Benchmark equity indices ended the final trading week of financial year 2024 on a positive note. On Thursday, the BSE Sensex jumped 639.16 points or 0.88 per cent to settle at 73,635.45. The NSE Nifty gained 203.25 points or 0.92 per cent to close at 22,326.90. Stock markets remained closed on Friday, 29 March on account of Good Friday.
The RBI Monetary Policy Committee (MPC) will start its three-day meeting deliberating interest rates and analyzing the state of the economy on 3 April and will end on 5 April.
“The equity markets closed the short trading week on a positive note. The equity markets remained well supported by the positive developments in economic performance, such as the Current Account Deficit (CAD). Going ahead the performance may remain closely linked to the economic performance, as there have been some concerns being raised with regards to the valuations. In this regard, the upcoming earnings season will be critical to gauge the robustness of the earnings momentum and assigning earnings multiples,” said Dr Joseph Thomas, Head of Research, Emkay Wealth Management.
Here Are The Key Stocks To Watch On 1 April:
HDFC Bank
The private sector lender is looking to sell its 100 per cent stake in HDFC Education and Development Services using the Swiss challenge method. Currently, the bank is in the process of finalising the purchaser. HDFC Bank has entered into a binding term sheet with an interested party, which will serve as the base bid to seek counter offers from other parties interested in participating in the Swiss challenge process, it said in a regulatory filing.
Rail Vikas Nigam
The state-run company has emerged as the lowest (L1) bidder for three orders, one of which is in a joint venture (JV) with Salasar Techno Engineering Ltd. The JV emerged as the lowest bidder for an Energy Development Corporation Ltd project for plant design, supply, and installation of 45.8 km, 110Kv double circuit Rukarara-Huye-Gisagara Transmission Lines, the company said in an exchange filing. The contract is estimated to be worth $7.15 million.
Infosys
The IT major has made a windfall gain of Rs 6,329 crore due to income tax refund orders for 11 assessment years. The company received the refunds in the fourth quarter of financial year 2023-24, Infosys said. The refunds, inclusive of interest, pertain to assessment years spanning from financial years 2007-08 to 2018-19, except 2016-17.
Hindustan Aeronautics
The state-run defence company has bagged a contract from Cochin Shipyard to supply turbines, auxiliaries, and other tools worth Rs 1,173.42 crore. HAL will supply six sets of LM2500 gas turbines (GT) and GT auxiliaries (GTAE), spares, and tools for the Indian Navy Next Generation Missile Vessel (NGMV) project. The project is expected to be executed from FY 2026 to FY 2029.
Indian Oil Corporation
India’s top refiner has signed a pact with Panasonic Energy to form a joint venture to manufacture lithium-ion cells in India to prepare for rising local demand, the company said in a statement on Sunday. The agreement comes after an initial understanding between the companies on lithium-ion cells in January.
