Overnight Digest: Stocks to be kept on watchlist for April 1
Within Sensex, top stocks were Mahindra & Mahindra, Hindustan Unilever, Axis Bank, Induslnd Bank, and Bharti Airtel whereas top losers included Reliance Industries, Wipro, Infosys, Larsen & Toubro, Infosys, and Maruti Suzuki.
On the last day of the current financial year (FY22), the benchmark indices ended in a quiet mood with Sensex losing 115 points to close at 58,568.51 level while Nifty slipping 30 points and closing at 17,468 level.
FMCG and realty ended on a positive note while selling was seen in pharma, IT, and PSU banks. In the broader markets, the mid-cap, as well as the small-cap indices, ended higher thereby, outperforming the benchmark indices.
Keep an eye on these stocks for Friday's trading session:
Hindalco Industries - The stock of this aluminium company has plunged 8 per cent in the last two trading sessions due to profit booking. The stock has slipped 9 per cent from its record high of Rs 636 hit on Tuesday, March 29, 2022. Nevertheless, in the last three months, the company has beaten the market by soaring 22 per cent versus a 0.78 per cent rise in BSE Sensex. The stock is still trading above its key moving averages due to which, it is likely to be in focus for the upcoming trading sessions. In Thursday's range-bound market, it has closed 4.75 per cent lower at Rs 571.30.
Tejas Networks - The shares of this company locked in a 5 per cent upper circuit at Rs 424.90 per share during Thursday's trading session after the company signed a definitive agreement to acquire a 64.4 per cent stake in Saankhya Labs Private Ltd for Rs 283.94 crore in cash. Saankhya is a premier wireless communication and semiconductor solutions company based out of Bengaluru. Tejas Networks also intends to proceed with acquiring the balance of 35.6 per cent through a merger process or a secondary acquisition. The initial acquisition of Saankhya shares is expected to close within the next 90 days.
SJVN - The company has incorporated a wholly-owned subsidiary company namely, SJVN Green Energy. The subsidiary will carry out business in the field of power generation in particular solar parks and projects, wind projects & hybrid projects including battery energy storage systems, assets creation in the wave, biomass, small hydro as well as green hydrogen-based business ventures. The shares of SJVN have closed 0.37 per cent higher on Thursday and are likely to be in focus on Friday.
Bharat Dynamics - Bharat Dynamics Limited (BDL) and Tawazun Economic Council (TEC), United Arab Emirates have exchanged a memorandum of understanding (MoU) to explore new business opportunities in various areas of mutual interest in the field of defence. Under the MoU, both companies will work together to identify different business opportunities and assess the viability & feasibility of jointly implementing business opportunities in the field of co-development, co-production, the establishment of joint ventures, setting up of maintenance, repair, refurbishment, life extension facilities, supply of military products as well as licensed production.