Top Stocks That were in Focus for the Week Ended 27th Dec 2024
Equity benchmark indices after remaining largely unchanged and were in a band of 180-200 points in a subdued trading session throughout the week rallied on Friday which helped Nifty to cross 23,800 levels. The Christmas holiday & low institutional volumes influenced market activity, keeping it within a narrow range.
As we close the curtain to 2024, we thought of summarising things. So, 2024 has been a crazy ride for Indian markets. Despite challenges that we have seen both from the domestic markets and global uncertainties, 2024 has laid the groundwork for renewed growth in 2025.
Improving private sector participation, the anticipated revival of capex in the latter half of 2025, and robust government initiatives signal a promising future for Indian equities.
The recent news flows captured the Indian market correctly, and Trump’s presidency kept everyone glued to the market. US President Trump’s coming back to power represents a mixed outlook for India, and we have to wait for the actual outcome once he resumes his office.
However, we find sectors like IT, pharma, EMS, and defence have opportunities to grow during his tenure. Apart from this, high valuations and moderating domestic earnings growth led to record selling by foreign institutional investors (FIIs) that led to market correcting.
As we welcome 2025, we believe investors would do well to carry forward the lessons of adaptability, disciplined strategy, and focusing on a long-term perspective from the volatile year of 2024. With the India growth story remaining strong, we remain positive about navigating the complexities of the market.
How Did the Markets Fare Last Week?
On a weekly basis ending Friday, the Indian benchmark indices ended in green. Sensex and Nifty were up close to 1.00% each, while Midcaps were up 0.21 per cent during the week.
What Might Keep the Markets Busy Into the Next Week?
As we step into the last week of 2024, the markets are likely to trade sideways on account of muted institutional flows and less macro economic indicators that will drive market direction. Having said that, we will receive some data points both locally and globally that investors should watch out for.
Coming to domestic cues, data releases such as Bank loan growth, FX reserves, Fiscal deficit, HSBC Manufacturing PMI, Infrastructure Output, etc. Globally, we have the Chicago Purchasing Managers’ Index, pending home sales, Housing price index, and Initial jobless claims that will keep investors busy.
Crude and FII Flows
Brent crude oil prices trade around $74/bbl in thin holiday trading conditions, with support tied in part to lingering geopolitical worries around Russia and the Middle East, though the upside remains capped by expectations for a crude surplus amid a shaky outlook for demand. On the other hand, FIIs continue to remain net sellers.
Sector in Focus
Auto, FMCG, and Pharma remained in focus during the week.
Image: Wikipedia (Representative)
Greaves Cotton:
The company informed exchanges that its material subsidiary Greaves Electric Mobility has filed a Draft Red Herring Prospectus (“DRHP”) with EBI, BSE Limited and NSE Limited in connection with its initial public offering (“IPO”) of equity shares with a face value of Rs 1 each, comprising a fresh issue of such number of Equity Shares aggregating up to Rs 10,000 million and an offer for sale of up to 51,000,000 Equity Shares by the company and up to 138,398,200 Equity Shares by Abdul Latif Jameel Green Mobility Solutions DMCC.
JSW Energy:
JSW Neo Energy, a wholly-owned subsidiary has signed definitive agreements with O2 Power Pooling Pte. Ltd, O2 Power SG Pte. Ltd and certain individuals to acquire O2 Power Midco Holdings Pte. Ltd and O2 Energy SG Pte. Ltd and their subsidiaries (“O2 Entities”) having a consolidated operational and under construction / development renewable energy portfolio of 4.7 GW.
The company has set a target to reach 20 GW capacity before FY30. The acquisition would help the Company in achieving its renewable-led capacity growth target of 20 GW before FY30.
Utkarsh Small Finance Bank:
The authorised Management Committee of the Bank at its meeting held on 27th December 2024 has approved a proposal for sale of NPA and written-off loans to ARC, including Portfolio of Unsecured Stressed MFI Loans totaling to Rs 355 crore, with a cash reserve price of Rs 52 crore in cash plus security receipts.
IOL Chemicals:
The Board at its meeting held on 27th December 2024 approved the sub-division / split of each equity share of face value of Rs 10/- each, fully paid-up into 5 equity shares of face value of Rs 2/- each, fully paid-up.
The split of equity shares will make the shares more affordable, thereby increasing its attractiveness to a wider range of investors. This move is expected to potentially boost investor participation and improve liquidity in the market.
Hero MotoCorp:
Hero MotoCorp has extended its partnership with Harley-Davidson Motor Company, Inc. in order to expand the Harley-Davidson X440 into new variants as well as to develop a new motorcycle. The scope of this partnership includes development of new motorcycles and contract manufacturing.
Newgen Software:
Newgen Software Technologies LLC, a wholly owned subsidiary incorporated in Dubai, has received a letter with commercial terms from a customer intending to engage the aforesaid subsidiary company for the implementation of the Digital Lending and Onboarding Platform for Retail Product. The aggregate commercial value, as agreed, with the customer is USD 2,000,000 /-.
Prestige Estates:
The company has entered into a Business Transfer Agreement (“BTA”) with Prestige Hospitality Ventures Ltd, a wholly owned subsidiary for transferring the Business undertaking consisting of: a) Mulberry Shades Bengaluru Nandi Hills, A Tribute Portfolio Resort, b) Underlying land along with all rights at Moxy Outer Ring Road and c). 57.45% equity shares of Prestige Leisure Resorts Pvt Ltd.
The Hospitality Undertaking held by the Company has been transferred to Prestige Hospitality Ventures Limited, wholly owned subsidiary of the Company for the purpose of consolidating hospitality assets under a single vertical.
Dixon Technologies:
Dixon Electro Manufacturing has entered into an MOU with Cellecor for manufacturing of refrigerators and its related components for Cellecor. Cellecor offers a diverse range of products encompassing Mobile Phones, Smart TVs, Soundbars, Smartwatches, Kitchen Appliances and Home Appliances like Washing Machine, Air Conditioners, Refrigerators, Air Coolers, Geysers , Heaters & many more products. By this partnership, Dixon Electro Manufacturing will increase its customer base in the Refrigerator segment.
Redtape:
The Board has proposed to issue Bonus Shares to its equity shareholders in the proportion of 3: 1 i.e. 3 new fully paid-up equity shares of Rs 2 each for every 1 existing fully paid-up equity share of Rs 2 each. Further the Board has also declared and approved an Interim Dividend of Rs 2 per equity share for FY25.
Power Mech:
The company has secured a Rs 186 crore order from Jaiprakash Power Ventures Limited (JPVL). This order entails providing Field Operation and Maintenance services for the 2 x 660MW Jaypee Nigrie Super Thermal Power Plant located in Nigrie, Madhya Pradesh, over a 5-year period starting from 1st January 2025 to 31st December 2029.
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