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“However, the overall bias remains positive, with immediate support around 25,650 and major support near 25,450. We recommend maintaining a buy on dips approach, focusing on large-cap and quality midcap stocks that are showing consistent relative strength,” said Ajit Mishra – SVP, Research, Religare Broking.
In today’s Muhurat session, shares of PNB, ZEE, JSW Steel, REC, Glenmark among others will be in focus due to various news developments.
Punjab National Bank (PNB) will face an estimated Rs 9000 crore ($1.03 billion) impact as the lender transitions to a central bank-mandated credit loss framework by 2031, its chief executive said on Monday. The country’s third-largest state-owned lender by market cap is one of the first to disclose an estimate on the likely effect of the rules, issued by the Reserve Bank of India earlier this month, to its balance sheet.
ZEE
Zee Entertainment Enterprises Ltd (Zee) has entered into a partnership with Baseball United, the first professional baseball league focused on the Middle East and South Asia, to broadcast its inaugural season live in India. The deal will bring 21 games, including matches featuring the Mumbai Cobras, India’s first professional baseball franchise, to Indian audiences this November and December.
Jain Resource Recycling
The week will see Jain Resource Recycling’s quarterly results on Tuesday, offering early cues on manufacturing and metals demand.
REC
State-run 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 income. The company had posted a profit of Rs 4,038 crore in the same period last year.
HDFC Bank
The country’s largest private sector lender HDFC Bank does not see its use of artificial intelligence leading to any layoffs, a top company official has said. The lender, which had 2.20 lakh employees as of September, is carrying out some “lighthouse experiments” in technologies, including generative AI, which will deliver its advantages in the next 18-24 months, HDFC Bank Chief Executive and Managing Director Sashidhar Jagdishan said.
Jindal Steel
Thyssenkrupp is in intensive talks with Jindal Steel International over the Indian group’s interest in its steel business, the German conglomerate’s CEO said, calling it “good cooperation” but signalling discussions could take a while.
JSW Steel
The demand for steel in the seasonally strong second half of the fiscal will be further augmented by a pick-up in overall consumption, lower interest rates and pent-up demand coming in after extended and intense monsoon rains this year, said Jayant Acharya, chief executive officer of JSW Steel.
Glenmark
Drugmaker Glenmark is recalling a product in the US due to a manufacturing issue, according to the US Food and Drug Administration (USFDA). As per its latest Enforcement Report, the US health regulator noted that a US-based unit of Glenmark Pharmaceuticals is recalling 26,928 packs of oral contraceptive medication in the US.
