Stocks To Watch: Zydus Lifesciences, Cupid, Adani Enterprises, Yatra Online, MOIL And More
Here are the stocks to watch before going into trade on Wednesday.
(Source: Unsplash)
Zydus Lifesciences Ltd., Cupid Ltd., Adani Enterprises Ltd., Yatra Online Ltd. and Manganese Ore (India) Ltd. will be in focus on Wednesday.
Zydus Lifesciences received a warning letter issued by the United States Food and Drug Administration with respect to its injectables manufacturing facility at Jarod near Vadodara. The warning letter detailed violations with respect to current good manufacturing practice regulations. The firm said that the contents of the warning letter will be made public by the FDA in due time and expressed plans to take necessary steps to work with the FDA towards "earliest remediation" of the facility.
Cupid plans to significantly expand B2C reach, with a target of reaching 1 lakh touchpoints by the end of 2024. The firm is planning partnerships with Blinkit and Zepto to expand its e-commerce presence. Additionally, an almond hair oil will be launched this month in four different stockkeeping units, among other new products.
Adani Global Pte. Ltd., Singapore, which is a step-down subsidiary of the company, has set up a new wholly owned subsidiary called Adani Energy Resources (Shanghai) Co. in Shanghai. AERCL is incorporated to carry out the business of providing supply chain solutions and project management services.
Yatra Online is set to acquire Globe Travels for Rs 128 crore.
MOIL achieved its highest-ever production of 1.24 lakh tonnes in August. For the first five months of the current financial year, MOIL produced 7.24 lakh tonnes, a 7% increase compared to last year.
The benchmark indices closed mixed on Tuesday as the NSE Nifty 50 ended flat and at an all-time high, while the S&P BSE Sensex snapped its 10-session gaining streak.
The Nifty ended 1.15 points higher at 25,279.85, and the Sensex was 4.4 points or 0.01%, down at 82,555.44.
Analysts say that key levels to watch include 25,350 on the upside, which could trigger a rally towards 25,500, while 25,200 on the downside might lead to a correction towards 25,100 and below.
They also recommend that traders consider booking profits and re-entering at dips. And should exercise caution, waiting for the index to test and halt at key support zones before re-entering the market.
While the broader market remains in a narrow range, analysts say that Bank Nifty's recent performance can inject momentum if buying activity continues. 25,200 is poised to act as a key support for the benchmark, while a solid support zone is expected within the 25,100–25,000 range.
On the higher end of the spectrum, 25,350–25,400 is anticipated to act as intermediate resistance, followed by the sturdy hurdle of 25,500 in the comparable period.
Some analysts suggested using dips around the 25,070 level as buying opportunities, with an eye on potential targets between 25,500 and 25,600.
Here Are The Stocks To Watch On Wednesday
Cupid: The company is looking to expand B2C pie substantially moving forward. It is on a target to reach 1 lakh touch points by the end of 2024. The company is also planning to partner with Blinkit and Zepto for better e-commerce presence. It also plans to launch almond hair oil in four SKUs among other products this month.
General Insurance Corp.: The government will sell up to 6.8% stake via offer for sale between Sept. 4 and Sept. 5. The government will sell a 3.4% stake via a base offer, with an oversubscription offer for 3.4%. The floor price has been set at Rs 395 per share.
Zydus Lifesciences: The company has provided clarification regarding the warning letter received from the US FDA. The letter points out concerns with the injectable manufacturing facility in Jarod, Gujarat. It is currently addressing these concerns and taking necessary corrective and preventive measures as requested by the US FDA.
Torrent Power: The company has entered into a fresh MoU with the Department of Water Resources, Government of Maharashtra, for the establishment of pumped storage projects with a total capacity of 5,600 MW instead of 5,700 MW.
Yatra Online: To acquire Globe Travels for Rs 128 crore.
MOIL: In August, the company achieved its highest-ever production of 1.24 lakh tonnes. For the first five months of the current financial year, it produced 7.24 lakh tonnes, a 7% increase compared to last year. The company sold 5.92 lakh tonnes during this period, which is similar to last year despite tough market conditions and fluctuating international prices. Revenue from operations grew by about 11% from April to August 2024.
AU Small Finance Bank: The bank has submitted an application to the Reserve Bank of India to seek approval for voluntary transition from a small finance bank to a universal bank.
NHPC: The company signed an MoU with the Maharashtra Department of Water Resources. The agreement includes setting up pumped storage projects and renewable energy projects with a total capacity of 7,350 MW at locations including Kengadi (1,550 MW), Savitri (2,250 MW), Kalu (1,150 MW), and Jalond (2,400 MW).
Ashiana Housing: The company announced that by Sept. 1, 168 out of 280 units in Phase 4 of its project in Gurugram had been booked. These units, which cover 282,365 square feet, have a total sale value of Rs 403.5 crore. Phase 4 of the project includes a total saleable area of 495,000 square feet with 3 BHK units and is located in Sector 93, Gurugram.
Adani Enterprises: Adani Global Pte., Singapore, which is a step-down subsidiary of the company, has set up a new wholly owned subsidiary in Shanghai, China, to carry out business of providing supply chain solutions and project management services.
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