The domestic equity market is expected to open on a positive note on Tuesday, September 10. At 7:45 AM, the GIFT Nifty futures were trading 33 points, or 0.13% lower at 25,018.50 levels. This, as per publicly available information, suggests that the NIFTY50 will open 34 points higher.
Here is a list of stocks that may remain in focus today.
Prataap Snacks, Bikaji Foods, Britannia Industries: Shares of these companies are expected to hog the limelight today as the 54th GST Council on Monday, September 9, decided to cut GST rates on namkeens from 18% to 12%.
AstraZeneca Pharma, Gland Pharma, and other pharmaceutical companies that are into the manufacturing of cancer treatment drugs will also be on investors' radar today as the GST Council decided to lower tax rates on cancer drugs to 5% from 12%.
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Oil-linked stocks: Upstream, downstream, and companies such as paints, tyres, and others that use crude oil as raw material for their final products are expected to trade actively, as Morgan Stanley, in its latest forecast, said that Brent crude will average $75 a barrel in the last quarter of the year. The recent trajectory of oil prices has similarities to other periods with considerable demand weakness,” Morgan Stanley analysts wrote in a Monday note carried by Bloomberg.
GMR Airports Infrastructure: GMR Group's airport business arm
GMR Airports Infrastructure (GIL) on Monday said it has entered into a share purchase agreement with Fraport AG Frankfurt Airport Services Worldwide for acquiring the latter's 10% holding in Delhi International Airport for $126 million.
After completion of the deal, GIL's stake in the joint venture will rise to 74% from the current 64%, the GMR Group said.
Public airports company Airports Authority of India (AAI) will continue to hold a 26% stake in the venture, it said.
JSW Infrastructure on Monday approved a capital expenditure of ₹2,359 crore for capacity expansion at its Jaigarh and Dharamtar ports along the west coast of India.
Sona BLW Precision Forgings: The company, as per reports, has raised ₹2,400 crore by selling shares through qualified institutional placement (QIP). The company allocated 3.5 crore shares at an issue price of ₹690 each, including a premium of ₹680 per equity share, indicating a 1.29% discount on the floor price of ₹9.01 per share.
Bharat Seats: The GST Council said that the tax rate on car seats will be increased from 18% to 28%. This uniform rate of 28% will be applicable prospectively for car seats of motor cars in order to bring parity with seats of motorcycles, which already attract a GST rate of 28%.
Insurance companies: Although the GST Council did not announce any change in GST rates on health and insurance premiums, the finance minister announced the formation of a Group of Ministers (GoM) to look into it.
“We have told them to come up with a report by the end of October, and the GST Council will meet in November and finalise the decision based on the GoM’s recommendation,” the FM said.
Dixon Technologies: PC maker HP India is set to sign an agreement with electronics contract manufacturer
Dixon Technologies' subsidiary Padget Electronics to make the company's notebooks, desktops, and all-in-one PCs under the PLI 2.0 scheme in India, a joint statement said on Monday.
Tata Power: TP Solar, a subsidiary of Tata Power Renewable, which is a subsidiary of
Tata Power Company, announced on Monday, September 9, the commencement of commercial production from the 2GW solar cell line at its state-of-the-art manufacturing facility in Tirunelveli, Tamil Nadu—the country’s largest single-location solar cell & module plant.
Ahluwalia Contracts: The company has won order worth ₹1,307 crore.
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