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Stocks to watch on June 03: Canara Bank, Coal India, NTPC, Ashoka Buildcon

Stocks to watch on June 03: Coal India reported a 7.5 per cent increase in coal production for May, reaching 64.4 million tonnes year-on-year

Stocks, shares, stock maket

Shivam Tyagi New Delhi

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Stocks to watch on Monday, June 03, 2024: Indian benchmarks Sensex, Nifty are in for a bumper opening on Monday buoyed by Exit Poll data showing landslide win for the NDA in Lok Sabha polls and the higher than expected GDP growth rate of 7.8 per cent for the fourth quarter of FY24. 

The GIFT Nifty futures indicated a stellar start, as they quoted 643 points higher than Nifty50 futures at 23,343 levels. 

Markets in Asia also opened higher on Monday morning with Japan's Nikkei 225 up 1.17 per cent, and the broad based Topix index increasing by 1.15 per cent. South Korea’s Kospi hiked by 1.48 per cent, while the small cap Kosdaq rose 0.40 per cent.

Australia’s S&P/ASX 200 shot up by 0.83 per cent. Hong Kong’s Hang Seng index, too, soared 1.34 per cent. On the other hand, all three indices in the US closed flat on Friday.

Meanwhile, back home below are some stocks to watch on Monday:

Coal India: It reported a 7.5 per cent increase in coal production for May, reaching 64.4 million tonnes year-on-year. Additionally, coal offtake rose by 7.2 per cent to 68.2 million tonnes.

Ashoka Buildcon: The firm has emerged as the lowest bidder for two projects worth Rs 2,153 crore from the Maharashtra State Road Development Corporation.

Canara Bank: The bank plans to sell a 14.5 per cent stake in its subsidiary, Canara HSBC. 

MOIL:  The company announced price hikes for various grades of manganese ore effective from June 1. Prices of all ferro grades with manganese content of Mn-44 per cent and above were increased by 35 per cent, while those with manganese content below Mn-44 per cent saw a 30 per cent hike. Prices of all SGMR, fines, and chemical grades were also raised by 30 per cent.

NTPC: The state owned company has commissioned the second and final phase of the 33 MW Anta Solar PV Project in Rajasthan, increasing its total capacity to 59,168 MW on a standalone basis and 76,048 MW on a group basis.

PNC Infratech: The company’s subsidiary has received a one-time settlement amount of Rs 391 crore from NHAI.

Adani Ports and Special Economic Zone: Its subsidiary, Adani International Ports Holdings Pte (AIPH), signed a 30-year concession agreement with the Tanzania Ports Authority to manage Container Terminal 2 at the Dar es Salaam Port, Tanzania. The agreement includes the acquisition of the project company in Tanzania, handling all port equipment and employees, for $39.5 million. Container Terminal 2 has a capacity of 1 million TEUs and manages around 83 per cent of Tanzania’s container volume.

Bank of India: The PSU bank is increasing its Marginal Cost of Funds Based Lending Rate (MCLR) by 5 basis points across most tenures, effective June 1.

Defence, industrials, green energy stocks:  The BJP manifesto gave investors useful pointers on the NDA's agenda in its third term. With the focus on infrastructure-building is expected to continue, coupled with stress on green energy, affordable housing, PLI for automobiles, and defence manufacturing - these sectors, according to analysts, may see windfall gains on Monday.

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First Published: Jun 03 2024 | 7:25 AM IST

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