As India will see the results of the Lok Sabha Election results, GIFT Nifty indicates that Indian equity indices BSE Sensex and NSE Nifty 50 may see a gap up opening. Here’s a look at the key stocks to watch in trade.

Stocks in Focus: GIFT Nifty traded higher as the index was up 89 points or 0.38% at 23,556 indicating a positive start for domestic indices NSE Nifty 50 and BSE Sensex on Monday. Previously, on Monday, the NSE Nifty 50 rose 733 points or 3.25% to settle at 23,263.90, while the BSE Sensex jumped 2,507.47 points or 3.39% to close at 76,469.

Stocks to watch on June 04, 2024

Infosys

Infosys has markedly reduced its intake of college graduates at 11,900 in FY24, which is a significant drop from the over 50,000 freshers the company recruited the previous year. The company’s CEO and MD, Salil Parekh, disclosed these figures in the FY24 annual report released on Monday. “We recruited nearly 11,900 college graduates in the year and ended the year with over 317,000 employees,” said Parekh.

Stocks To Watch: Zomato, Paytm, RVNL, Zen Technologies, Alkem Laboratories Stocks To Watch: Maruti Suzuki India, GMR Airports Infra, Brightcom Group, Hindustan Zinc, Adani Enterprises, Kolte-Patil Developers Stocks To Watch: Reliance Industries, Aurobindo Pharma, ONGC, Bajaj Consumer, Bank of Baroda Stocks To Watch: Eicher Motors, LIC, Cochin Shipyard, Biocon, Oil India, SJVN, Grasim, Alkem Lab, OLA Electric Mobility

Praj Industries 

Praj Industries (Praj) has opened its account in Brazil, the ethanol capital of the world. Praj has handed the first grain-based ethanol project in Brazil, as the country is diversifying from sugar into grain-based ethanol plants. Praj has also signed up for one more contract for an ethanol plant with a global renewable company in Brazil, with engineering activity for this plant starting this quarter and construction in the subsequent quarter, Shishir Joshipura, CEO and MD, Praj Industries, said.

Muthoot Finance 

Muthoot Finance is planning to increase its non-gold loan mix to 20% in the next 3-5 years from 15% currently, managing director George Alexander Muthoot said. In an interview with Ajay Ramanathan, he further said there’s a need to unify practices between Kerala-based and non-Kerala-based gold financiers.

NTPC

The proposal of NTPC to the power ministry for pooling of its entire capacity for sale of power to distribution companies comes from the need to optimise the cost of power due to the high capital costs of new thermal capacity being added by it, for the end consumer.

Kalyan Jewellers 

Kalyan Jewellers on Monday announced that it will acquire the remaining 15% stake in its e-commerce subsidiary, Enovate Lifestyles, for Rs 42 crore. The subsidiary operates under the Candere brand. The deal, to be completed in three tranches, will make Candere a wholly owned unit. 

Biocon 

Biocon said it secured approval from the US Food and Drug Administration (US FDA) for its vertically integrated, complex injectable product micafungin, available in 50mg and 100mg vials. Micafungin is an antifungal medication used to treat a range of fungal and yeast infections.

Adani Group

On Monday, Adani Group launched a co-branded credit card with ICICI Bank with airport-lined benefits as it looks to leverage customer touchpoints across businesses, marking the group’s foray into financial space.