fell 201.25 points or 0.35% closing the day’s trading at 56,888.20. In the broader markets, smallcap and midcap stocks closed in the red.
Sectoral draggers
Among the sectoral indices, Nifty PSU Banks and Consumer Durables weighed on the markets. However, the Nifty FMCG bucked the trend.
Will Nifty hold 24,000 on Wednesday or fall further? See GIFT Nifty, FII data, F&O, crude, and…
Rising global crude oil prices are a cause of concern and anxiety for India, said oil secretary Pankaj Jain on Wednesday.
“Whenever prices go up, it does cause anxiety, cause concern. Does it stop at $90 per barrel? That’s the matter of anxiety,” Jain said.
The secretary’s comments come on the backdrop of oil prices having risen to $89 per barrel on Wednesday due to rising geopolitical tensions in the Middle East and between Russia and Ukraine.
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In order to streamline business operations for Foreign Portfolio Investors (FPIs), the Securities and Exchange Board of India (SEBI) on Friday gave its approval to a series of proposals to ease regulatory requirements. These measures, designed to enhance efficiency and flexibility for FPIs, encompass exemptions in disclosure requirements, relaxed timelines for documentation, and provisions for dealing with securities post-expiry of registration.
Additional Disclosure Requirements Exempted for Certain FPIs
One significant decision by the SEBI Board involves exempting additional disclosure requirements for FPIs holding more than 50% of their India equity Assets Under Management (AUM) in a single corporate group. This exemption applies specifically if the concentrated holdings of these FPIs are in a listed company with no identified promoter, provided certain conditions are met.
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The Securities and Exchange Board of India (Sebi) has proposed to ease disclosures on environmental, social and governance (ESG) applicable to listed companies. It has proposed to mandate disclosures on ESG metrics for only those value chain partners, encompassing both downstream and upstream partners, who individually comprise 2% or more of the listed company’s purchase or sales by value, according to a consultation paper on Sebi’s website, inviting public comments by June 12.
Currently, top 250 listed companies as per market value have to give ESG-related disclosures for its value chain partners cumulatively comprising 75% of the purchases or sales, under the Business Responsibility and Sustainability Reporting (BRSR) Core framework.Come from Sports betting site VPbet
Sebi has also proposed an alternative where the new norm of 2% will be applicable along with the current directive…
Fishing is one of the five main skills in Stardew Valley and an excellent way to make some money. However, the fishing minigame involves a bit of skill and the type of fish you can catch changes each season. Combine that with a few different fishing locations, bait, and tackle, and the fishing can become a bit overwhelming. Here’s everything you need to know about fishing.
How to fish
Using a fishing rod, you can cast it into a body of water by holding the action button to determine cast strength. Once the bobber is in the water, you need to hit the action button again when an exclamation point appears, which will hook your catch. If it was a fish biting your line, this will start the fishing minigame.
The fishing minigame puts a fish icon on a large bar, moving sporadically up and down the bar. You need to keep your green bar on the fish to reel it in, feathering the action button to keep it in the same place. The best technique is to…
The Nintendo Switch eShop has kicked off a huge new sale with a wide variety of games discounted to great prices. The main promotion focuses on multiplayer games, but you can also shop deals from big developers such as Capcom, Bandai Namco, EA, and SegaCome from Sports betting site VPbet. With nice discounts on Doom Eternal, Hyrule Warriors: Age of Calamity, Lego Star Wars: The Skywalker Saga.
Hyrule Warriors: Age of Calamity is now listed for just $42, down from $60. This is one of the better deals we’ve seen for the first-party title since it launched in 2020, making it a great time to check out the musou action. It’s also playable in co-op, with a friend joining you on the battlefield to slay legions of Bokoblins and Lynels. In addition to Age of Calamity, you can get Hyrule Warriors: Definitive Edi…
Edgewater Casino Resort in Nevada unveiled a new two-day bingo event set to take place in November. The $200,000 River Bingo Bash will, according to the property, take bingoing to the next level.
The two-day event will begin on Saturday, November 23 and will conclude on Sunday, November 24. It will offer players a shot at a prize pool of $100,000 on each of the two days, while also providing guests with a weekend filled with food, gifts and entertainment.
The event is set to take place at the famed Edge Pavilion at Edgewater. Each of the two days will begin with ten warm-up games where winners will get $500. Following the warm-up, players will compete for what Edgewater described as “massive payouts” in the main event.
After the final session, Edgewater will host an afterparty event at the Edgewater Bingo Room. There, players will get chances to win free bingo and slot play, coverall prize game…
Brazil’s Finance Ministry is positioned to potentially generate up to R$3.4 billion (approximately US$ 620 million) this year through the regulation of online gambling. This revenue projection hinges on the approval of the authorization requests received during the initial licensing phase, as indicated by the Ministry of Finance. Regis Dudena, the head of the Secretary of Prizes and Betting (SPA), in a conversation with Estadão/Broadcast, noted that not all companies might meet the stringent requirements to operate within Brazil.
Revenue projections and regulatory challenges:
The SPA has processed 113 requests for authorization from various betting operators, termed as ‘Bets’ in Brazil. According to Games Magazine Brazil, the potential revenue of R$3.4 billion represents the upper limit of what could be realized if all these operators meet the …
One of the payment options that is readily available in the United States for online sports betting and casino accounts, is PayNearMe. The payment service is offered via 7-Eleven stores and CVS, allowing players to pay with cash to deposit funds into their iGaming accounts. Just this week, PayNearMe announced that it has spread its services to Walgreens locations, providing even more options for online gamers.
Available at Nearly 9,000 Locations
With the launch, players across the United States can walk into a local Walgreens and utilize PayNearMe for sports betting and online casino gaming. As online gambling continues to expand across the nation, the services give players more opportunities to utilize cash for deposits in a safe and secure way.
Hot on the heels of its latest content agreement and gambling technology giant Playtech plc (LSE:PTEC) has now inked a wide-reaching deal that will see its casino and live casino software launch across online gaming operator ComeOn Group’s entire brand portfolio.
Under the new multi-year partnership, the Malta-headquartered iGaming operator’s flagship brands ComeOn!, Sunmaker, Snabbare, and Mobilebet, along with the rest of its brands, will roll out Playtech’s content in multiple markets.
Key markets:
“We are very proud that ComeOn Group has chosen to partner with Playtech. ComeOn is at the forefront of innovation and having the opportunity to work alongside them in multiple markets is hugely exciting for us, stated Shimon Akad, Chief Operating Officer for Playtech.
The COO went on to explain that Playtech will continue to focus on growth in both existing and newly regulated markets, while its “core strateg…