Stocks to watch: Adani Green Solutions, Grasim Industries, Manappuram Finance, ASK Automotive

Stocks in Focus: GIFT Nifty traded up 229 points or 1.17% at 19,729.5, indicating a positive opening for domestic indices NSE Nifty 50 and BSE Sensex on Wednesday. The Indian equity market remained closed on Tuesday on the occasion of Diwali Balipratipada. Previously, on Monday, the NSE Nifty 50 dropped 82 points or 0.42% to settle at 19,443.55, while the BSE Sensex fell 325.58 points or 0.50% to 64,933.87.

“Post-Diwali, Indian equities continued consolidation amid global uncertainty. The sharp deceleration in IIP growth, from 10.3% in August to 5.8% in September, and weakening Manufacturing PMI reflect global trends driven by rising interest rates and inflation. The Indian Rupee’s weakness keeps FIIs cautious. However, the market’s downside is limited by strong earnings, economic stability, and domestic institutional flows. A potential reversal is likely, as domestic October CPI inflation is expected to moderate. Notably, public sector banks are outperforming due to strong credit growth, improved asset quality, and robust balance sheets, and this trend is expected to persist,” said Vinod Nair, Head of Research at Geojit Financial Services.

Grasim Industries

Grasim Industries, an Aditya Birla group company, has posted a 15.3% rise in net profit at Rs 1,164 crore for the quarter ended September, driven by the performance of its cement and financial services subsidiaries. In comparison, the company had posted a net profit of Rs 1,009 crore during the same period a year ago.

Manappuram Finance

The Non-banking finance company reported that its consolidated net profit in the second quarter of FY24 grew nearly 37% year-on-year to Rs 560.65 crore compared to Rs 409 crore in Q2FY23. The company’s interest income surged over 27% to Rs 2044 crore, and revenue from the gold loan business, which accounts for about three-fourths of its topline, soared 18.5% to Rs 1537 crore, while its micro-finance arm recorded a 53% revenue growth.

Oil and Natural Gas Corporation (ONGC)

The state-controlled corporation will kick off oil production from its much-delayed flagship deepsea project in Krishna Godavari basin in Bay of Bengal this month, helping reverse years of decline in output, reported PTI. “We plan to start producing from the Cluster-2 project in KG-DWN-98/2 block this month and slowly ramp up,” ONGC Director (Production) Pankaj Kumar told PTI here. A floating production unit, called FPSO, which will be used to produce oil, is already in the block. After several missed deadlines, ONGC has told Shapoorji Pallonji Oil & Gas (SPOG) that its floating production, storage and offloading vessel (FPSO) Armada Sterling-V should prepare to receive the first oil this month.

Rail Vikas Nigam(RVNL)

The company has received LOA for the “Construction of 4 Nos. Tunnels (total Length 1.6km) with ballast less track, Earthwork in formation, Construction of Important Bridges (2nos), Major Bridges (1no), Minor Bridges (25nos), Supply of Stone ballast, Track linking, side drain retaining wall etc. from Km 831.8 to Km 841.9 in Dharakoh Maramjhiri section in connection with third line,” said the company in a regulatory filing.

ASK Automotive

The auto ancillary company’s shares are scheduled to make their debut on the bourses today.

MSCI rejig

Morgan Stanley Capital International (MSCI) will rejig its MSCI Standard Index to add IndusInd Bank, Suzlon Energy, Persistent Systems, One97 Communications, APL Apollo, Polycab, Macrotech Developers, Tata Motors DVR and Tata Communications.  

(With agency inputs.)