Stocks To Watch: SpiceJet, GMR Airports, Zaggle And More
Here are the stocks to watch before going into trade on Monday.
SpiceJet Ltd., Zaggle Prepaid Ocean Services Ltd., GMR Airports Infrastructure Ltd. and Exide Industries Ltd. are among the stocks in focus as markets open on Monday.
SpiceJet shareholders have approved a plan to raise up to Rs 3,000 crore through qualified institutional placements and other financing options.
Zaggle Prepaid Ocean Services has signed an agreement with Founderlink Tech for a business loan to support its corporate operations. GMR Airports reported a 9% year-on-year increase in August passenger traffic to 1.06 crore, with aircraft movement rising 8% over the same period.
Exide Industries will invest an additional Rs 100 crore in its subsidiary, Exide Energy Solutions, through a rights issue.
The NSE Nifty 50 and the S&P BSE Sensex ended Friday's session in loss as Reliance Industries Ltd. and ITC Ltd. dragged. However, the benchmark stock indices recorded the most weekly gains since June end.
The Nifty ended 32.40 points or 0.13% lower at 25,356.50 and the Sensex settled 71.77 points or 0.09% lower at 82,890.94. Intraday, the Nifty declined as much as 0.38% to 25,292.45, and the Sensex fell 0.37% to 82,653.22.
The short-term market texture is positive but due to temporary overbought conditions, there can be a range-bound price action in the near future, according to analysts.
"For short term now, 25,225–25,000/82,500–82,000 would be the key support zones while 25,500–25,700/83,500–84,000 would be the crucial resistance areas for the bulls," Amol Athawale, vice president of technical research at Kotak Securities, said. "However, below 25,000/82,000, the uptrend would be vulnerable."
For Bank Nifty, Athawale highlighted that as long as it is trading above its 50-day simple moving average or 51,350, the bullish formation is likely to continue. "On the higher side, it could move up to 52,250–52,700."
"On the other hand, below a 50-day SMA or 51,350 traders may prefer to exit out from the trading long positions," he said.
Here Are The Stocks To Watch On Monday
SpiceJet: Shareholders have approved raising up to Rs 3,000 crore through qualified institutional placement and other options.
Zaggle Prepaid Ocean Services: The company is in a pact with Founderlink Tech for a business loan to Zaggle corporate.
RPG Life Sciences: The company has assigned a surplus leasehold of Navi Mumbai land parcel to the KRSNA Dynasty for Rs 145 crore.
CDSL: The board approved the appointment of Nehal Vora as MD and CEO for five years.
Exide Industries: The company is to invest an additional Rs 100 crore in unit Exide Energy Solutions via a rights issue.
Trident: The company incorporated a unit in Singapore to expand business in the global market.
HEG: The company approved raising the investment limit to Rs 250 crore from Rs 200 crore for portfolio expansion.
GMR Airports: The company’s August passenger traffic stood at 1.06 crore, up 9% year-over-year, and August aircraft movement up 8% year-on-year.
Laurus Labs: The US FDA inspected the company’s Hyderabad API facility and closed with zero observations.
