GIFT Nifty indicated that Indian equity indices BSE Sensex and NSE Nifty 50 may see a gap up opening on Tuesday. Here’s a look at the key stocks to watch in trade.

Stocks in Focus: GIFT Nifty traded higher as the index was up 40.50 points or 0.17% at 24,245.50 indicating a higher start for domestic indices NSE Nifty 50 and BSE Sensex on Tuesday. Previously, on Monday, the NSE Nifty 50 rose 131 points or 0.55% to settle at 24,142, while the BSE Sensex jumped 443 points or 0.56% to close at 79,476.

Stocks to watch on July 2, 2024

Coal India

State-owned Coal India Ltd (CIL) on Monday announced that it has recorded coal production of 189.3 million tonnes (MTs) in the first quarter ending June FY2025, posting a growth of 7.9 per cent in comparison to 175.5 posted during the same period last year. This was 13.8 MTs more in volume terms compared to the corresponding quarter of FY 2024. 

Stocks To Watch: Zomato, Paytm, RVNL, Zen Technologies, Alkem Laboratories Stocks To Watch: Hindustan Zinc, Suzlon Energy, Glenmark Pharma, Hindustan Aeronautics, Vedanta Stocks To Watch: Eicher Motors, LIC, Cochin Shipyard, Biocon, Oil India, SJVN, Grasim, Alkem Lab, OLA Electric Mobility Stocks To Watch: Tata Consumer Products, Varun Beverages, JSW Infra, IOC, Vodafone Idea

OMCs

The Indian government has raised the windfall tax on petroleum crude to Rs 6,000 ($72) per metric ton from Rs 3,250, effective from July 2, according to a notification. The windfall tax, which is revised every two weeks, remained unchanged at zero for diesel and aviation turbine fuel.

One97 Communications

One97 Communications Ltd (OCL), the parent company of Paytm, denied media reports suggesting that the firm has decided to avoid pursuing businesses that require regulatory licenses. The digital payments firm reaffirmed its commitment towards building on its core regulated business lines of payments and financial services, stating that there is no change in its ‘operating strategy’.

Patanjali Foods 

On Monday, Patanjali Foods said that it will acquire the entire non-food business from Patanjali Ayurved. The company will buy this business for a total of Rs 1,100 crore, which will be completed in five tranches, said the company in an exchange filing. 

NMDC

NMDC has reduced iron prices by Rs 500 per tonne for lump ore as well as fines with effect from June 30. After the revision, lump ore will cost Rs 5,950 per tonne and fines Rs 5,110, the company said in an exchange filing. The reduction in the iron ore prices came even as NMDC reported a year-on-year decline in iron ore production and sales for June. Production for the month stood at 3.37 million tonnes as against 3.48 MT in the corresponding period of the previous fiscal. June sales totalled 3.73 MT (4.10 MT).

CSB Bank 

CSB Bank’s gross advances saw an increase of 17.8% on a yearly basis to Rs 25,099 crore in the Q1 of FY25. The bank reported a 22.2% advance in deposits at Rs 29,920 crore in the first quarter, as compared to Rs 24,476 crore in the same period last year.

Zydus Lifesciences 

On Tuesday, Zydus Healthcare received, wholly-owned subsidiary Zydus Lifesciences, an income tax notice demand of Rs 284.58 crore for the assessment year 2023-2024, according to an exchange filing. Zydus Healthcare has received an intimation under section 143(1) of the Income Tax Act, 1961 (IT Act), determining a demand of Rs 284.58 crore.

Gandhar Oil Refinery

Gandhar Oil Refinery’s foreign subsidiary has received a three-year contract from Abu Dhabi National Oil Co. for Distribution PJSC, UAE. Texol Lubritech FZC has signed the contract for manufacturing, packaging, labelling, and making the products available on a contract basis for Rs 375 crore, to be paid each year. The contract quantity is estimated to be 30 million litres per year.

DCX Systems

DCX Systems received a significant contract from Larsen & Toubro, said the company in an exchange filing on Monday. The purchase order, valued at Rs 1,250 crore plus applicable taxes, involves the manufacturing and supply of electronic modules. The company will be executing the order within a timeframe of three years.