Stocks To Watch: Adani Enterprises, IDBI Bank, Rail Vikas Nigam, Infosys, Brightcom Group, L&T, IDFC First Bank

Stocks to Watch: At around 8:09 am on Monday, September 4, the GIFT Nifty futures traded 49.5 points, or 0.25 per cent higher at 19,569, suggesting a flat-to-positive start for the domestic indices.

On Friday, September 1, the Indian equity indices settled higher after a muted start after data showed the economy grew at its quickest pace in a year in the first quarter, which could boost foreign investor inflows.

The BSE Sensex rallied 555.75 points, or 0.86 per cent to settle at 65,387.16, and the NSE Nifty surged 181.5 points, or 0.94 per cent to close at 19,435.3 levels.

Here is a list of stocks that are expected to remain in focus today:

Kotak Mahindra Bank 

Uday Kotak resigned from the MD and CEO post and will now be the non-executive director of the bank. New CEO Dipak Gupta will carry out the duties of the chief executive officer subject to approvals from the Reserve Bank of India (RBI), the bank said.

IDBI Bank 

The government has invited bids to appoint an asset valuer for a stake sale in IDBI Bank. The bids have to be submitted for the asset valuation on October 9.

Rail Vikas Nigam 

The company received an order from Madhya Gujarat Vij Company worth Rs 322 crore; work needs to be completed in 31 months.

Infosys 

The company received a penalty notice from the State Revenue Committee of Armenia for two cases. Stamp duty, social security, and withholding tax; a fine imposed for paying less tax; the notice received is for Rs 1,511 crore.

Adani Enterprises 

The company said in a statement that Adani Group is confident about the quality of disclosures and corporate governance standards. Adani Group denied the Organised Crime and Corruption Reporting (OCCRP) report.

Brightcom Group 

The board is taking appropriate steps to revoke the signatures of M Suresh Kumar Reddy and SL Narayana Raju at every level. The search process has started for the new CEO and CFO, the company said.

IDFC First Bank 

GQG partners bought a 2.6 per cent stake in the bank worth Rs 1,530 crore at Rs 89 per share.

August Auto Sales

Eicher Motors Ltd. on Friday said its arm, VE Commercial Vehicles Ltd., posted a 29.4 per cent growth in total sales at 6,476 units in August 2023. VE Commercial Vehicles (VECV), a joint venture of the Volvo Group and Eicher Motors, had sold 5,003 units in August 2022, Eicher Motors said in a regulatory filing.

Hero MotoCorp also recorded better than estimated sales. Hero MotoCorp reported on Friday a 6 per cent increase in total sales at 4,88,717 units in August. The company had sold 4,62,608 units in the year-ago period, Hero MotoCorp said in a regulatory filing.

ONGC, Oil India, Reliance Industries, MRPL, and OMCs

The government has cut the additional duty on diesel from Rs 5.50 per litre to Rs 6 per liter. The windfall tax is also reduced from Rs 7100/tonne to Rs 6700/tonne. Conversely, additional duty on air turbine fuel (ATF) is increased from Rs 2/Litre to Rs 4/Litre.

Steel and cement stocks

Steel rebar prices have been hiked by Rs 1.500/tonne to Rs 2,500/tonne; this is the fifth consecutive hike. In September, the cement prices were hiked by Rs 10 per bag to Rs 35 per bag.

MOIL

There is a 53 per cent year-on-year (YoY) increase in production for the month of August. MOIL produced 1.23 lakh tonnes of manganese ore in August 2023.

Jio Financial Services 

The stock is out of the T2T segment effective today, and the circuit filter has been raised to 20 per cent from 5 per cent. 

Shree Cement 

Brokerage firm Nomura has upgraded its rating on Shree Cement from 'reduce' to 'buy'  and has raised the target raised to Rs 28,700 apiece from Rs 20,400 apiece.

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