On Tuesday, August 27, 2024, the Indian equity markets are expected to open on a negative note, as indicated by the GIFT Nifty. The index traded lower, down 34 points or 0.14% at 25,037, suggesting a weaker start for the domestic indices NSE Nifty 50 and BSE Sensex. On Monday, the NSE Nifty 50 closed the session 187 points or 0.76% higher at 25,010.60, while the BSE Sensex rose 612 points or 0.75% to close at 81,698.
Key Stocks to Watch Today
1. Reliance Industries
Reliance Jio has reported that its dealer commissions for FY24 were the lowest among its peers, Bharti Airtel and Vodafone Idea. According to estimates from Jefferies, Reliance Jio’s dealer commissions stood at 3% of sales, compared to Bharti Airtel’s 4% and Vodafone Idea’s 8.4%. This could indicate a competitive advantage for Reliance in the telecom sector.
2. Godfrey Phillips
US-based proxy advisory firm Glass Lewis has advised shareholders of Godfrey Phillips to vote “against” the special resolution seeking the reappointment of Bina Modi as Managing Director at the upcoming Annual General Meeting (AGM) on September 6. Glass Lewis has shown support for Samir Modi’s presence on the board. The AGM will involve five ordinary resolutions and one special resolution for shareholder approval.
3. Bharat Heavy Electricals Limited (BHEL)
BHEL announced on Monday that it has secured orders worth over ₹11,000 crores from Adani Power and its subsidiary, Mahan Energen. These orders are for the supply of equipment (Boiler, Turbine, Generator) and supervision of erection and commissioning for three power projects located in Kawai, Rajasthan, and Mahan, Madhya Pradesh, each with a capacity of 2×800 MW.
4. UltraTech Cement
UltraTech Cement has successfully raised $500 million through a sustainability-linked loan, with contributions from six banks. This marks the Aditya Birla Group-backed cement maker’s second sustainability-linked financing, following a $400 million raise in 2021. This move highlights the company’s commitment to sustainable practices.
5. HCLTech
HCLTech has extended its strategic partnership with Xerox, focusing on AI-driven engineering services and digital process operations (DPO). This collaboration aims to assist Xerox in its fundamental and structural redesign, positioning the company for long-term profitable and sustainable growth.
6. PI Industries
PI Industries announced that its Chief Financial Officer, Manikantan Viswanathan, has retired after reaching the age of superannuation as of the close of business on August 26. The board has appointed Sanjay Agarwal as the new Group Chief Financial Officer, indicating a leadership transition within the company.
7. Lemon Tree Hotels
Lemon Tree Hotels has signed a license agreement under its upscale brand, Aurika Hotels & Resorts, for a property in Surat, Gujarat. The property will be operated by Carnation Hotels, a subsidiary and management arm of Lemon Tree Hotels, and is expected to open in FY30, further expanding the brand’s footprint.
8. GPT Infraprojects
GPT Infraprojects’ fundraising committee has approved a qualified institutional placement (QIP) to raise funds, setting the floor price for the QIP at ₹183.83 per equity share. The company may offer a discount of up to 5% on the floor price at its discretion, providing an opportunity for institutional investors.
Conclusion
Investors should keep a close eye on key stocks such as Reliance Industries, Godfrey Phillips, BHEL, UltraTech Cement, HCLTech, PI Industries, Lemon Tree Hotels, and GPT Infraprojects. The activities and announcements from these companies, along with the overall market sentiment, could provide valuable insights and opportunities for investment in today’s trading session.
