Stocks To Watch: KEC International, Religare Enterprises, IDFC And More
Here are the stocks to watch before going into trade on Monday.
Shares of KEC International Ltd., Religare Enterprises Ltd., IDFC Ltd., Dr. Reddy's Laboratories Ltd. and Lemon Tree Hotels Ltd. will be in focus on Monday.
KEC International secured new orders amounting to Rs 1,079 crore encompassing its transmission, distribution, and cable businesses. The firm's cables division will be supplying various types of cables both domestically and internationally as part of the orders.
Religare Enterprises' executives had their premises searched by Enforcement Directorate officials in relation to a first information report against the former promoters of the firm, four acquirer companies of Burman Group, and the members of the Burman family, Abhay Agarwal and JM Financial Ltd.
IDFC obtained a tax refund of more than Rs 200 crore.
Lemon Tree Hotels signed a licence agreement to utilise its upscale Aurika Hotels and Resorts brand for an upcoming hotel in Surat, Gujarat. The hotel will have 175 rooms and suites including an all-day dining restaurant, banquet facilities, a ballroom, swimming pool and a spa.
Dr Reddy's Laboratories had its manufacturing facility in Andhra Pradesh undergo a product-specific pre-approval inspection by The US Food and Drug Administration, which then issued a Form 483 with three observations.
The NSE Nifty 50 ended 11.65 points, or 0.05% higher at 24,823.15, and the S&P BSE Sensex closed 33.02 points, or 0.04% up at 81,086.21 on Friday. During the day, Nifty rose 0.19% to 24,858.40, and Sensex rose 0.22% to 81,231.49.
Nifty is likely to see a gradual increase in the coming week, with analysts forecasting that specific stocks will drive the market. On the upside, market experts expect resistance levels around 24,960 and 25,080 to be important.
On the downside, the 21-Day Exponential Moving Average, positioned near 24,510, will act as strong support. As long as the index holds, analysts recommend above 24,500, employing a 'buy on dips' strategy. On the upside, levels around 24,960 and 25,080 will act as resistance points for Nifty,
Analysts also expect the market to witness a gradual uptick with stock-specific action.
They advise a 'buy on dips' strategy as long as the index holds above 50,790. On the upside, the trend line resistance near 51,200 remains a major hurdle. If the price stays above 51,200, it could pave the way for a move towards the 51,500 to 51,800 range.
Here Are The Top Stocks To Watch On Monday
KEC International: The company secured a new order valued at Rs 1,079 crore for its transmission and distribution and cable businesses.
Religare Enterprises: ED officials carried out a search at the residences of Executive Chairperson Rashmi Saluja, Group Chief Financial Officer Nitin Agarwal, General Counsel Nishant Singhal, and Religare Finvest Chief Operating Officer Chirag Jain. The ED has also frozen the ESOP shares of unit, Care Health Insurance, that were allocated to Rashmi Saluja, Nitin Agarwal, and Nishant Singhal.
Lemon Tree Hotels: The company has signed a licencing agreement for a 175-room property in Surat.
IDFC: The company received an income tax refund amounting to Rs 203 crore.
Cyient: The company incorporated a new subsidiary, Cyient Semiconductors.
Symphony: The company incorporated a new China-based unit named Dongguan GSK Appliances.
UNO Minda: JV Tokai Rika Minda announced the opening of new manufacturing plant in Rajasthan. The plant will have an annual production capacity of 3.84 lakh units per month.
Dr Reddy’s: The US FDA completed product-specific pre-approval inspection at manufacturing facility in Andhra Pradesh and issued form 483 with three observations.
Karur Vysya Bank: SBI Mutual Fund received RBI nod to acquire 9.99% stake in the bank.
