Stocks To Watch Today on October 14, 2024: Wipro Ltd Share, Avenue Supermart Shares in Focus

On Monday, October 14, 2024, the Indian equity indices Nifty 50 and Sensex are likely to open on a positive note as indicated by a gain in global markets on Friday.  Check out a few stocks, which will be in focus during the trading session

• Wipro Ltd

Wipro’s board will discuss the potential issuance of bonus shares in its upcoming meeting on October 16-17, 2024. The company seeks to enhance execution and growth following a 4.6% year-on-year increase in Q1 net profit, despite a revenue decline.

• Avenue Supermarts

Avenue Supermarts reported a 5.77% rise in consolidated net profit for Q2, totalling ₹659.58 crore. Revenue grew by 14.41% to ₹14,444.5 crore, while EBITDA increased 29.3% to ₹1,093.8 crore, with margins expanding to 7.6%. CEO Neville Noronha noted a 5.5% like-for-like revenue growth in Q2FY25, driven by online grocery formats like DMart Ready.

• Adani Power

Adani Power is expected to retain its power purchase agreement in Bangladesh, despite pricing concerns. The 25-year contract, signed in 2017, involves supplying electricity from a 1,600-MW plant in Jharkhand. Although the price per unit is significantly higher than competitors, cancelling the agreement is unlikely due to Bangladesh’s reliance on this power source, which meets about 10% of its energy needs. The interim government is reviewing the contract and may pursue a mutual tariff adjustment.

• Ola Electric

Ola Electric is under scrutiny from the Automotive Research Association of India (ARAI) regarding pricing practices for its S1 X 2 kWh model. ARAI has raised concerns over Ola’s failure to notify about a price reduction prior to its ‘BOSS’ sale, which could affect the model’s eligibility for government subsidies.

• Life Insurance Corporation of India

LIC has raised the upper age limit for its new endowment plan to 50 years, effective October 1, 2024. This change aligns with updated surrender value guidelines and affects several endowment products, which have seen premium increases of 8-10%. Additionally, LIC has launched a new single-premium group micro-term insurance plan aimed at financial institutions and NGOs, potentially expanding its customer base in the micro-insurance market.

• Godrej Properties

Godrej Properties acquired 6 land parcels valued at ₹9,650 crore in Q2 as part of its expansion strategy. With eight new acquisitions this fiscal year, the company has achieved 63% of its annual target. It reported a 3% increase in sales bookings for Q2, totalling nearly ₹5,200 crore—the highest for this quarter.

• Adani Energy Solution

Adani Energy Solution has signed a 30-year agreement with Kenya Electricity Transmission Company (Ketraco) to develop, finance, and operate key electricity transmission lines and substations in Kenya. This $736 million project aims to enhance the country’s power infrastructure and alleviate persistent blackouts. AESL will finance the project through a combination of debt and equity, imposing no financial burden on the Kenyan government. The agreement includes managing the infrastructure for three decades before transferring ownership to Ketraco.

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. It is based on several secondary sources on the internet and is subject to changes. Please consult an expert before making related decisions.