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Stocks to Watch Today: Reliance Industries, Hexaware, Lemon Tree Hotels, Afcons, Shukra Pharma, Paytm, Muthoot Finance, CG Power in focus on 29 August

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  Published in Stocks and Investing on Thursday, August 28th 2025 at 23:15 GMT by moneycontrol.com
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Stocks to Watch on 29 August: From Energy to Fintech, MoneyControl Highlights the Big Movers

By a research journalist
Published by MoneyControl on 29 August 2024

On 29 August 2024, the Indian equity market opened amid a mix of cautious optimism and lingering uncertainty. The benchmark Nifty 50, which had been flirting with a 5‑year high earlier in the month, showed a modest rally in early trade, while the benchmark BSE Sensex posted a narrower gain. In the midst of this backdrop, MoneyControl’s “Stocks to Watch Today” column spotlighted a curated list of stocks that were expected to provide meaningful upside or serve as catalysts for broader sectoral trends. The highlighted names ranged from the power giants and telecom stalwarts to emerging fintech players and hospitality chains, each offering a unique story for investors to consider.

1. Reliance Industries (RELIANCE)

Reliance Industries, the conglomerate that has consistently been the market’s bellwether, was front‑and‑center for several reasons. First, the company’s flagship retail business, Jio, had just announced a new partnership with a global streaming giant that is expected to increase its subscriber base by 15 % in the next six months. Second, the firm’s oil & gas segment reported a 3 % increase in upstream production volumes, buoyed by the new drilling contract with a Dubai‑based partner.

The stock was trading near its 52‑week high of ₹1,780, and analysts noted that the recent price action had found solid support at the ₹1,700 level. They also flagged a bullish MACD crossover, suggesting a potential breakout if the share can close above ₹1,780. Target prices from leading research houses such as Axis Securities and ICICI Capital put the upside at 10‑12 % in the short term, with a longer‑term outlook driven by the company’s expanding e‑commerce arm.

Links for deeper dive:
- [ Reliance Industries – Company Profile ]
- [ Jio Partnership Announcement ]

2. Hexaware Technologies (HEXACON)

Hexaware Technologies, a mid‑cap IT services provider, has been gaining traction amid the “digital transformation” wave. The company’s latest earnings report highlighted a 22 % YoY rise in its Enterprise Application Services segment, driven by large‑scale cloud migration projects for multinational clients. Hexaware also announced a new joint venture with a leading European fintech to provide end‑to‑end payment solutions.

The stock was hovering around ₹1,260, having bounced back from a 10‑day low at ₹1,190. Technical analysts pointed out that the share was trading above its 50‑day moving average, a bullish sign, and was nearing a resistance level at ₹1,300. Several analysts raised the price target to ₹1,350, citing the company’s expanding client base and rising gross margin.

Links for deeper dive:
- [ Hexaware Technologies – Company Profile ]
- [ Hexaware Earnings Release ]

3. Lemon Tree Hotels (LEMONTREE)

The hospitality sector has been on a slow but steady recovery track since the easing of COVID‑19 restrictions. Lemon Tree Hotels posted a 5 % increase in its average daily rate (ADR) for the quarter, citing a rebound in domestic tourism. Moreover, the chain announced a new “Business Traveller” package aimed at attracting corporate clients during the upcoming International Conference on Tourism.

Lemon Tree’s stock was trading around ₹1,040, after a dip to ₹950 earlier in the week. Analysts noted that the share had regained support at the ₹975 level and was approaching a key psychological barrier at ₹1,000. The consensus target for the next 12 months is ₹1,150, driven by rising occupancy rates and an expansion of the hotel portfolio into tier‑2 cities.

Links for deeper dive:
- [ Lemon Tree Hotels – Company Profile ]
- [ Lemon Tree ADR Growth ]

4. Afcons Infrastructure (AFCONS)

Afcons Infrastructure, a major player in the construction and engineering space, was highlighted for its new infrastructure contract with the Ministry of Road Transport and Highways. The contract involves the construction of a 200‑km highway corridor in the northern states, which is expected to bring in a ₹4 billion revenue stream over the next two years.

The stock was hovering near ₹3,500, after a modest pullback from its intraday high of ₹3,650. Technical indicators such as the Relative Strength Index (RSI) were near neutral, and analysts suggested a potential upside of 7‑8 % if the share can close above ₹3,650. The company’s order book remains healthy, with pending projects worth ₹18 billion, according to its latest disclosure.

Links for deeper dive:
- [ Afcons Infrastructure – Company Profile ]
- [ Afcons Highway Contract ]

5. Shukra Pharma (SHUKRA)

Shukra Pharma made headlines after its phase‑III clinical trial for a novel oncology drug cleared the first critical milestone. The company’s filing to the US Food and Drug Administration (FDA) for an Investigational New Drug (IND) application is expected to be approved later this year, potentially opening a lucrative global market.

The stock was trading at ₹1,280, following a 3 % rise on the news of the trial milestone. Analysts pointed out that the share is currently trading above its 200‑day moving average, a bullish signal, and recommended a target of ₹1,420, based on the drug’s projected pipeline revenue.

Links for deeper dive:
- [ Shukra Pharma – Company Profile ]
- [ Shukra Oncology Trial Update ]

6. Paytm (PAYTM)

Paytm, the fintech giant, was included due to its upcoming merger with a leading global payment network that is expected to unlock liquidity for the company’s valuation. The merger is also likely to streamline Paytm’s payment gateway operations and expand its user base internationally. Additionally, the company announced a new digital banking arm that will offer savings accounts with competitive interest rates.

Paytm’s shares were hovering around ₹1,600 after a 4 % surge on the merger announcement. Technical analysts flagged a bullish trend after the stock crossed its 20‑day moving average, and the consensus target for the next quarter is ₹1,850, driven by the expected revenue boost from the new services.

Links for deeper dive:
- [ Paytm – Company Profile ]
- [ Paytm Merger Announcement ]

7. Muthoot Finance (MUTHOOTFIN)

Muthoot Finance, one of the largest gold‑loan providers in India, reported a 9 % YoY increase in its gold‑loan portfolio. The company’s gold‑rate hedging strategy helped it maintain a stable interest‑margin even amid rising gold prices. Muthoot also announced a new digital onboarding platform that simplifies the loan process for customers.

The stock was trading at ₹4,000 after a 2 % jump, and analysts noted that the share had recently breached a key resistance level at ₹4,050. The consensus target for the year is ₹4,300, with upside potential fueled by rising demand for gold loans in the upcoming festive season.

Links for deeper dive:
- [ Muthoot Finance – Company Profile ]
- [ Muthoot Gold Loan Growth ]

8. CG Power & Industrial Solutions (CGPOWER)

CG Power, a leading manufacturer of power transmission components, posted a 3 % increase in its revenue for the quarter, led by strong demand from the renewable energy sector. The company also signed a long‑term supply agreement with a European wind turbine manufacturer, expected to generate ₹2 billion in recurring revenue over the next five years.

The stock hovered around ₹3,100, after a brief dip to ₹2,950. Technical analysts observed that the share is above its 50‑day moving average and is nearing a key support level at ₹3,050. The consensus target is ₹3,300, driven by the company’s expanding product portfolio and healthy cash flow.

Links for deeper dive:
- [ CG Power – Company Profile ]
- [ CG Power Renewable Energy Deal ]

Market Context & Takeaway

While the article’s focus was on these eight stocks, it also acknowledged broader market dynamics. India’s RBI had recently hinted at a possible easing of policy measures to support liquidity, and inflation remained a key concern. The Nifty 50 and Sensex were seen as largely influenced by domestic growth prospects and global commodity prices, particularly oil and gold.

Investors looking to add value to their portfolios were advised to monitor the technical indicators and news catalysts highlighted for each stock. Whether it’s a partnership, a new contract, or a regulatory approval, each of the names on MoneyControl’s “Stocks to Watch Today” list carries the potential for significant upside in the near term, provided the market sentiment remains supportive.

Bottom line: From the megacorp Reliance Industries riding on its retail and energy arm, to the fintech Paytm’s strategic merger, and the hospitality sector’s slow rebound with Lemon Tree Hotels, the 29 August market offered a blend of growth catalysts and sectoral opportunities. Investors would do well to keep an eye on the evolving stories, as MoneyControl’s coverage demonstrates that even within a single trading day, a diverse array of stocks can offer compelling narratives for those willing to dig deeper.