2 September Share Market: These 15 shares can make you rich on Monday, add them to the list

As the stock market closed on Friday, several significant developments emerged that could impact stock prices on Monday, 2nd September 2024. Let’s take a closer look at the key stocks that are likely to be in the spotlight.

Federal Bank’s New CEO Appointment

Federal Bank made headlines after announcing that Krishnan Venkat Subramanian has been approved as the new Managing Director and CEO. This decision was taken during the bank’s 93rd Annual General Meeting (AGM) on 31st August. Subramanian’s term will start on 23rd September 2024 and will continue for three years, subject to retirement by rotation. He previously served as the Joint Managing Director of Kotak Mahindra Bank Limited until 30th April 2024. This leadership change is expected to bring new strategic directions for Federal Bank, making it a stock to watch closely on Monday.

NBCC Announces Bonus Shares

NBCC (India) Limited has also garnered attention by announcing a bonus issue for its shareholders. On 31st August, the company’s board approved the issuance of bonus shares in a 1:2 ratio, meaning one bonus share for every two shares held. The record date for determining eligibility is set for Monday, 7th October 2024. Despite the announcement, NBCC shares closed on Friday with a 4.22% decline, ending at ₹186.60. Investors will be keenly watching how this news affects NBCC’s stock performance as the new trading week begins.

NMDC Faces Heavy Penalty

National Mineral Development Corporation (NMDC) is under scrutiny after being fined ₹1,620.5 crore for violating mining laws in Dantewada district, Chhattisgarh. The penalty, imposed by the district administration, has been deemed “completely unjustified” by NMDC, which argues that it was issued without considering the facts and circumstances of the case. NMDC’s stock closed slightly down by 0.23% on Friday at ₹223.40. The market will be closely watching NMDC’s response to this significant penalty and its impact on the company’s stock price.

MOIL Cuts Prices of Manganese Ore Products

MOIL Limited announced a price cut on 1st September 2024 for its manganese ore products. Prices for Mn-44% and above grade have been slashed by 20%, while other grades saw a 15% reduction. The company also lowered the basic price of Electrolytic Manganese Dioxide (EMD) by ₹5,000 per metric ton. This move is expected to impact the company’s revenue, making MOIL a stock to monitor on Monday.

Vedanta Plans Massive Investment in Rajasthan

Vedanta Limited revealed its plan to invest around ₹1 lakh crore in Rajasthan, focusing on renewable energy, among other sectors. The announcement was made by the group’s Director, Priya Agarwal Hebbar, on 30th August. Additionally, Vedanta’s board is set to meet next week to discuss a potential dividend declaration. On Friday, Vedanta’s stock ended the day with over a 1% increase. This significant investment plan and the upcoming board meeting are likely to keep Vedanta in focus when the market opens on Monday.

APL Apollo Tubes Announces Key Dates

APL Apollo Tubes, a key player in the iron and steel product segment, has announced important dates concerning dividend distribution for the previous fiscal year. The record date for the dividend is 19th September, with payment expected to begin from 26th September, pending shareholder approval at the AGM. This news, combined with the company’s ongoing performance, could make APL Apollo Tubes an interesting stock to watch on Monday.

Emami Acquires 100% Stake in Grooming Brand

On Saturday, 31st August, Emami Limited announced its acquisition of a 100% stake in Helios Lifestyle, which owns the popular men’s grooming brand, The Man Company. This move marks Emami’s continued expansion in the grooming sector. The company, which already held a 50.4% stake in Helios, saw its stock close slightly higher at ₹813 in the previous trading session. Investors will likely react positively to this strategic acquisition as the new week begins.

GSPL’s Merger-Demerger Scheme Approved

The boards of Gujarat State Petroleum Corporation Limited (GSPCL), Gujarat State Petronet Limited (GSPL), and Gujarat Gas Limited (GGL) approved a merger-demerge scheme on 30th August 2024, following approval from the Gujarat government. GSPL’s stock rose by 5.50%, closing at ₹442.35 on Friday. This approval could drive further interest in GSPL stocks on Monday.

Insecticides India Approves Buyback Plan

Insecticides India has announced a buyback of 50 crore shares at ₹1,000 per share, approved through the tender route. This decision was communicated in an exchange filing. The buyback plan could support the stock price in the short term, making it a stock to watch.

Government Awards ‘Navratna’ Status to Key PSUs

On Friday, 30th August, the Indian government awarded ‘Navratna’ status to several public sector undertakings (PSUs) including SJVN Limited, NHPC Limited, RailTel Corporation of India Limited, and Solar Energy Corporation of India Limited. RailTel Corporation became the 22nd ‘Navratna,’ while Solar Energy Corporation, NHPC, and SJVN became the 23rd, 24th, and 25th ‘Navratna’ companies, respectively. This recognition could positively impact the stocks of these companies as the market reopens on Monday.

Biocon Receives US FDA Approval

Biocon Limited announced that it has received an Establishment Inspection Report (EIR) from the US FDA for its Greenfield Active Pharmaceutical Ingredient (API) facility in Visakhapatnam, Andhra Pradesh. This approval, following a pre-approval inspection in June 2024, authorizes Biocon to commence commercial supply to the US market. This development is expected to bolster Biocon’s stock performance.

Adani Ports Acquires Stake in Astro Offshore Group

Adani Ports and Special Economic Zone Limited (APSEZ) has strategically acquired an 80% stake in Astro Offshore Group for $185 million. This acquisition, finalized on 30th August 2024, is part of APSEZ’s strategy to become one of the world’s largest marine operators. The stock showed a positive movement on Friday, and this acquisition could further enhance its appeal to investors.

Maruti Suzuki and Tata Motors Report Sales Decline

Maruti Suzuki and Tata Motors reported a decline in sales for August 2024. Maruti’s total sales fell by 3.9% to 1.81 lakh units, while Tata Motors saw an 8% drop in domestic sales, with total commercial vehicle sales plummeting by 15%. These declines could weigh on the stocks of both automakers when trading resumes on Monday.

TVS Motor Posts Sales Growth

On a positive note, TVS Motor Company reported a 13% year-on-year growth in sales for August 2024, with total sales reaching 3,91,588 units. The company’s two-wheeler sales also saw a 14% increase. TVS Motor’s strong sales performance could attract investor interest as the market reopens.

This array of developments is likely to make for an action-packed trading day on Monday, 2nd September 2024. Investors should keep a close eye on these stocks as the week begins.