The BSE Sensex gained 240.98 points or 0.37% to settle at 65,628.14. The NSE Nifty 50 jumped 93.50 points or 0.48% to end at 19,528.80. Seeking guidance on today's potential stocks to watch on 5 September 2023 read the story.
Stocks To Watch on 5 September: Indian benchmark equity indices rallied for the second consecutive day on Monday after encouraging macroeconomic data amid strong trends in global market. Fresh foreign fund inflows and heavy buying in IT and commodity stocks also boosted the market sentiment.
The BSE Sensex gained 240.98 points or 0.37 per cent to settle at 65,628.14. The NSE Nifty 50 jumped 93.50 points or 0.48 per cent to end at 19,528.80.
"Recent releases of domestic macroeconomic data have portrayed a positive picture for the domestic markets, allowing them to maintain their momentum. Despite profit booking in Nifty Auto after reaching an all-time high, the market regained its footing with robust buying in IT stocks,” said Vinod Nair, Head of Research at Geojit Financial Services.
“The increase in the US unemployment rate has solidified expectations of a pause in rate hikes, and positive global cues have further boosted market sentiment,” he added.
The automaker announced a Rs 550 crore investment in the rights issue of Ather Energy Private Ltd. The investment consists of Series E2 Compulsory Convertible Preference Shares. The strategic decision by Hero MotoCorp aims to deepen its involvement in the electric mobility sector, the company said.
The drug major’s South African subsidiary entered into a binding term sheet to acquire 100 per cent stake in Actor Holdings (Pty), a privately owned consumer health and generic medicine company. The acquisition deal will take place at a cost of around $48.6 million or ZAR900 million in cash. The company said this is a strategic acquisition that will leverage cost synergies in the South African market.
Subsidiary Tata Power Renewable Energy signed a 26 MW solar power delivery agreement (PDA) with Neosym Industry, a gray & SG Iron casting, manufacturing company in India. The project, located at Jamkhed, Ahmednagar in Maharashtra an estimated electricity generation capacity of 59 million units annually will start from March 2024.
The state-owned oil & gas company has received board approval for equity contribution of Rs 1,738 crore in joint venture company North East Gas Distribution Company (NEGDCL). In the JV incorporated for executing the city gas distribution (CGD) projects, Oil India will hold 49 per cent shareholding and the remaining 59 per cent will be held by Assam Gas Company.
The non-banking financial services (NBFC) reported a 15 per cent year-on-year (YoY) growth in disbursements at Rs 4,400 crore for August. The year-to-date disbursements stood at Rs 20,950 crore, up 22 per cent over a year-ago period. However, the collection efficiency for August remained flat at 96 per cent YoY, while the stage-3 and stage-2 assets continued to remain rangebound compared to June 2023.