Buzzing Stocks in the Market: Insights for October 3rd
On the morning of October 3rd, market indicators suggest that both the Sensex and Nifty indices may open lower, with estimates indicating a potential decline of around 300 points for the Nifty based on Gift Nifty trends. In this context, we spotlight ten significant stocks that are expected to witness noticeable movements driven by recent news. These include major players like Mankind Pharma, Eicher Motors, and Hero MotoCorp, among others.
1. Mankind Pharma
Mankind Pharma has secured approval from the Competition Commission of India for its acquisition of Bharat Serum and Vaccine. The company entered into a share purchase agreement to acquire a 100% stake in Bharat Serum & Vaccine back in July 2024, a strategic move that enhances its portfolio in the pharmaceutical sector.
2. Zydus Lifesciences
Zydus Lifesciences has received provisional approval from the U.S. Food and Drug Administration (FDA) for the production of enzalutamide tablets in both 40 mg and 80 mg strengths. Enzalutamide is a key treatment for castration-resistant prostate cancer and metastatic castration-sensitive prostate cancer, marking a substantial advancement in their therapeutic offerings.
3. Ashoka Buildcon
Ashoka Buildcon has been awarded a letter of intent from the Mumbai Metropolitan Region Development Authority (MMRDA) for a significant infrastructure project worth Rs 474.10 crore. The project involves the design and construction of an elevated road linking Kalyan Murbad Road to Badlapur Road and Pune Link Road. Additionally, the company has clinched two other contracts valued at Rs 1,264 crore, which include the construction of two bridges.
4. Eicher Motors
Eicher Motors has reported a robust performance for its Royal Enfield brand, with sales increasing by 11% year-on-year to 86,978 units in September 2024, surpassing analysts’ expectations. The company’s export numbers also showed impressive growth, soaring 77% to 7,652 units compared to September of the previous year.
5. Hero MotoCorp
Hero MotoCorp, a leader in the two-wheeler segment, registered sales of 6.37 lakh vehicles in September 2024, marking an 18.7% increase from 5.36 lakh units sold during the same month last year. The company’s domestic sales rose by 18.6%, while its exports jumped 21.7% to reach 20,344 units.
6. Maruti Suzuki India
Maruti Suzuki, the largest car manufacturer in India, reported total sales of 1.84 lakh units in September 2024, a modest increase of 1.9% from the previous year. However, total domestic sales dipped by 1.15%, reflecting challenges in passenger vehicle demand, although exports surged by 23.2% to 27,728 units year-on-year.
7. South Indian Bank
In its provisional Q2FY25 report, South Indian Bank indicated a healthy growth in gross advances, which reached Rs 84,741 crore, reflecting a year-over-year increase of 13.07%. Deposits saw an 8.6% increase, indicating solid financial stability and growth in customer trust.
8. ITC
ITC Infotech India, a subsidiary of ITC, has successfully acquired 100% shares of BlazeClan Technologies for Rs 485 crore. This acquisition, effective from October 1, further diversifies ITC’s portfolio and enhances its capabilities in the IT services sector.
9. Allcargo Logistics
Allcargo Logistics’ board has approved the sale of a 7.6% equity stake in Haryana Orbital Rail Corporation to its promoter group company, AllCargo Terminals, for Rs 115 crore. This strategic divestment may streamline their operations and focus on core logistics competencies.
10. Ujjivan Small Finance Bank
The Reserve Bank of India (RBI) has granted an Authorized Dealer Category 1 license to Ujjivan Small Finance Bank. This license will empower Ujjivan to expand its trading and foreign exchange business, enhancing its operational capabilities in the financial sector.
Conclusion
As we navigate through today’s trading session, these momentum stocks, influenced by recent developments, are likely to attract attention from investors. Staying informed about market trends and understanding the fundamental shifts within these companies is crucial for making well-informed investment decisions.
