GIFT Nifty indicated that Indian equity indices BSE Sensex and NSE Nifty 50 may see a muted opening on Monday. Here’s a look at the key stocks to watch in trade.

Stocks in Focus: GIFT Nifty traded lower as the index was down 4.50 points or 0.02% at 24,115.50 indicating a flat start for domestic indices NSE Nifty 50 and BSE Sensex on Monday. Previously, on Friday, the NSE Nifty 50 fell 33.90 points or 0.14% to settle at 24,011, while the BSE Sensex dropped 211 points or 0.27% to close at 79,033.

Stocks to watch on July 1, 2024

Bharat Electronics

Bharat Electronics (BEL) said that it has signed a contract valued at Rs 3,172 crore with Armoured Vehicles Nigam (AVNL) on June 28, 2024. The project entails the supply and installation of an advanced, indigenously designed and developed sighting and fire control system (FCS) for the upgrade of BMP 2/2K Tanks of the Indian Army, along with a comprehensive engineering support package.

Stocks To Watch: Hindustan Zinc, Suzlon Energy, Glenmark Pharma, Hindustan Aeronautics, Vedanta Stocks To Watch: Berger Paints, Vodafone Idea, ONGC, IRFC, Wipro Stocks To Watch: Tata Consumer Products, Varun Beverages, JSW Infra, IOC, Vodafone Idea Stocks To Watch: Tata Steel, Bharti Airtel, HPCL, ACC, RVNL

Future Retail

US-based technology consulting company Palguntech, a bidder for Future Retail (FRL), has offered Rs 560 crore to acquire the entire stake and assets of the beleaguered firm.Further, the firm is also ready to take over all the cases pending against FRL promoters from the resolution professional. This is, however, subject to discussions with the Committee of Creditors (CoC) and the share the lenders agree to give to Palguntech, the US company said in a letter to the administrator.

Telecom Companies

Consumers should now get ready to pay higher phone bills at frequent intervals with the telecom operators hiking tariffs by up to 25% in the past two days. While Reliance Jio hiked tariffs by 12-25% on Thursday, Bharti Airtel went for a 10-21% increase, followed by 10-23% by Vodafone Idea on Friday.

ITC

Consumers spent Rs 32,500 crore to buy Kolkata-based ITC’s fast-moving consumer goods (FMCG), excluding cigarettes, in financial year 2023-24, the company said in its annual report released on Friday. This represents a growth of 12% against last year (FY23), when consumer spends on FMCG products stood at Rs 29,000 crore, a 21% increase year-on-year. The modest rise in consumer spending can be attributed to weak demand and competitive intensity in FY24, the company said.

Also, Sanjiv Puri, chairman and managing director (CMD) of ITC, was the highest-paid chief executive officer (CEO) among some of the country’s top fast-moving consumer goods (FMCG) peers in FY24. Annual reports for a few FMCG firms, including Hindustan Unilever (HUL) and Nestle India, have been released so far.

Tata Steel 

Tata Steel UK has initiated legal action against an employees’ union, terming a decision to strike as “unilateral” and warned potential early shutdown of operations at the Port Talbot facility. The union, Unite, called for a strike on July 8 in response to Tata Steel’s plans to shut blast furnaces three months earlier than planned. Unite described this move as the latest in a “long line of threats” and asserted that it would not deter them.

Cochin Shipyard

Udupi Cochin Shipyard, a wholly owned subsidiary of Cochin Shipyard, secured an international order for the construction of eight 6300 TDW (total dry weight) Dry Cargo Vessels. The order worth Rs 1,100 crores was placed by Wilson ASA, a Norway-based company. The contract includes the design and construction of four vessels, with an agreement for an additional four vessels to be formally contracted by September 19, 2024. 

Godrej Properties 

Godrej Properties acquired the leasehold rights to an 11-acre plot of land in Pune. The company plans to develop a residential and commercial project, expecting to generate approximately Rs 1,800 crore in revenue, according to an stock exchange filing.

Jindal Stainless 

Jindal Stainless completed the acquisition of Sulawesi Nickel Processing Industries Holdings Pte., a Singapore-based firm. This will facilitate the establishment of a joint venture in Indonesia aimed at investing in, developing, constructing, and operating a stainless steel melt shop.