Sugar Stocks, ZEE Entertainment, Axis Bank, JK Cement, Eureka Forbes, NBCC, and LTIMindtree are stocks to keep an eye on

The Indian market indexes BSE Sensex and NSE Nifty 50 might open higher on Thursday, according to GIFT Nifty. Here are some important stocks to keep an eye on while trading.

Focused Stocks: On Thursday, the GIFT Nifty had a good beginning for the domestic indexes NSE Nifty 50 and BSE Sensex, rising 33.50 points or 0.15% to 22,081.50. Earlier on Wednesday, the BSE Sensex fell by 434.31 points, or 0.59%, to 72,623.09, while the NSE Nifty 50 finished down by 141.90 points, or 0.64%, to land at 22,055.05.

After six days of gains, the markets took a break and lost more than half a percent. Nifty fluctuated within a small range after a flat start, but a steep decline in the last few hours drove the index lower. Finally, it reached levels that were closer to the day’s low, 22,055.05. The majority of sectors saw a decline in profit-taking as they traded in line with the benchmark, with IT and energy being the biggest losers. The more general indexes also saw a decline, losing around one percent each, according to Ajit Mishra, SVP of Technical Research at Religare Broking Ltd.

Mishra said, “Although banking is starting to show some strength, the momentum is being capped by profit taking in other important sectors.” In addition, conflicting global signals are contributing to the attitude. Despite everything, traders should stick to their “buy on dips” strategy and concentrate on choosing their stocks.

February 22, 2024: Stocks to Monitor: Sugar Stocks

For the 2024–25 season, which begins in October, the government has announced raising the price of sugarcane fair and payment by Rs 25 to Rs 340 per quintal. The minimal amount that mills are required to pay sugarcane producers is known as the Fair and Remunerative Price, or FRP.

In relation to a money diversion matter, Zee Entertainment Enterprise may get a show cause notice from SEBI next month. The market watchdog is constantly monitoring the circumstances to guarantee openness and compliance with rules.

Bank Axis
The Baa3 long-term deposit ratings of Axis Bank have been confirmed by Moody’s, with a stable outlook. The rating agency points to India’s advantageous business climate as a chance for the bank to improve its standing in the market.

A change in the terms of the transaction with Toshali Cements has been accepted by the board of JK Cement. JK Cement will pay the current promoters of Toshali Cements Rs 10.75 crore as part of the agreement to purchase 100% of their stock.

Forbes Eureka
Through block transactions, Eureka Forbes promoter Lunolux intends to sell up to 12% of the firm for Rs 1,148.7 crore. The purpose of this action is to improve the company’s market position and attract strategic investors.

The Greater Noida Authority has granted NBCC in-principle clearance to create underutilized and purchasable floor space ratios as part of the ongoing Amrapali developments, which are estimated to be worth Rs 10,000 crore.

Indian Bank of South Africa
A rights issue of Rs 1,151 crore has been launched by South Indian Bank, which is issuing 52 lakh shares at Rs 22 per. The rights ratio for this offer is one share for every four shares owned, and it starts on March 6 and ends on March 20.

PVP Ventures and Brigade Enterprises
A collaborative development agreement has been inked by Brigade Enterprises and PVP Ventures for a 2.5 million-square-foot high-rise residential project in Chennai. The project is anticipated to have a potential income of around Rs 2,000 crore. A 45-year lease has also been secured for a resort located on Chennai’s East Coast Road.

Infraprojects J. Kumar
Chief Financial Officer Madan Biyani’s resignation is observed by J. Kumar Infraprojects.

LTIMindtree
LTIMindtree has shown its dedication to technology breakthroughs and worldwide growth by signing an MoU with Eurolife FFH to build Gen AI and digital centers in Europe and Mumbai.

First Home Finance
The Insurance Regulatory Development Authority of India has granted Home First Finance a corporate agent license, allowing the business to provide life, general, and health insurance.