Stocks in Focus: GIFT Nifty traded flat at 19,348 down merely 12 points or 0.06%, indicating a tepid opening for domestic indices NSE Nifty 50 and BSE Sensex on Friday. Previously on Thursday, the NSE Nifty 50 soared 144.10 points or 0.76% to settle at 19,133.25, while the BSE Sensex added as much as 489.57 points to 64,080.90.
“Volumes on the NSE continued to be on the lower side. Broad market indices rose more than the Nifty even as the advance decline ratio rose to 2.45:1. Global stocks rallied as investors reacted to the possible peak of the Federal Reserve’s historic tightening campaign. In Japan, Prime Minister Fumio Kishida announced an economic stimulus package worth about $113 billion that is meant to cushion the blow to household budgets from rising inflation and timed to counter weakening public support for his government. Nifty recovered after a two day weakness following positive global cues. It formed a high wave type candle; however the Nifty could not close at or near the intra day high. Nifty could now extend its upmove and head towards 19235 while 18973 could offer support,” said Deepak Jasani, Head of Retail Research, HDFC Securities.
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Stocks to Watch on November 3, 2023
Adani Enterprises
Adani Enterprises (AEL) on Thursday recorded its second quarter profit for the financial year 2023-24 at Rs 227.82 crore, down 50.6% in comparison to Rs 460.94 crore during the corresponding quarter of FY23. It posted revenue from operations at Rs 22,517.33 crore, down 41% as against Rs 38,175.23 crore during the same period last year. The company’s EBITDA stood at Rs 2,430 crore, up 30% on-year, on account of strong incubating businesses.
Stocks To Watch: Nykaa, Ambuja Cement, Adani Power, Wipro, Bharti Airtel, Jain Irrigation Stocks To Watch: Eicher Motors, LIC, Cochin Shipyard, Biocon, Oil India, SJVN, Grasim, Alkem Lab, OLA Electric Mobility Stocks To Watch: Realty Stocks, Lupin, Tata Power, PB Fintech, SBI, Suzlon Energy, Godrej Consumer, ABFRL Stocks To Watch: Bharti Airtel, ONGC, BEML, Adani Energy Solutions, Bharti Hexacom, Lupin, Shree Cement
Tata Motors
Mumbai-headquartered automotive major Tata Motors has reported its financial results for Q2 FY2024. The company reported revenue of Rs 1.04 lakh crore as against Rs 78,846 crore a year ago, the net profit came at Rs 3,764 crore as against a loss of Rs 944.61 crore for the same period last year. The company says all its auto verticals (PV, EV, CV and JLR) continued their profitable growth trajectory.
The company says it remains optimistic on demand despite external challenges and anticipates a moderate inflationary environment. It aims to deliver a stronger performance in H2, due to a healthy order book at JLR, strong demand for heavy trucks in CV and exciting new generation products in PV. The financial performance is expected to further improve owing to a richer mix, continued low-break-even in JLR, execution of demand-pull strategy in CV and improving profitability in PV/EV.
Adani Power
Comapnys’ consolidated profit jumped over nine fold to Rs 6,594 crore in the September quarter of this year compared to the year ago, due higher one-time income, and deferred tax assets, reported PTI. “Consolidated Profit After Tax for Q2 FY24 (July-September) was higher by 848% at Rs 6,594 crore vs Rs 696 crore for Q2 FY23; due to improved EBITDA, higher one-time income, and recognition of deferred tax asset,” a company statement said.
Lupin
Global pharma major Lupin on Thursday announced that it has received tentative approval from the United States Food and Drug Administration (US FDA) for its Abbreviated New Drug Application for Selexipag for Injection, 1800 mcg/vial, Single-Dose Vial.
According to the company’s statement, the approval has been granted to market a generic equivalent of Uptravi for Injection, 1800 mcg/vial, of Actelion Pharmaceuticals US, Inc.
Vedanta
Mining major Vedanta (VEDL), a subsidiary of London-headquartered Vedanta Resources (VRL), has divested its stake in Mt Lyell Copper Mine in Australia to New Century Resources. This came after New Century Resources, a wholly-owned subsidiary of Sibanye-Stillwater Group, exercised an option to acquire the mine on Wednesday.
Container Corporation of India
Board of Directors declared 2nd Interim Dividend for FY 2023-24 of 60% i.e. Rs 3 per equity share of face value of Rs5/-each amounting to Rs 182.79 crores. The record date for the purpose of payment of the Interim Dividend has been fixed as November 16, 2023. The Interim dividend will be paid/ dispatched to the shareholders on or after November 23, 2023. The payment of the dividend will be made within 30 days of its declaration, said the company in a regulatory filing on the NSE.
Indian Railway Finance Corporation
The Board of Directors declared an Interim Dividend of Rs 0.80/- per equity share of Rs 10/- each. The ‘Record date’ for determining eligibility of shareholders for payment of the said interim Dividend, as declared by the Board is Friday, November 10, 2023. The dividend will be paid in the account of the shareholder(s) or the dividend warrant(s) in respect thereof will be dispatched within thirty (30) days from the date of declaration of interim dividend, said the company in a regulatory filing on the NSE.
Companies scheduled to report their Q2 earnings today-
Zomato
Indigo Paints
Titan Company
Aditya Birla Capital
Bharat Dynamics
Escorts Kubota
UCO Bank
MRF
InterGlobe Aviation
Godfrey Phillips India
JSW Infrastructure
(With agency inputs.)
