Bharat Electronics Ltd., Trent Ltd., Punjab National Bank, KEC International Ltd., and Torrent Pharmaceuticals Ltd. will be the stocks in focus before going into trade on Friday.
Bharat Electronics Ltd. and Trent Ltd. will be replacing Divi's Laboratories Ltd. and LTI Mindtree Ltd. by Sept. 30, 2024, as a part of the reconstitution of the NSE Nifty indices, according to a press release from NSE.
Punjab National Bank, the country's second-largest state-run lender, completed its share sale to institutional investors on Thursday. The board issued shares under the qualified institutional placement route at Rs 103.75 apiece, a discount of 4.96% to the floor price of Rs 109.16, according to an exchange filing.
KEC International Ltd. has raised Rs 870 crore through a qualified institutional placement offer that it launched this week, an exchange filing said on Thursday.
Torrent Pharmaceuticals Ltd. on Thursday disputed the claim that Shelcal 500, a vitamin D and calcium supplement sold by the company, has failed a quality test conducted by the Central Drugs Standard Control Organisation.
The drugmaker said the sample of Shelcal 500 that was collected for analysis by CDSCO was "non-genuine and spurious."
The NSE Nifty 50 and BSE Sensex extended their record run to the sixth session intraday on Thursday, led by gains in Maruti Suzuki India Ltd. and Mahindra & Mahindra Ltd. The benchmarks have been touching fresh highs since Sept. 19 and robbed the charm of new highs from market participants.
The Nifty 50 ended 211.90 points, or 0.81% higher at 26,216.05, and the Sensex ended 666.25 points, or 0.78% higher at 85,836.12. Nifty settled at its highest closing level for the fifth straight session.
The sentiment on Nifty 50 is expected to stay positive, as the index closed above a key moving average, he said. “A drop below 26,000 might disrupt the current bullish trend, but until then, the strength is likely to persist in the index.”
According to Shrikant Chouhan, head equity research at Kotak Securities Ltd., the bullish setup is likely to continue if Nifty 50 trades above 26,000 and Sensex 30 trades above 85,300.
On the higher side, Nifty could move up to 26,300–26,375, and Sensex can proceed up to 86,000–86,300. While, on the other side, if Nifty falls below 26,000 then the uptrend would be vulnerable, he said. “Below the same, traders may prefer to exit out from the trading long positions.”
“On a daily timeframe, the index has formed a Marubozu Open candlestick pattern, which defines a strong grip of bulls,” said Aditya Gaggar, director of Progressive Share Brokers Pvt.
“If the Nifty 50 is above 25,970, the uptrend is intact with a probable upside of 26,450,” he said.
Here Are The Stocks To Watch On Friday
Trent and Bharat Electronics: The stocks will be in focus as they prepare to enter the benchmark Nifty 50 Index following their inclusion, which was announced in August.
Divi's Laboratories and LTIMindtree: The two stocks are set to be removed from the Nifty 50 Index following the revision by the NSE.
Punjab National Bank: The company closed its QIP with an issue price of Rs 103.75 per share, a discount of 5% to the floor price.
KEC International: The company raised Rs 870 crore via QIP and issued 91.1 lakh shares at Rs 955 per share.
InterGlobe Aviation: The company appointed Isidro Pablo Porqueras Orea as chief operating officer effective Nov. 1.
Torrent Pharma: The drugmaker refuted claims of Shelcal 500 allegedly failing CDSCO quality tests, saying the sample seized by the regulator is not manufactured by the company and is nongenuine and spurious.
Infosys: The company announced strategic collaboration with Sally Beauty to bring enterprise-scale IT efficiencies from hyper-automation.
Indian Bank: The company approved raising additional long-term infrastructure bonds aggregating up to Rs 5,000 crore over and above Rs 5,000 crore already raised in the current fiscal.
Escorts Kubota: Unit Escorts Kubota Finance received RBI certification to begin NBFC business.
Lemon Tree: The company signed a pact for 74-room property in Gujarat.
Research Reports
Campus Activewear - Healing And Awaiting A Favorable Macro Environment: HDFC Securities
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Crompton Greaves - Weak Demand Likely To Revive In H2: Systematix
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