 "Stocks to Watch, Dec 3: Cipla, Axis Bank, Swiggy, TaMo, Adani Ports, SBI")
Stocks to Watch on December 3, 2024: Amid mixed global cues, the GIFT Nifty futures, around 6:48 AM, were trading flat at 24,424. In the previous session, the BSE Sensex added 445.29 points or 0.56 per cent to settle at 80,248.08. Likewise, the NSE Nifty50 finished at 24,276.05, rising 144.95 points or 0.6 per cent higher from its previous close.
Here is a list of stocks that will be on traders' and investors' radar today (December 3, 2024):
Adani Group stocks: Bangladesh has halved the power it buys from neighbouring India's Adani Power, citing lower winter demand, according to reports, amid disagreements over dues running into hundreds of millions of dollars.
Adani, whose founder has been accused by US authorities of being involved in a bribery scheme in India, charges which he has denied, halved supply to Bangladesh on October 31 over payment delays as the country battles a foreign exchange shortage.
Adani Ports and Special Economic Zone: Rating firm CareEdge has revised Gopalpur Ports Limited’s (GPL) credit rating from “BBB” (RWP) to “AA/Stable”, upgrading it by six notches, post-acquisition by the Adani Ports and Special Economic Zone (APSEZ) in March this year.
Cipla: Promoters of the company, Samina Hamied and Rumana Hamied, on Monday exited by selling their 1.72 per cent stake for Rs 2,111 crore through open market transactions. Singapore government, Societe Generale, Abu Dhabi Investment Authority, BNP Paribas, BofA Securities, Citigroup, Morgan Stanley, Goldman Sachs, Norges Bank, UBS, and Copthall Mauritius bought stakes in Cipla.
Coal India: The company's coal production increased 2.4 per cent to 471 million tonnes (mt) in the April-November period of the current financial year as compared to 460 mt of coal a year ago. CIL accounts for over 80 per cent of the domestic coal production. The production rose by 1.7 per cent to 67.2 mt in November.
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Axis Bank: The private sector lender is awaiting clarifications from the Reserve Bank of India (RBI) to decide the future of its subsidiary, Axis Finance, following the regulator’s proposal that only one entity within a bank group can undertake a specific type of permissible business.
Bajaj Finserv: Bajaj Finserv will invest Rs 1,000 crore in its arm Bajaj Finserv Health over the next three years as the subsidiary is aiming to break even by FY27, said Devang Mody, chief executive officer (CEO) of the company.
Tata Motors: Tata International and Tata Motors have launched a registered vehicle scrapping facility (RVSF) in Pune named ‘Re.Wi.Re— Recycle with Respect’. This facility can dismantle 21,000 end-of-life vehicles annually, catering to both commercial and passenger vehicles across all brands.
SBI: The State Bank of India (SBI) is planning to open 500 new branches across India during the current financial year. Of this, 135 new branches have already been opened till October 31, 2024, Minister of State for Finance Pankaj Chaudhary said in a written reply in the Lok Sabha.
Vodafone Idea (Vi): Vi announced the launch of a spam management solution. Similar to Bharti Airtel and BSNL, Vi's spam filter will be powered by artificial intelligence (AI) and machine learning (ML), and has already caught 24 million spam texts, the company said.
Punjab & Sind Bank: The public sector lender is planning to raise Rs 3,000 crore through 10-year infrastructure bonds, according to reports. The bonds, rated ‘AA’ by domestic rating agencies CRISIL and IndiaRatings, have a base size of Rs 500 crore and a green-shoe option of Rs 2,500 crore.
Swiggy: The company has scaled up its 10-minute food delivery offering, Bolt, to over 400 cities and towns across the country.
Torrent Power: The company announced the opening of equities on a qualified institutional placement (QIP) basis at a floor price of Rs 1,555.75 per share as part of its plan to raise up to Rs 5,000 crore in one or more tranches.
Nazara Technologies: Gaming and sports media firm Nazara Technologies' board has approved five investments worth Rs 196 crore, including a 100 per cent acquisition of a stake in Sportskeeda owner firm Absolute Sports.
Pricol: Pricol will acquire Sundaram Auto Components' injection moulding business for Rs 215 crore. The company said it is making the acquisition through its subsidiary Pricol Precision Products Pvt Ltd.
Tata Group stocks: Tata Sons Chairman N Chandrasekaran has reportedly asked the CEOs of Tata Group companies to prioritise aggressive growth despite increasing uncertainties in domestic and global markets. During strategy discussions and business reviews, Chandrasekaran emphasised ambitious goals, asserting that growth opportunities must be seized promptly, even if margins are adjusted later.
Steel stocks: The steel ministry has proposed a 25 per cent safeguard duty on the import of certain steel items into the country to address the issues being faced by the domestic industry. A safeguard duty on steel is a temporary customs tax imposed to protect the domestic steel industry from unfair competition from imported steel.