As the Indian stock market prepares for trading on Friday, several significant developments from Thursday evening are expected to impact stock performance. Here’s a roundup of the stocks to watch based on recent announcements and market movements.
Larsen & Toubro Ltd (L&T)
- Current Status: The stock closed up by 1%, ending at ₹3,828.
- Recent Development: L&T announced the issuance of ₹1,500 crore in Non-Convertible Debentures (NCDs). These instruments are long-term financial securities that companies use to raise capital without giving away equity. Investors are typically offered a fixed interest rate, making them an attractive option for steady returns.
Ramco Systems
- Current Status: The stock saw a decline of 3%, closing at ₹476.
- Recent Development: Ramco Systems entered into a partnership with Hanjin Information Systems & Telecommunication for digital transformation initiatives in the Korean aviation sector. This collaboration could enhance their market presence but has not positively impacted stock performance yet.
Afcons Infrastructure Limited
- Current Status: Shares surged by 6%, closing at ₹525.
- Recent Development: The company completed the construction of the longest tunnel for Delhi Metro Phase-4, which is a significant milestone and may boost investor confidence moving forward.
Ola Electric Mobility
- Current Status: The stock increased slightly by 0.16%, closing at ₹98.52.
- Recent Development: The Central Consumer Protection Authority (CCPA) has requested additional documentation from Ola, giving the company a 15-day window to comply. This regulatory scrutiny could impact investor sentiment.
Waaree Energies
- Current Status: The stock rose by 5%, closing at ₹2,848.
- Recent Development: Waaree Energies received NABL accreditation for its advanced testing laboratory, which is likely to enhance its operational credibility and attract more business opportunities.
Garden Reach Shipbuilders
- Current Status: The company announced a significant order after market close.
- Recent Development: They secured a contract for the construction and delivery of four additional multi-purpose vessels with a capacity of 7,500 DWT. This order could improve their revenue outlook and market position.
Dr. Reddy’s Laboratories
- Current Status: Shares increased by 2%, closing at ₹1,242.
- Recent Development: The company faced a fine of approximately ₹2.87 million from Kazakh authorities due to rejected expense claims for the year 2021. While this could be seen as a setback, the overall growth in share price suggests resilience among investors.
Kolte-Patil Developers
- Current Status: The stock fell by 0.5%, closing at ₹391.
- Recent Development: Kolte-Patil announced plans to sell a 17% stake in its Kolte-Patil Planet Kivale project for ₹37.9 million. This divestment may raise concerns about future project funding but could also streamline operations.
Nifty and Sensex Trade Setup
The Indian equity markets have shown strong momentum recently:
- The Nifty 50 closed at 24,708.40, up by approximately 0.98%, while the BSE Sensex gained about 1%, reaching 81,765.86. This marks five consecutive sessions of growth driven primarily by IT stocks amidst positive global cues.
Technical Analysis
- The Nifty has formed a bullish setup, with immediate support levels around 24,550, while resistance is anticipated near the psychological level of 25,000.
- Traders are advised to adopt a buy-on-dips strategy as long as the index remains above key support zones of around 24,300 – 24,500.
Market Outlook
The outlook remains positive as long as the Nifty stays above these critical support levels, with potential targets aimed at reaching new highs near the 25,000 mark in the near term.
Conclusion
Investors should keep an eye on these stocks and market indices as they react to recent developments and market conditions. Each company’s announcements could significantly influence trading patterns on Friday.
Disclaimer
The information provided in this article is for informational purposes only and should not be considered as financial advice. Investors should conduct their own research or consult with financial advisors before making investment decisions.
