Stock Market News: August 29, Top Stocks Expected to Surge

Exploring Lucrative Investment Prospects in the Indian Stock Market on August 29, 2024

INDIAN STOCKS IN FOCUS AT STOCK MARKET

Interglobe Aviation Ltd

• Industrials | Large Cap
• Rs.4,843.20/-

NBCC (India) Ltd

• Real Estate | Mid Cap
• Rs.201.57/-

HDFC Bank Ltd

• Financial Services | Large Cap
• Rs.1,643.30/-

REC Ltd

• Financial Services | Large Cap
• Rs.632.00/-

Welspun Living Ltd

• Consumer Cyclical | Small Cap
• Rs.208.31/-

Power Finance PFC Corporation Ltd

• Financial Services | Large Cap
• Rs.547.70/-

Vodafone Idea Ltd

• Communication Services | Large
• Rs.16.25/-

Sonata Software Ltd

• Technology | Small Cap
• Rs.650.05/-

Kotak Mahindra Bank Ltd

• Financial Services | Large Cap
• Rs.1791.95/-

Reliance Industries Ltd

• Energy | Large Cap
• Rs.2991.70/-

Tata Elxsi Ltd

• Technology | Mid Cap
• Rs.8044.00/-

KEC International Ltd

• Industrials | Small Cap
• Rs.921.55/-

Birlasoft Ltd

• Technology | Small Cap
• Rs.679.25/-

Bharti Airtel Ltd

• Communication Services | Large Cap
• Rs.1548.30/-

Rail Vikas Nigam Ltd

• Real Estate | Large Cap
• Rs.578.35/-

Vedanta Ltd

• Basic Materials | Large Cap
• Rs.466.80/-

One 97 Communications Ltd

• E-Commerce/App based Aggregator | Mid Cap
• Rs.549.30/-

Tata Motors Ltd

• Consumer Cyclical | Large Cap
• Rs.1076.15/-

Central Depository CDSL Services (India) Ltd

• Financial Services | Small Cap
• Rs.1445.00/-

Tata Consultancy

• Technology | Large Cap
• Rs.649.40/-

Indus Towers Ltd

• Communication Services | Large Cap
• Rs.1791.00/-

Zomato Ltd

• Technology | Large Cap
• Rs.253.55/-

Indian Renewable Energy Development Agency Ltd

• Finance | Mid Cap
• Rs.257.80/-

Wipro Ltd

• Technology | Large Cap
• Rs.536.90/-

IFCI Ltd

• Financial Services | Small Cap
• Rs.80.29/-

Wipro Ltd

• Technology | Large Cap
• Rs.536.90/-

Infosys Ltd

• Technology | Large Cap
• Rs.1938.45/-

State Bank of India

• Financial Services | Large Cap
• Rs.810.00/-

ICICI Bank Ltd

• Financial Services | Large Cap
• Rs.1224.35/-

Axis Bank Ltd

• Financial Services | Large Cap
• Rs.1167.25/-

Avenue Supermarts Ltd

• Consumer Defensive | Large Cap
• Rs.5101.50/-

Trending Top Stories in Indian E-Commerce, Fashion, Food & Entertainment

1. Godfrey Phillips AGM: Samir Modi Urges Shareholders to Vote Wisely

As Godfrey Phillips’ Annual General Meeting (AGM) on September 6 approaches, Samir Modi, part of the company’s promoter group and recently ousted from directorship, hopes shareholders will focus on the value he has added over his 30-year tenure. Speaking to Moneycontrol, Modi expressed confidence that shareholders would see through the “corporate drama” and vote in favor of his and his mother Bina Modi’s reappointment.

The remaining resolutions also consist of the reappointment of Bina Modi as managing director through six different resolutions, among them five being ordinary resolutions whereas one is a special resolution. Modi sounded confident that shareholders would vote on merit as already advisory firm Glass Lewis has recommended voting against their removal.

2. Supreme Court stays AYUSH Ministry’s decision to scrap the anti-misleading advertisement rule

The Supreme Court on Friday stayed a notification issued by the AYUSH Ministry on July 1, removing Rule 170 of the Drugs and Cosmetic Rules, 1945, which prohibited misleading advertisements of Ayurvedic, Siddha, and Unani drugs. This is among developments in a legal fight that the Indian Medical Association has been waging, accusing such leading figures, including the yoga guru Ramdev, of conducting a smear campaign against allopathy.

Then directed the Ministry to file a reply to the order and said it would be indefinite. While hearing, the Court also pulled up IMA Chief RV Asokan for an apology inadequately saying so, by questioning the legibility of his published statements and ordered publication with a clear print.

3. Zomato introduces ‘Zomato for Business’ to smoothen the food expense management process.

Zomato recently launched another vertical, Zomato For Enterprise. It caters to the aim of making food expenses management in companies a breeze. According to an announcement by CEO Deepinder Goyal, ZFE will make ordering business-related food directly billable to the corporate employee’s employer, hence avoiding the painful reimbursement process.

Already used by over 100 leading companies, ZFE allows companies to govern budgets, set rules of ordering, and regulate expenses in a fully transparent manner. Launch comes a few weeks after the company brought back its ‘Intercity Legends’ service – part of the continued drive to expand Zomato’s corporate-facing services.

4. McDonald’s to introduce premium Signature Collection across North and East India.

Global QSR chain McDonald’s recently launched its Signature Collection premium line of burgers from outlets in North and East India at upwards of ₹225. The gourmet-style line of burgers is the first major market shift in a long time, tapping into a premium segment for the burger chain under intense competitive pressure.

Sanjeev Agrawal, Chairman of McDonald’s India-North and East, said though value meals would remain the company’s core focus, introducing premium offerings was a well-thought-of strategy to meet the demand of the fast-changing consumer landscape. This is part of the larger strategy in place across the southern and western parts of the country, where premium offerings have already been introduced.

5. Meituan Beats Estimates as Revenue Jumps 21%, Defying Economic Slowdown

Meituan, inspired by the prospect of defeating broader economic challenges, said second-quarter revenue rose 21% year-over-year. Meituan’s income rose to 82.3 billion yuan, or $11.55 billion, trumping analyst expectations as it reaped benefits from sales of low-value and discounted products during China’s plodding economic recovery.

Accordingly, Meityan core local commerce aggressively expanded 18.5%, including food delivery, along with other services like Instashopping. While total segment operating profit and margin increased significantly, Meituan continued to realize notable success in navigating the hostile market landscape.

6. Trent to Open First International Zudio Store in Dubai

Trent, led by Noel Tata, is set to launch its first Zudio store outside India, opening in Dubai’s Silicon Oasis Mall next month. This marks a significant milestone for the value fashion brand as it tests international waters, targeting Dubai’s large Indian community.

Zudio, now contributing over a third to Trent’s revenues, is the chain with the highest expansion at over 550 stores across the country. The group is likely to continue with international expansion with more such launches following the Dubai launch as part of the strategy for global diversification and growth of its brand portfolio.

7. Sustainable Fashion Skills: The Key to India’s Textile Industry Growth

Coupled with the growing interest in sustainable fashion globally, India’s textile sector too is placing more emphasis on developing skills and practices that are eco-friendly. “Skill development is required on sustainable materials, water usage, and waste minimization,” JD Giri adds, underlining the bigger move towards ethical production. This trend is also not just driven by changing consumer preferences but also by economic and social imperatives. The employment of millions in the textile industry-both directly and indirectly-makes this sustainable practice drive very significant for future growth and global competitiveness within the sector.

8. Quick Commerce in Government Crosshairs as Ministries Evaluate Impact on Kirana Stores

This has pushed various government ministries toward an early assessment of the impact made by quick-commerce platforms on traditional kirana stores. Still at early discussion stages, senior functionaries are closely looking at how rapid expansion in this sector is hitting the small retailer with no policy interventions in sight.

Trade Minister Piyush Goyal had recently said that while the market was largely e-commerce, it was not at the expense of being detrimental to other kinds of businesses. In fact, quick commerce continues to be under the watchful gaze of the government, with a list of regulations up its sleeve.

9. Tanishq, De Beers to drive natural diamond sales in India Tanishq

The jewelry retailer, along with the De Beers Group, a diamond giant, is planning to collaborate for three years in order to uplift the sales of natural diamonds across the country. The partnership is likely to leverage India’s growing market, now representing 11% of global demand for diamond jewelry, due to improved demand of natural diamond jewelry. It’s also a very big potential for both companies, considering the influx of women joining the Indian workforce and wanting to invest in precious stones. Further, this new partnership will place Tanishq and De Beers to benefit from shifts in consumer trends and further consolidate positions in the premium jewelry sector.

10. Apple will probably pass $400B of revenue in 2024, here’s what’s next

According to Counterpoint’s latest research, Apple is set to breach more than $400 billion in global revenues for the first time in 2024 on the back of strong growth in hardware and services segments. Hardware sales of Apple, in categories new to old like the iPhone 16 series, next-gen AirPods, are projected to bounce back in 2024 after contracting in 2023. That also means that the service segment, that includes the much hyped Apple Intelligence will grow at a faster pace. As this tech giant keeps launching new products and expanding the product line, this company is destined to see massive growth in revenue in the coming years and cements itself at the top spot.

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Source: Google

Business Desk: News Lounge 24×7

Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of News Lounge 24×7. We advise investors to check with certified experts before taking any investment decisions.