“However, the overall trend remains positive with immediate support around 25,650 and major support around 25,450. We recommend maintaining a buy-on-dips approach, focusing on large-cap and quality mid-cap stocks that are showing consistent relative strength,” said Ajit Mishra – SVP, Research, Religare Broking.
Today’s Muhurat session will feature stocks of PNB, ZEE, JSW Steel, REC and Glenmark among others due to various news developments.
Punjab National Bank (PNB) will face an estimated impact of Rs 9,000 crore ($1.03 billion) if the lender moves to a central bank-mandated credit loss framework by 2031, its CEO said on Monday. The country’s third-largest state-owned lender by market capitalization is among the first to release an estimate of the likely impact of the rules, issued by the Reserve Bank of India earlier this month, on its balance sheet.
SEA
Zee Entertainment Enterprises Ltd (Zee) has partnered with Baseball United, the first professional baseball league focused on the Middle East and South Asia, to broadcast its first season live in India. The deal will see 21 games, including matches with the Mumbai Cobras, India’s first professional baseball franchise, available to the Indian public in November and December.
Recycling of Jain resources
This week, Jain Resource Recycling’s quarterly results will be released on Tuesday, providing early signals on manufacturing and metals demand.
REC
State-owned Rural Electrification Corporation Ltd (REC) on Friday reported a 9.4% year-on-year rise in net profit to Rs 4,415 crore for the September quarter, driven by higher revenues. The company posted a profit of Rs 4,038 crore in the same period last year.
HDFC Bank
The country’s largest lender HDFC Bank does not see the use of artificial intelligence leading to layoffs, a top company official said. The lender, which had 2.20 million employees as of September, is conducting a number of ‘lighthouse experiments’ in technologies, including generative AI, that will reap its benefits over the next 18 to 24 months, said Sashidhar Jagdishan, CEO and managing director of HDFC Bank.
Jindal steel
Thyssenkrupp is in intensive discussions with Jindal Steel International about the Indian group’s interest in its steel business, the German conglomerate’s CEO said. He called it a “good collaboration”, but identifying discussions may take some time.
JSW Steel
Steel demand in the seasonally strong second half of the fiscal will be further boosted by a revival in overall consumption, lower interest rates and pent-up demand after prolonged and intense monsoon rains this year, JSW Steel CEO Jayant Acharya said.
Glenmark
According to the US Food and Drug Administration (USFDA), drug manufacturer Glenmark is recalling a product in the US due to a production problem. According to the latest enforcement report, the US health regulator has noted that a US-based unit of Glenmark Pharmaceuticals is recalling 26,928 packs of oral contraceptive medications in the US.
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