The domestic equity market witnessed a mild gain on Friday, with the BSE Sensex adding 75.71 points, or 0.10%, to settle at 73,961.31, and NSE’s Nifty50 rising 42.05 points, or 0.19%, to end the session at 22,530.70. This came amid rising volatility ahead of the exit polls outcome for elections and GDP numbers. As the Modi government is poised to secure a third term, several stocks are expected to be in the limelight on Monday, June 3, 2024.
In the automobile sector, shares of companies across all categories and segments will be closely watched following the release of their sales figures for May 2024. Top stocks in focus will include Maruti Suzuki, Tata Motors, Mahindra & Mahindra, TVS Motors, Bajaj Auto, Hero MotoCorp, Eicher Motors, and Escorts Kubota. Investors are keen to assess the performance and growth trajectory of these companies in light of the new data.
Adani Ports and Special Economic Zone, part of the Adani Group, has made headlines with its wholly owned subsidiary, Adani International Ports Holdings, signing a 30-year concession agreement with the Tanzania Ports Authority. This agreement, worth $39.5 million, will see the Adani Group firm operate and manage Container Terminal 2 at the Dar es Salaam Port in Tanzania. The terminal, with a capacity of 1 million TEUs, handles approximately 83% of Tanzania’s container volume, marking a significant expansion for Adani Ports.
In the PSU segment, Coal India reported a 7.5% year-on-year growth in coal production for May, reaching 64.4 million tonnes. Its offtake also increased by 7.2% year-on-year to 68.2 million tonnes. NMDC, the state-run mining company, announced a decline in total iron ore production to 2.34 million tonnes in May 2024, down 37% from the previous year. Iron ore sales also fell by 22% year-on-year to 2.82 million tonnes.
Defense and aerospace sectors are expected to draw investor attention, especially companies like Hindustan Aeronautics, Data Patterns, Bharat Dynamics, Zensar Technologies, Sika, and Mishra Dhatu Nigam. The Modi government’s focus on self-reliance in this space has made these stocks attractive, especially after favorable exit poll results.
Canara Bank received approval to initiate the process of diluting a 14.50% stake in its subsidiary, Canara HSBC Life Insurance Company, by listing it on stock exchanges through an initial public offer. This move is subject to approval from the Reserve Bank of India and the Government of India, signaling a strategic divestment in the financial sector.
BSE, India’s leading stock exchange, completed the acquisition of S&P Dow Jones Indices’ entire equity stake in Asia Index, making it a wholly-owned subsidiary of BSE. This acquisition will allow AIPL to continue providing its services to clients subscribed to its indices and data products.
Railway stocks, which have delivered significant returns to investors, will also be in focus. Counters like RVNL, Ircon International, IRCTC, Concor, BEML, Titagarh Rail Systems, RITES, Texmaco Rail, Jupiter Wagons, RailTel, and Bharat Electronics are expected to attract investor interest post-exit poll results.
Other notable mentions include MOIL, which has increased prices of all ferro grades of manganese ore, and Ashoka Buildcon, which emerged as the lowest bidder for two projects worth Rs 2,153 crore from the Maharashtra State Road Development Corporation. Ahluwalia Contracts secured a contract worth Rs 2,157 crore from India Jewellery Park, Mumbai, and Puravankara’s subsidiary Purva Oak acquired 12.75 acres of land in Thane with a potential gross development value of Rs 4,000 crore.
Disclaimer – The information provided in this article is for informational purposes only and does not constitute financial advice. The predictions and stock picks mentioned are based on current market sentiment and expert opinions, and are subject to change based on actual election results and market conditions. Investors are advised to conduct their own research and consult with a financial advisor before making any investment decisions. The author and publication are not responsible for any financial losses or gains resulting from investment actions based on this article.
