GIFT Nifty indicated that Indian equity indices BSE Sensex and NSE Nifty 50 may see a positive opening on Wednesday. Here’s a look at the key stocks to watch in trade.
Stocks in Focus: GIFT Nifty traded up by 117.50 points or 0.53% at 22,122 indicating a positive opening for domestic indices NSE Nifty 50 and BSE Sensex on Wednesday. Previously, on Tuesday, the NSE Nifty 50 gained 157.70 points or 0.72% to settle at 21,929.40, while the BSE Sensex soared by 454.68 points or 0.63% to 72,186.10.
“After a weak start, markets quickly rebounded and maintained optimism till the close as buying gained momentum towards the fag end in IT, auto, metals and oil & gas stocks. Despite overnight weakness in US stocks and mixed Asian indices, local investors resorted to buying after yesterday’s subdued close. Following the recovery, Nifty will now again aim to revisit its all-time-high at 22127 mark, while the index has a make-or-break support at 21557 mark,” said Prashanth Tapse, Senior VP (Research), Mehta Equities.
Stocks To Watch: Hindustan Zinc, Suzlon Energy, Glenmark Pharma, Hindustan Aeronautics, Vedanta Stocks To Watch: Berger Paints, Vodafone Idea, ONGC, IRFC, Wipro Stocks To Watch: Hindalco, Godrej Consumer Product, Apollo Tyres, Radico Khaitan, NHPC, Maruti Suzuki, Eicher Motors, LIC Stocks To Watch: Realty Stocks, Lupin, Tata Power, PB Fintech, SBI, Suzlon Energy, Godrej Consumer, ABFRL
Stocks to Watch on February 7, 2024
UPL
Moody’s Investors Service has downgraded UPL’s senior unsecured rating from ‘Baa3’ to ‘Ba1’ due to a deterioration in the agrochemical industry fundamentals.
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Biocon
Biocon has received tentative approval from the U.S. FDA for Dasatinib tablets, a crucial development in the treatment of Philadelphia chromosome.
JB Chemicals & Pharmaceuticals
JB Chemicals & Pharmaceuticals has appointed Narayan Saraf as its Chief Financial Officer, effective from February 23.
Lupin
Lupin has received U.S. FDA approval for its ANDA (Abbreviated New Drug Application) for bromfenac ophthalmic solution, a generic version of Bromsite.
Power Finance Corp
Power Finance Corp has incorporated Bhadla-III & Bikaner-III transmission as a wholly-owned subsidiary, focusing on the development of the transmission system for the interconnections of Bhadla III & Bikaner-II complex.
Karnataka Bank
Karnataka Bank has received approval from the Reserve Bank of India (RBI) to exercise the call option on bonds.
Mahindra Lifespace Developers
Mahindra Lifespace Developers has received regulatory approval from Irdai for a Rs 1,612 crore capital infusion by Axis Bank, pending approval from the Competition Commission of India (CCI).
Mahindra Life
Mahindra Lifespace Developers has incurred a penalty of Rs 2.3 crore for non-adherence to forest norms, highlighting environmental compliance issues.
Britannia Industries
In the third quarter of fiscal year 2024, Britannia Industries reported a consolidated year-on-year revenue increase of 1.4%, reaching Rs 4,256.3 crore compared to Rs 4,196.8 crore. The Ebitda also saw a marginal growth of 0.4%, totaling Rs 821.09 crore as opposed to Rs 817.58 crore, with a corresponding margin decrease from 19.5% to 19.3%. However, the net profit witnessed a significant decline, dropping by 40.4% to Rs 555.6 crore from Rs 932.4 crore in the same period last year.
FSN E-Commerce Ventures
In Q3 FY24, FSN E-Commerce Ventures demonstrated robust financial performance on a quarter-on-quarter basis. The company reported an impressive 18.7% surge in revenue, reaching Rs 1,789 crore compared to the previous quarter’s Rs 1,507 crore. Ebitda witnessed a substantial increase of 22.5%, amounting to Rs 98.7 crore versus Rs 80.6 crore, accompanied by a slight margin improvement from 5.53% to 5.5%. Net profit soared to Rs 17.4 crore, a significant rise from the previous quarter’s Rs 7.8 crore. Additionally, FSN E-Commerce Ventures approved an additional investment of up to Rs 150 crore in Nykaa Fashion through a rights issue.
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Berger Paints
In the third quarter of fiscal year 2024, Berger Paints reported a 6.98% increase in consolidated revenue, reaching Rs 2,881.83 crore compared to Rs 2,693.59 crore. Ebitda saw a surge of 37.29%, amounting to Rs 480.04 crore as opposed to Rs 349.65 crore, leading to a significant margin improvement of 367 basis points from 12.98% to 16.65%. Net profit witnessed substantial growth, rising by 49.2% to Rs 300.16 crore from Rs 201.17 crore in the corresponding period last year.
JK Tyre
The company reported net revenue of Rs 3,700 crore, up 2 percent YoY, and net profit of Rs 227 crore, up 240 percent YoY respectively. Notably, the company reduced its net debt by 24 percent to Rs 3,456 crore from the levels recorded in March 2023.
Key Earnings In Focus Today
Aarti Pharmalabs, AIA Engineering, Apollo Tyres, Ashoka Buildcon, Aditya Vision, Borosil Renewables, Cummins India, Dreamfolks Services, Electronics Mart India, EPL, FDC, Gujarat Fluorochemicals, Fortis Healthcare, First Source Solution, General Insurance Corporation of India, Guajarat Industries Power, GMR Power and Urban Infra, Gujarat Narmada Valley Fertilizers & Chemicals, HBL Power Systems, HBL Power Systems, Hemisphere Properties India, HMT, India Pesticides, Jamna Auto Industries, JK Paper, Kalpataru Projects International, Lupin, Manappuram Finance, Navneet Education, Nestle India, Nocil, PDS, Piccadily Agro Industries, Power Grid Corporation of India, Protean eGov Technologies, Religare Enterprises, Safari Industries (India), Sanghvi Movers, Shivalik Bimetal Controls, Shalby, Sobha, Solar Industries India, Star Cement, Tata Consumer Products, Trent, UNO Minda, Varroc Engineering.
