Stocks In Spotlight 24 June 2024: Five Stocks To Track Today

Stocks In Spotlight 24 June 2024: Five Stocks To Track Today

Business


New Delhi: Markets closed lower on Friday amidst a volatile session, coming down from a 6-straight-day winning round. The BSE, Sensex closed 269 points or 0.35 percent lower at 77,209 while Nifty closed 65 points lower at 23,501. 

“The Bank Nifty index opened with a gap-up note but was unable to sustain higher levels. As a result, Bank Nifty settled the day at on a negative note at 51,661. Technically, on a daily scale, the Bank Nifty has formed bearish engulfing candlestick pattern. As per this pattern, 51,935 will act as resistance. However, index managed to sustain above the previous barrier of 51,134. Thus, 51,100–51,000 will act as immediate support for the index. Thus, we expect Bank Nifty to consolidate in the range of 51,000–52,000 in the short term,” Hrishikesh Yedve, AVP Technical and Derivatives Research at Asit C. Mehta Investment Interrmediates Ltd has said.

Meanwhile, ahead of the market opening today, as per Zeebiz, Ujjivan Small Finance Bank, Tata Steel, Vedanta, MCX, ONGC/IOC are a couple of stocks that will likely be in focus today.


1. Tata Steel

Tata Steel workers are going on strike for the first time in 40 years. Of the 4,500 Tata Steel employees in Port Talbot and Llanwern, 1,366 Unite members were balloted, 857 voted and of those 468 members voted for industrial action including strike action.

In a statement Tata Steel spokesperson said, “We are extremely disappointed by Unite’s unilateral decision to call strike action. Our existing steelmaking assets are near the end of their life, are operationally unstable and causing unsustainable losses of £1 million a day. This is why preparations to close the blast furnaces and associated plants in Port Talbot are unchanged.”


2. Vedanta

As per media reports Vedanta Resources is contemplating a 2.5% stake sale through a block deal in the Indian listed firm Vedanta Ltd through block deals in the next few days. The promoter group is looking to sell 9 crore shares to raise Rs 4,000 crore, although a Vedanta spokesperson, has denied any such reports of stake sale.


3. MCX

Leading bourse Multi Commodity Exchange of India Ltd (MCX) has said that it has shortlisted names of candidates for the post of MD & CEO and will now proceed to obtain regulatory approval for the appointment.

4. ONGC/IOC

ONGC and Indian Oil Corporation Limited (IOCL) have signed a memorandum of understanding (MoU) to establish a small-scale Liquefied Natural Gas (LNG) plant near Madhya Prades’s Hatta Gas Field in the Vindhyan Basin. The company said that the establishment of the Hatta LNG plant will significantly enhance the Vindhyan Basin’s status, upgrading it from a Category II to a Category I Basin.

5. Ujjivan Small Finance Bank

Ujjivan Small Finance Bank its investor presentation gave FY25 guidance stating that the bank looks Gross loan book growth @ 20 percent, Credit cost 1.7 percent, Net Interest Margin nine percent, Return on equity (RoE) 20 percent. It said that deposit growth is in line with gross loan book growth.



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