Stocks to watch on Budget day: Shares of RailTel, Suzlon, GE Power, defence companies to be in focus

The GIFT Nifty index was up by 21 points, or 0.09 per cent, at 24,541.5 points as of 8:45 am on Tuesday, July 23, signaling a steady start for Dalal Street on Budget Day.

As the market gears up for the opening bell, here are key stocks to watch:

RailTel Corp: On Monday, July 22, Railway PSU RailTel Corporation of India Ltd announced it had secured a significant order from the Ministry of Railways (Railway Board). The ₹186.81 crore contract involves the design, development, implementation, operations, and maintenance of a hospital management information system (HMIS) and an integrated empanelled hospital referral portal for Indian Railways.

GE Power India: The company has been awarded a contract by NTPC GE Power Services Ltd for the renovation and modernization of steam turbines at NTPC’s Vindhyachal TPS Unit No. 1, aimed at improving heat rate efficiency and extending the turbine’s life. The contract is valued at ₹348 crore.

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Suzlon Energy: Reporting its June quarter results, Suzlon Energy’s net profit tripled from the previous year to ₹302 crore, driven by lower finance costs. The company’s revenues rose nearly 50% to ₹2,016 crore from ₹1,348 crore in the same period last year.

Power Mech Projects: The base gross value for a tender awarded for the construction of the Government Medical College & Hospital for Uttarakhand Pey Jal Nigam Ltd (UKPJNL) has been revised from ₹362 crore to ₹594 crore, reflecting an expanded scope of work.

Gensol Engineering: The company emerged as the winning bidder for 116 MW (150 MWp) of solar projects in Gujarat, with an estimated EPC revenue of ₹600 crore. The projects, distributed across 27 locations under Paschim Gujarat Vij Co., are expected to be operational within 12 months from the issuance of the Letter of Award.

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In addition, shares of shipping, shipbuilding, and port-related companies could be active today. Reports suggest the government may increase funding for port modernization, provide incentives for green shipping practices, and launch a maritime development fund with a corpus of ₹15,000 to ₹20,000 crore to support shipbuilding at low-interest rates.

Shares of defence-related companies will also be in focus amid the government’s push towards Aatmanirbhar Bharat and the indigenous production of defence equipment.

Real estate companies and home loan providers may keep an eye on potential proposals for the real estate sector in the Budget 2024-25.