GIFT Nifty indicated that Indian equity indices BSE Sensex and NSE Nifty 50 may see a negative opening on Wednesday. Here’s a look at the key stocks to watch in trade.
Stocks in Focus: GIFT Nifty traded down by 186 points or 0.84% at 21,840 indicating a negative opening for domestic indices NSE Nifty 50 and BSE Sensex on Wednesday. Previously, on Tuesday, the NSE Nifty 50 dropped 65.15 points or 0.29% to settle at 22,032.30, while the BSE Sensex lower higher by 199.17 points or 0.27% to 73,128.77.
“The Nifty index experienced a day of mixed market dynamics, with bulls dominating the first half and bears taking control in the second half. For a sustained upward movement towards 22300 levels, the index needs to decisively break above the 22150 mark. On the downside, the immediate support is located at 21950, and a clear break below this level could trigger further corrections towards the 21800 mark,” said Kunal Shah, Senior Technical & Derivative Analyst at LKP Securities.
Stocks to Watch on January 17, 2024
HDFC Bank
In Q3 FY24, HDFC Bank showcased a positive financial performance on a standalone basis. The Net Interest Income (NII) saw a 4% increase, reaching Rs 28,471.3 crore, while the net profit rose by 2.48% to Rs 16,372.5 crore compared to the previous quarter. Additionally, the bank exhibited improved asset quality, with gross NPA decreasing from 1.34% to 1.26%, and net NPA declining from 0.35% to 0.31%.
Adani Energy Solutions
Adani Energy Solutions announced a notable over 14% increase in sales for the third quarter of fiscal year 2024. The company also revealed a robust pipeline, with plans to deploy 2.1 crore smart meters, reflecting a substantial contract value of Rs 25,100 crore.
L&T Technology Services
L&T Technology Services has approved the re-appointment of Amit Chadha as the Chief Executive Officer (CEO) and Managing Director (MD) for a three-year term, effective from April 1.
L&T Technology
In Q3 FY24, L&T Technology Services reported consolidated revenue of Rs 2,421.8 crore, marking a 1.47% increase from the previous quarter, slightly below the Bloomberg estimate of Rs 2,451 crore. The Ebit stood at Rs 416.2 crore, reflecting a 2.13% growth, with a margin of 17.18%, slightly surpassing the Bloomberg estimated margin of 17.2%. The net profit for the quarter was Rs 336.8 crore, showing a substantial 6.61% increase compared to the previous quarter.
TV18 Broadcast
In Q3 FY24, TV18 Broadcast witnessed a YoY decline in consolidated revenue, recording Rs 1,676.19 crore, down by 5.18% from Rs 1,767.71 crore. The Ebitda showed a significant shift from a profit of Rs 18.58 crore to a loss of Rs 145.79 crore. Furthermore, the net profit turned into a net loss at Rs 55.83 crore, contrasting with the previous year’s profit of Rs 37.81 crore.
Gallantt Ispat
In Q3 FY24, Gallantt Ispat demonstrated a positive YoY performance on a consolidated basis, with a 5.6% increase in revenue to Rs 1,062.7 crore compared to Rs 1,006.2 crore. The Ebitda witnessed substantial growth, rising by 24.5% to Rs 106.6 crore from Rs 85.6 crore, leading to an improved margin of 10.03%, up by 152 basis points from 8.5%. Notably, the net profit experienced a significant surge, reaching Rs 51.9 crore, reflecting a remarkable 148.32% increase from Rs 20.9 crore in the same period last year.
IREDA
Indian Renewable Energy Development Agency (IREDA) has joined forces with Indian Overseas Bank to facilitate co-lending and loan syndication for a diverse range of Renewable Energy projects across the country.
G R Infraprojects
G R Infraprojects, through its subsidiary, has successfully executed a concession agreement with the National Highways Authority of India (NHAI) for the development of highways in Uttar Pradesh. The project, with an estimated cost of Rs 1,085 crore, marks a significant milestone for the company.
Rail Vikas Nigam
Rail Vikas Nigam has established a 49:51 Joint Venture with Jakson Green for solar projects outside India. Additionally, the company has incorporated a new subsidiary, RVNL Infra, in South Africa.
PNC Infratech
PNC Infratech has been awarded a letter of award for a road construction project worth Rs 1,174 crore in Bhopal by Madhya Pradesh Road Development Corp.
Karnataka Bank
Karnataka Bank has entered into a strategic digital co-lending partnership with Clix Capital through the Yubi Co-lending Platform. The collaboration aims to provide loans to the Indian MSME sector.
GMR Airports
GMR Airports has reported a 15.3% YoY increase in total passenger traffic, amounting to 1.1 crore, and an 8.3% YoY rise in total aircraft movements, totaling 68,095 for the month of December.
Godrej Properties
Godrej Properties has acquired an additional one-acre land parcel in Yeshwanthpur, Bengaluru, with a developable potential of approximately 1.40 lakh square feet saleable area.
ECL Finance
ECL Finance has reported a value of Alternative Investment Funds (AIFs) held by the company at Rs 1,464 crore as of September 30, 2023. The company has successfully exited all AIFs with prior exposure to debtors as of January 16.
Key Earnings In Focus Today
Alok Industries, Asian Paints, Ganesh Housing Corp, Happiest Minds Technologies, ICICI Prudential Life Insurance, IIFL Finance, LTIMindtree, Oracle Financial Services, and Steel Strips Wheels.