 "Stocks to Watch: Eicher, MSIL, NBCC, Biocon, Insecticides India, KIMS")
Stocks to Watch, September 2, 2024: Indian benchmark indices BSE Sensex and Nifty 50 were likely to open higher, as indicated by the GIFT Nifty futures that were trading around 50 points ahead of Nifty futures' last close, at 25,419 at 6:45 AM.
Elsewhere, Asia-Pacific markets open on a mixed note on Monday. Japan’s Nikkei 225 was up 0.94 per cent, crossing the 39,000 mark for the first time since July 31, while the broader Topix was 0.49 per cent higher.
In contrast, South Korea’s Kospi lost 0.49 per cent, while the small cap Kosdaq was marginally lower. Australia’s S&P/ASX 200 slipped 0.43 per cent, and Hong Kong's Hang Seng index futures sat at 17,785, lower than the HSI’s last close of 17,989.07.
Meanwhile, here are a few stocks likely to be in focus on Monday, September 2:
Maruti Suzuki India: Total sales of the carmaker dropped 3.86 per cent to 1,81,782 units in August, compared to 1,89,082 units sold in the same period last year. That apart, domestic passenger vehicle sales fell 8.4 per cent to 1,43,075 units in the month, compared to 1,56,114 units in the year ago period. Meanwhile, total domestic sales were down 5.3 per cent at 1,55,779 units, compared to 1,64,468 units in the year ago period. Export sales were up 5.65 per cent to 26,003 units, compared to 24,614 units in the year ago period.
MOIL: The company has reduced the prices of ferro-grade manganese ores with manganese content of Mn-44 per cent and above by 20 per cent for September. It has also lowered the prices of all other ferro grades of manganese ore with manganese content below Mn-44 per cent by 15 per cent, and prices of all SMGR (Mn-30 per cent and Mn-25 per cent), fines, and chemical grades by 15 per cent.
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Eicher Motors: Sales of Royal Enfield motorcycles fell 5 per cent to 73,629 units in August 2024, compared to 77,583 units in the year ago period. Meanwhile, their exports dropped 2 per cent to 8,006 units, compared to 8,190 units in the year ago period. Sales of VE commercial vehicles grew 1 per cent to 6,543 units, compared to 6,476 units in the year ago period. Domestic sales of VE commercial vehicles increased 2 per cent to 6,028 units, compared to 5,907 units in the year ago period. Meanwhile, their exports declined 23.25 per cent to 255 units, compared to 332 units in the year ago period.
NBCC India: The company's board of directors has approved a bonus issue of one share for every two equity shares held. The record date for the bonus issue is October 7.
SJVN, NHPC, RailTel Corporation of India: The central government has granted Navratna Status to SJVN, NHPC and RailTel Corporation of India. Now, these state-owned companies will not have to seek the government's approval for investments upto Rs 1,000 crore.
Krishna Institute of Medical Sciences: The company has acquired a 100 per cent equity stake in Chalasani Hospitals, Visakhapatnam, for Rs 28 crore. Chalasani Hospitals is a 200-bed hospital established in 1995.
Tata Motors: Total sales of the company fell 8.1 per cent to 71,693 units in August 2024, compared to 78,010 units in the year ago period. Commercial vehicle sales were down 15.2 per cent YoY to 27,207 units, compared to 32,077 units in the year ago period. Passenger vehicle sales dropped 3.15 per cent to 44,486 units compared to 45,933 units in the year ago period.
Biocon: A subsidiary of Biocon has received USFDA approval for Sacubitril/Valsartan tablets and Daptomycin for injection. The company has also received an Establishment Inspection Report (EIR) from the USFDA for its greenfield API facility in Visakhapatnam, allowing it to begin commercial supplies to the US market.
Hindustan Petroleum Corporation: The Ministry of Petroleum and Natural Gas has appointed Rajneesh Narang, currently Director-Finance, as the interim chairman and managing director of the company for three months, starting September 1, after currently service chairman and managing director Pushp Kumar Joshi's tenure was superannuated, effective September 1.
TVS Motor Company: Total sales of the company grew 13 per cent to 3,91,588 units in August 2024, compared to 3,45,848 units in the year ago period. Two-wheeler sales jumped 14 per cent to 3,78,841 units, compared to 3,32,110 units in the year ago period. Exports surged 14 per cent in the month to 99,976 units, compared to 87,515 units in the year ago period. Meanwhile, electric vehicle sales climbed 4 per cent to 24,779 units, compared to 23,887 units in the year ago period.
Wipro: The company has appointed Srikumar Rao as the global head of its Engineering Edge Business Line, effective from October 5. This follows the resignation of Harmeet Chauhan.
Dixon Technologies India: UBS Principal Capital Asia has sold a 1.14 per cent stake in Dixon Technologies at an average price of Rs 13,178.47 per share, amounting to a total of Rs 904.1 crore.
Emami: The company has acquired the remaining 49.60 per cent stake in Helios Lifestyle, which owns the premium men's grooming brand 'The Man Company'. Emami now holds a 100 per cent stake in Helios.
HDFC Asset Management Company: Life Insurance Corporation of India (LIC) has reduced its shareholding in HDFC AMC to 2.88 per cent, from 4.91 per cent between July 1 and August 29.
Insecticides India: The company's board of directors has approved a buyback of 500,000 shares (1.69 per cent of total equity) for up to Rs 50 crore at Rs 1,000 per share. The record date for the buyback has been set for September 11.
DCM Shriram: Life Insurance Corporation of India (LIC) has decreased its stake in the company to 6.43 per cent, from 8.58 per cent between November 21, 2007, and August 29, 2024.
Oil India: The company has signed hook-up agreements with Indra Dhanus Gas Grid (IGGL) to enhance energy infrastructure in the North-East region.
Bandhan Bank: UBS Principal Capital Asia has acquired a 1.19 per cent stake in the bank at an average price of Rs 200.27 per share, amounting to a total of Rs 384.56 crore.
Kesoram Industries: SG Sundae Holdings LLC has sold a 1.16 per cent stake in the company at an average price of Rs 206.88 per share, and an additional 0.62 per cent stake at an average price of Rs 206.74 per share, amounting to a total of Rs 114.77 crore.
Gujarat Gas: The company's board of directors has approved a scheme of arrangement and amalgamation involving Gujarat State Petroleum Corporation (GSPC), GSPC Energy (GEL) and Gujarat State Petronet (GSPL) merging into GGL. The scheme involves the demerger of GGL's gas transmission business, which will be listed separately as GSPL Transmission Limited (GTL).
GPT Infraprojects: The company has been declared the lowest bidder for a Rs 204 crore project from CAO Construction, South Eastern Railway, involving the construction of a road over bridge between Andul-Sankrail and Nalpur-Bauria stations.