Top stocks to watch: Indian stock market investors are likely to track several companies on Tuesday, 8 September, following key business developments, order wins, stake sales, fundraising plans, and investment announcements made after market hours.
Container Corporation of India, Swiggy, BCPL Railway Infrastructure, Adani Power, Rajputana Stainless, 63 Moons Technologies, and Shiprocket are among the stocks likely to remain in focus. Defence stocks may also attract attention after the Defence Acquisition Council approved acquisition proposals worth around ₹1.10 lakh crore.
The Indian stock market extended its losing streak to a fourth consecutive session on Monday, September 7, with benchmark indices ending lower amid continued selling pressure.
The Nifty 50 slipped 0.57% to close at 23,779, while the Sensex fell 0.5% to 76,132. During the intraday session, both indices touched their lowest levels since July 24. The broader markets, however, remained mixed, with the Nifty Midcap 100 index gaining 0.46%, while the Nifty Smallcap 100 index ended flat.
Technology stocks led the losses after stronger-than-expected US jobs data boosted expectations of a September interest rate hike by the US Federal Reserve.
Other sectoral indices, including realty, metal, PSU banks, cement, oil and gas, and FMCG, also ended with losses of more than 0.5%. On the other hand, the pharma pack was the sole gainer, rising 0.6%.
Stocks to watch on September 8
: The company secured an ₹89.09 crore contract from Eastern Railway for the supply of 12 rakes of BLSS wagons with Brake Van Type BVCM. The order includes GST.
: The company plans to sell its entire stake in its B2B distribution arm, Lynk Logistics, to the parent of the commerce platform Udaan for ₹500 crore. The transaction will give Swiggy an approximately 2.8% stake in Udaan.
A separate ₹75 crore primary investment in Udaan will take its holding to about 3.2%, according to the company.
: The company emerged as the lowest bidder for a ₹54.74 crore project from Eastern Railway’s Asansol division. The project involves the replacement of overaged catenary and contact wires, droppers and old structures.
: The company received a Letter of Intent after the Committee of Creditors approved its resolution plan for GVK Energy. GVK Energy owns and operates a 330 MW hydroelectric power plant in Uttarakhand.
Defence stocks: The Defence Acquisition Council accorded in-principle approval for various defence acquisition proposals worth around ₹1.10 lakh crore. The approvals cover equipment for the Indian armed forces, including helicopters, vehicles, mine layers and bridge systems.
: The company secured power project contracts worth ₹22.71 crore and ₹16.21 crore. The latest order wins add to its growing order book following its recent stock market debut.
: Its subsidiary Ticker allotted shares worth ₹70 crore to Financial Technologies Singapore. Following the allotment, FTSPL’s stake in Ticker increased to 65.80%.
: Temasek-backed Indian logistics firm Shiprocket on Monday, reported a narrower consolidated loss of ₹13.71 crore in the June quarter, compared with a loss of ₹18 crore a year earlier, aided by growth in its core shipping business.
On a standalone basis, the Temasek-backed logistics firm posted a profit of ₹20.16 crore, against a loss of ₹8.99 crore in the year-ago period.
Disclaimer: We advise investors to check with certified experts before making any investment decisions.