GIFT Nifty indicated that Indian equity indices BSE Sensex and NSE Nifty 50 may see a muted opening on Wednesday. Here’s a look at the key stocks to watch in trade.
Stocks in Focus: GIFT Nifty traded flat as the index was up 2 points or 0.01% at 21,631 indicating a muted opening for domestic indices NSE Nifty 50 and BSE Sensex on Wednesday. Previously, on Tuesday, the NSE Nifty 50 lost 215.50 points or 0.99% to settle at 21,522.10, while the BSE Sensex closed 801.67 points or 1.11% lower to 71,139.90.
Stocks to Watch on January 31, 2024
Vodafone Idea
Vodafone Idea chief executive officer Akshaya Moondra on Tuesday said the company’s 5G rollout will become clear once there’s clarity on fund raising plans as well as monetisation of services.
L&T
The company reported a 15.5% rise in consolidated net profit at Rs 2,948 crore for the quarter ended December, on strong order book inflows and execution momentum. However, it missed Street estimates of a net profit of Rs 3,246 crore. During the reporting quarter, L&T’s consolidated revenue rose 18.8% to Rs 55,128 crore from Rs 46,390 crore recorded during the same period a year ago. Its EBITDA rose 13.5% to Rs 5,759 crore compared to the year-ago quarter, the company said in a statement.
Muthoot Microfin
Muthoot Microfin on Tuesday posted a 119.1% y-o-y jump in its net profit in the December quarter due to robust growth in its gross loan portfolio. Net profit stood at Rs 124.6 crore, up 13.7% quarter-on-quarter (q-o-q).
Mahindra and Mahindra Financial Services
The company on Tuesday logged a 12% year-on-year (y-o-y) fall in the October-December quarter due to a sharp rise in credit costs. However, the company’s profit at Rs 553 crore beat Bloomberg analysts’ estimates of Rs 454 crore. The bottom line rose 135% quarter-on-quarter (q-o-q).
ITC
The company reported a muted financial performance for the December quarter (Q3FY24), with its core cigarette business that contributes around 40-45% to revenue and 80% to the profit witnessing a subdued growth. Revenue from cigarettes grew 3% year-on-year to Rs 8,295.18 crore.
Bharat Petroleum Corporation
The company has set its capital expenditure target for 2024-25 at Rs 15,000 crore, the company said on Tuesday. Further, it also aims to expand its market networks with new pipelines underway.
ZEE Entertainment Enterprises
Zee founder Subhash Chandra’s recent comments that the promoters plan to raise their stake initially by an additional 5% and eventually to 26% seems to have attracted the market regulator, the Securities and Exchange Board of India’s (Sebi) scrutiny.
Meanwhile, the National Company Law Tribunal (NCLT) on Tuesday admitted a fresh petition filed by a Zee Entertainment Enterprises Ltd shareholder seeking enforcement of the now-cancelled merger deal between ZEEL and Sony.
TCS
Tata Consultancy Services (TCS) on Tuesday announced a 15-year expansion of its partnership with Aviva, the UK’s Insurance, Wealth, and Retirement provider, to transform Aviva’s UK Life business and enhance customer experience leveraging the TCS BaNCS™-based platform.
SRF
Chemical firm SRF Ltd on Tuesday reported a 50% decline in its consolidated net profit to Rs 253.43 crore for the latest December quarter. Its net profit stood at Rs 510.9 crore in the year-ago period. The total income fell to Rs 3,053.04 crore in the third quarter of this fiscal year from Rs 3,469.6 crore in the year-ago period, according to a regulatory filing.
Gillette India
Gillette India Ltd on Tuesday reported a 39.62% rise in profit to Rs 103.95 crore for the second quarter ended December 2023, helped by productivity interventions and moderation of inflation. The company, which follows the July-June financial year, had reported a profit of Rs 74.45 crore in the year-ago period. Its revenue from operations increased 3.36% to Rs 639.46 crore during the quarter.
Bajaj Finserv
Bajaj Finserv Health, a wholly-owned subsidiary of Bajaj Finserv, on Tuesday acquired an entire stake in Vidal Healthcare Services at an enterprise value of Rs 325 crore. The Pune-based healthtech firm has a network of over 1,00,000 doctors, 5,500 labs and 2,100 hospitals.
Dr Reddy’s Laboratories
The company on Tuesday recorded its third-quarter profit for the financial year 2023-24 at Rs 1380.90 crore, up 11% in comparison to Rs 1243.90 crore during the corresponding quarter of the previous year, beating estimates. It posted revenue from operations at Rs 7236.80 crore, up 6.6% as against Rs 6789.80 crore during the third quarter of FY23.
Key earnings today
Bank Of Baroda, Ambuja Cements, Dabur India, Adani Wilmar, Dixon Technologies, Ajanta Pharma, Carborundum Universal, DCM Shriram, Amara Raja Energy & Mobility, DB Realty, Data Patterns (India), Balaji Amines, Automotive Axles, Carysil, Atul Auto, 3i Infotech, Digispice Technologies, Brooks Laboratories, Cords Cable Industries, Banaras Beads, Godrej Consumer Products, Mankind Pharma, Jindal Steel & Power, GMR Airports Infrastructure, IRB Infrastructure Developers, Kalyan Jewellers India, Jubilant Foodworks, Kajaria Ceramics, Jyothy Labs, IDFC, Great Eastern Shipping Company, HeidelbergCement India, Greenpanel Industries Limited, Lux Industries, Fino Payments Bank, Geojit Financial Services, Kitex Garments, Foods and Inns, Kamat Hotels (India), Emkay Global Financial Services, Maruti Suzuki India, Shree Cements, Max Healthcare Institute Limited, Procter and Gamble Hygiene and Health Care, Punjab & Sind Bank, Motherson Sumi Wiring India, Relaxo Footwears, PVR INOX, Poly Medicure, NIIT Learning Systems, Paisalo Digital Ltd, PTC India Financial Services, Nilkamal, Morepen Laboratories, Steelcast, Sasta Sundar Ventures, Ratnaveer Precision Engineering, NDL Ventures, Rane Engine Valves, Securekloud Technologies, Sun Pharmaceutical Industries, Suzlon Energy, Swan Energy, Welspun Living, Westlife Foodworld, Thomas Cook (India), Sundaram Finance Holdings, Uttam Sugar Mills, Tracxn Technologies, Vimta Labs, STEL Holdings, Tips Films, Welspun Investments and Commercials