GIFT Nifty indicated that Indian equity indices BSE Sensex and NSE Nifty 50 may see a positive opening on Thursday. Here’s a look at the key stocks to watch in trade.
Stocks in Focus: GIFT Nifty traded up by 32 points or 0.15% at 22,054 indicating a positive opening for domestic indices NSE Nifty 50 and BSE Sensex on Thursday. Previously, on Wednesday, the NSE Nifty 50 ended up by just 1.10 points or 0.01% to settle at 21,930.50, while the BSE Sensex ended lower by 34.09 points or 0.05% to 72,152.
“Bears exerted downward pressure on the Nifty after an initially positive start. Sentiment remained somewhat weak as the market closed. Support is positioned at 21,850, and a breach below this level could potentially initiate a correction towards 21,700. On the upside, resistance is identified at 22,000,”said Rupak De, Senior Technical Analyst, LKP Securities.
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Stocks to Watch on February 8, 2024
Bharat Petroleum Corp
Bharat Petroleum Corp’s joint venture, Petronet LNG, has successfully executed a long-term LNG sale and purchase agreement with Qatar Energy. The deal involves the procurement of approximately 7.5 MMTPA (Million Metric Tons Per Annum) of liquefied natural gas on a long-term basis.
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Welspun Enterprise
Welspun Enterprise has secured a significant development opportunity by emerging as the lowest bidder for the Brihanmumbai Municipal Corp’s 2,000 million-litre per-day water treatment plant.
ONGC
ONGC has inked a joint venture pact with NTPC Green, focusing on renewable energy initiatives, particularly offshore wind projects.
Indraprastha Gas
Indraprastha Gas has taken a significant step towards sustainable energy by signing a Memorandum of Understanding with two technology partners during India Energy Week 2024. The MoU aims to establish Compressed Bio-Gas (CBG) plants across Delhi, Haryana, Rajasthan, and Uttar Pradesh, contributing to the green energy transition.
Piramal Pharma
Piramal Pharma underwent a pre-approval inspection by the U.S. FDA at its facility in the United States from January 29 to February 6.
Ashoka Buildcon
Ashoka Buildcon has secured a significant project from the National Highways Authority of India (NHAI). The company received a Letter of Award worth Rs 520 crore for a project in Bihar.
Power Grid Corporation
In Q3 FY24, Power Grid Corporation reported a 2.55% YoY increase in consolidated revenue to Rs 11,549.8 crore from Rs 11,261.8 crore. The company’s EBITDA also jumped by 3.22% to Rs 10,212.9 crore, compared to Rs 9,893.5 crore, accompanied by a margin improvement of 57 basis points at 88.42%, up from 87.85%. The net profit witnessed a growth of 10.5%, reaching Rs 4,028.3 crore, as opposed to Rs 3,645.3 crore in the corresponding period last year.
Tata Consumer Products
In Q3 FY24, Tata Consumer Products reported a 9.47% YoY increase in consolidated revenue, reaching Rs 3,803.9 crore compared to Rs 3,474.6 crore. The company’s EBITDA surge by 26.13%, to Rs 572.4 crore, up from Rs 453.8 crore, compared to 13.06% a year ago. However, the net profit experienced a decline of 17.26%, to Rs 301.5 crore as opposed to Rs 364.4 crore, primarily attributed to a profit miss attributed to a loss of Rs 91.53 crore from an exceptional item.
Sobha
In Q3 FY24, Sobha reported a decline in consolidated YoY revenue, experiencing a decrease of 21.1% from Rs 868.2 crore to Rs 684.9 crore. The company’s EBITDA also saw a reduction of 16.5%, to Rs 74.08 crore compared to Rs 88.75 crore, with a margin improvement of 59 basis points at 10.8% versus 10.2%. The net profit witnessed a significant decline of 52.6%, to Rs 15.08 crore in contrast to Rs 31.81 crore in the same period last year.
Apollo Tyres
In Q3 FY24, Apollo Tyres demonstrated a positive financial performance with a 2.68% YoY increase in consolidated revenue, reaching Rs 6,595.36 crore compared to Rs 6,422.75 crore. The company’s EBITDA showed a surge of 32.26%, to Rs 1,208.1 crore as opposed to Rs 913.37 crore, resulting in a substantial margin improvement of 409 basis points at 18.31% versus 14.22%. The net profit experienced a robust growth of 78.13%, totaling Rs 496.63 crore in contrast to Rs 278.79 crore in the same period last year.
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Lupin
In Q3 FY24, Lupin delivered a strong financial performance with 20.24% YoY increase in consolidated revenue, reaching Rs 5,197.41 crore from Rs 4,322 crore. The company’s EBITDA surged by 94.85% to Rs 1,037.94 crore compared to Rs 532.67 crore, margin improved by 764 basis points at 19.97%, as opposed to 12.32%. Lupin’s net profit witnessed an impressive surge of 299.5%, totaling Rs 613.12 crore in contrast to Rs 153.47 crore in the corresponding period last year.
Key Earnings In Focus Today
3M India, Aarti Industries, Apollo Hospitals Enterprise, Aster DM Healthcare, Astra Microwave Products, AstraZeneca Pharma India, Balmer Lawrie, Balrampur Chini Mills, Black Box, Mrs. Bectors Food Specialities, BEML, Biocon, Bombay Dyeing, Car Trade Tech, Concord Biotech, DCX Systems, Electrosteel Castings, ESAB India, ESAF Small Finance Bank, Escorts Kubota, Gabriel India, Grasim Industries, Greaves Cotton, Garware Hi-tech Films, GTL Infrastructure, Harsha Engineer, Hindustan Construction, Healthcare Global Enterprise, Hikal, HMA Agro Industries, Hindustan Foods, Honeywell Automation, IKIO Lighting, Imagicaaworld Entertainment, Indian Shelter Finance Corp, Ircon International, ITD Cementation, Jai Corp, JK Lakshmi Cement, KNR Construction, Life Insurance Corp, Global Health, MMTC, MSTC, Mukand, NCC, Neuland Laboratories, Orchid Pharma, Page Industries, PaTANJALI foods, Power Finance Corp, Precision Wire, The Ramco Cements, Ratnamani Metals and tubes, Rattanindia Enterprises, Rail Vikas Nigam, Saksoft, Sandhar Technologies, Sandhur Manganese and Iron ores, Schneider Electric Infrastructure, Sharda Motors, Shipla Medicare, Siyaram Silk Mills, SKF India, Surya Roshni, Thermax, Torrent Power, United Breweries, Uniparts India, Venky’s India, Wonderla Holidays, Zomato, Zydus Wellness.
