Stocks to watch, July 10: Angel One, Emcure Pharma, Mankind Pharma, M&M

Stocks to watch on July 10: Emcure Pharmaceuticals' shares are scheduled to make their debut on the stock exchanges on Wednesday

Stocks to watch on Wednesday, July 10, 2024: Indian bourses may see flat start on Wednesday, mimicking mixed global peers. GIFT Nifty also suggests a weak start, as they quoted flat to Nifty 50 futures at 24,485.

Asia-Pacific markets showed a mixed performance on Wednesday, despite key Wall Street benchmarks rising after dovish comments from US Federal Reserve Chairman Jerome Powell overnight.

Japan's Nikkei 225 rose 0.27 per cent, while the broader Topix index climbed 0.33 per cent.

South Korea's Kospi fell by 0.26, while the small-cap Kosdaq slumped by 0.43 per cent. Meanwhile, Australia's S&P/ASX 200 slipped by 0.47 per cent.

 

In contrast, Futures for Hong Kong's Hang Seng index were trading 1.12 per cent higher at 17,720 levels.

In the US overnight, the S&P 500 reached a new record on Tuesday following Powell’s comments, edging up 0.07 per cent to 5,576.98. The Nasdaq Composite also set a record, gaining 0.14 per cent to finish at 18,429.29. Meanwhile, the Dow Jones Industrial Average dipped slightly by 0.13 per cent.

Back home below are some hot stocks to watch on Wednesday: 

Angel One: The personal information of approximately 7.9 million customers of Mumbai-based stock broking firm Angel One was exposed in a data breach on Tuesday, according to reports. The leaked data, disclosed by the hacker on a website, comprises names, addresses, contact numbers, and bank account details, raising significant concerns about privacy and security.

Emcure Pharmaceuticals: Emcure Pharmaceuticals' shares are scheduled to make their debut on the stock exchanges on Wednesday. Prior to the listing, the company's shares are commanding a Grey Market Premium (GMP) of Rs 300 in the unlisted market. This signals strong investor interest and a potential positive listing for the pharmaceutical firm.

Adani Ports: Adani Ports and Special Economic Zone Ltd. has won a 30-year concession to develop, operate, and maintain Berth No. 13 at Deendayal Port, marking a substantial addition to its infrastructure portfolio. The company secured the contract through a competitive bidding process.

Adani Power: On Tuesday, Adani Power Ltd.'s wholly owned subsidiary Mahan Energen Ltd. revealed a significant development by entering into a 20-year power purchase agreement for 500 MW with Reliance Industries Ltd. As part of the agreement, RIL has acquired a 26  per cent stake in a 600 MW unit within Mahan Energen's thermal power plant. This particular unit, part of MEL's total capacity of 2,800 MW, is designated as the captive unit under the terms of the agreement.

Mankind Pharma: According to reports, Capital Group affiliate Hema CIPEF plans to sell a 0.9  per cent stake in the drug firm through block deals, valued at Rs 762.6 crore. The issue price is set at Rs 2,061 per share, reflecting a 2 per cent discount to the current market price (CMP).

Delhivery: As per reports, the Canada Pension Plan Investment Board intends to sell its entire 3.18 per cent stake in the logistics firm through block deals. The issue size is Rs 886 crore, with the offer price range set between Rs 378 to Rs 389 per share, representing a discount of 0.7 per cent to 3.5 per cent compared to the current market price (CMP).

Bank of Baroda: State-owned Bank of Baroda announced that it will raise its marginal cost of funds-based lending rate (MCLR) on most tenures starting Friday, as per the information provided to exchanges on Tuesday, July 9. The bank's revised lending rates will now range between 8.15  per cent and 8.90  per cent.

Shilpa Medicare: Shilpa Medicare's Raichur Active Pharmaceutical Ingredient (API) facility in Karnataka has successfully passed a Good Manufacturing Practices (GMP) inspection conducted by a regulatory agency from Brazil.

JSW Steel: JSW Steel Ltd. reported a 1 per cent year-on-year decline and a 6 per cent sequential decrease in consolidated crude steel production for the first quarter of the current financial year. This reduction was primarily attributed to planned maintenance shutdowns. The company produced 6.35 million metric tonnes (MT) of crude steel in the quarter ended June, compared to 6.19 MT in the corresponding period last year, as per an exchange filing on Tuesday.

Tata Motors: Tata Motors Ltd. has lowered the starting prices of its sports utility vehicles—Harrier and Safari, offering benefits of up to Rs 1.4 lakh on various SUV variants, the automaker announced in a statement on Tuesday. The new starting prices are set at Rs 14.99 lakh for the Harrier and Rs 15.49 lakh for the Safari, reflecting the company's strategic pricing adjustments.

HG Infra Engineering: HG Infra Engineering Ltd. has disclosed the signing of a Memorandum of Understanding with Ultra Vibrant Solar Energy Pvt. Ltd. for solar projects, as per an exchange filing on Monday. The engineering, procurement, and construction (EPC) value of these solar projects is estimated to be Rs 465 crore, inclusive of taxes.

Bansal Wires: Shares of Bansal Wire Industries are poised to debut as a listed entity on the stock exchanges starting Wednesday, July 10. According to signals from the grey market premium (GMP), investors can anticipate a promising listing pop for the company's shares on their first day of trading as the current GMP stands at Rs 70.

Mahindra & Mahindra: The company announced a special celebratory ex-showroom price for the AX7 range, aligning with the upcoming three-year anniversary of the XUV700 in the market. Recently, the SUV achieved the milestone of producing 2,00,000 units in less than 3 years.

Delta Corp: The online gaming firm reported a 68.04  per cent year-on-year decline in net profit to Rs 21.7 crore for the first quarter ended June 30, 2024. Revenue from operations also decreased by 30.3 per cent to Rs 180.7 crore compared to Rs 259.3 crore in the corresponding period of the preceding fiscal.

ONGC: State-owned firm announced plans to invest about Rs 2 lakh crore in setting up renewable energy sites and green hydrogen plants to achieve its 2038 net-zero carbon emission goal. It will allocate Rs 97,000 crore by 2030 to establish 5 gigawatts of renewable energy capacity, green hydrogen, biogas, pump storage plants, and offshore wind projects.

Wipro: The software firm disclosed it has resolved a lawsuit filed against its former chief financial officer Jatin Dalal. According to a US SEC filing dated July 2, 2024, Cognizant's board of directors approved a payment of $505,087 to cover the settlement and legal fees related to the dispute.

Mehai Technology: The company has received work order worth of Rs 855 crore from  Sungevity Enterprises Private Limited (SEPL) for installation of smart solar street light system on the identified existing electric pole under 'Mukhyamantri

Gramin Solar Street Light Yojana' in the state of Bihar.

RVNL: The state-owned firm emerged as the lowest bidder for a project worth Rs 202.87 crore from the South Eastern Railway. The project includes the design, supply, erection, testing, and commissioning of a 132 KV traction substation, sectioning posts, and sub-sectioning posts in a 2x25KV system on the Kharagpur-Bhadrak section of the Kharagpur division.

Infosys: The IT company announced a strategic five-year collaboration with Sector Alarm to transform their core enterprise business systems onto the cloud. Infosys will assist in migrating Sector Alarm's disparate, on-premises Enterprise Resource Planning platform onto Microsoft Dynamics 365 Finance and Operations (F&O).