Stocks to Watch: Wipro, Mazagon Dock, ITC, KPI Green, MOIL, Protean eGov, and more
Here’s a quick look at stocks likely to be in focus in today's trade.
Indian Stock Market: Indian equities are expected to open on a flat note on Tuesday, December 3, following a strong finish in the previous trading session. Sector-specific action is anticipated to dominate the day, with metal, mining, auto ancillaries, and construction stocks likely to remain in focus.
Asian markets opened in positive territory, tracking Wall Street's tech-driven gains. However, China lagged as the yuan dropped to a one-year low against the dollar, reflecting concerns about its weak economy and rising tensions with the US.
Equity benchmarks rose in Japan, South Korea, and Australia. Hong Kong stocks saw fluctuations, while mainland Chinese markets edged lower. Meanwhile, US futures were flat after the S&P 500 recorded its 54th all-time high this year, and the Nasdaq 100 climbed over 1%.
The following stocks are expected to be in focus during today's trading session:
Tobacco Stocks: The Group of Ministers (GoM) on Monday, December 2 decided to hike the rate of goods and service tax (GST) charged on aerated beverages, cigarettes, tobacco and related products to 35 per cent, from its current level of 28 per cent, PTI reported citing an official aware of the development.
“The GoM has agreed to propose a special rate of 35 per cent on tobacco and related products and aerated beverages. The four-tier tax slab of 5, 12, 18, and 28 per cent will continue and a new rate of 35 per cent is proposed by the GoM,” the news agency quoted the unnamed official as saying.
The GoM under the Deputy Chief Minister of Bihar, Samrat Chaudhary, also has decided to rationalise tax rates on apparel, reported the agency.
Steel Stocks: Taking up the concerns of the domestic steel industry, the steel ministry on Monday proposed a 25 per cent safeguard duty on the import of certain steel items into the country.
The proposal came at a meeting between Union Minister of Steel H D Kumaraswamy and Commerce and Industry Minister Piyush Goyal in the national capital, PTI reported, citing sources.
Senior officials from both the ministries and executives of top steelmaking companies like SAIL, Tata Steel, JSW Steel, and AMNS India also attended the meeting, according to the news agency.
Health Insurance Stocks: Finance Minister Nirmala Sitharaman on Monday said the cost of insurance to the policyholder is expected to come down if the GST Council recommends a reduction in the GST rate on health and life insurance policies.
In a written reply in the Lok Sabha, she said the GST Council in its September 9 meeting had recommended to constitute a Group of Ministers (GoM) to holistically look into the issues pertaining to GST on life insurance and health insurance.
Pricol: Automotive components maker Pricol on Monday said it will acquire Sundaram Auto Components' injection moulding business for ₹215 crore. The company said it is making the acquisition through its wholly owned subsidiary, Pricol Precision Products Pvt Ltd.
According to a statement, this acquisition will provide Pricol with a consolidated topline addition of about ₹730 crore, in addition to Sundaram Auto Components' (SACL) robust financial metrics.
Mazagon Dock Shipbuilders: The company has set December 27, 2024, as the record date for its stock split. Announced during its board meeting on October 22, the company will split each ₹10 face value share into two shares with a face value of ₹5.
Wipro: Shares of Wipro are set to trade ex-bonus on Tuesday, December 03, following the company's board approval in October for a 1:1 bonus share issue. The record date has been fixed as December 3.
KPI Green Energy: The company on Monday announced securing a 300-megawatt solar project order from state-owned Coal India Ltd.
The contract for ground mounted solar plant includes operation and maintenance (O&M) services on comprehensive basis for a period of five years, the company said in an exchange filing.
Solar Industries: The company along with its subsidiary have received export orders worth ₹2039 crore for Supply of Defence Products, to be delivered over a period of 4 years.
MOIL: The company has recorded production of 1.63 lakh tonnes of Manganese Ore in November 2024, which is the best November performance since inception.
Protean eGov Technologies: The company Received a work order on December 2, 2024, from CERSAI (a Government of India undertaking) for ₹161 crore to provide System Integrator services for the CKYCRR 2.0 project.
(With inputs from PTI)
Disclaimer: We advise investors to check with certified experts before taking any investment decisions.
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