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GIFT Nifty indicated that Indian equity indices BSE Sensex and NSE Nifty 50 may see a positive opening on Tuesday. Here’s a look at the key stocks to watch in trade.
GIFT Nifty ended 26.50 points or 0.11% up at 24,806.50 indicating a positive opening for domestic indices NSE Nifty 50 and BSE Sensex on Tuesday. Previously, on Monday, the NSE Nifty 50 ended down by 72.95 points or 0.29% to settle at 24,781.10 while the BSE Sensex fell 73.48 points or 0.09% to 81,151.27.
“The markets experienced volatility and ended nearly flat, primarily in response to mixed earnings reports. After an initial uptick, Nifty saw a sharp decline and fluctuated within a narrow range, closing at 24,815. Most sectors faced pressure, with metal, IT, and FMCG stocks leading the losses. The broader indices also dipped, shedding nearly 1.5% each,” said Ajit Mishra – SVP, Research, Religare Broking.
Stocks To Watch: Infosys, Wipro, Axis Bank, Reliance Industries, Tata Chemicals, Zomato, Adani Enterprises, L&T, Jio Financial, Oberoi Realty
Stocks To Watch: Reliance Industries, Bajaj Auto, RVNL, Oberoi Realty, GMR Airports, Cochin Shipyard, Infosys, Wipro
Stocks To Watch: HDFC Bank, BSE, Reliance Power, Bank of Baroda, Bajaj Finance, Avenue Supermarts, Aarti Drugs, Diffusion Engineers
Stocks To Watch: Suzlon Energy, Reliance Power, Mankind Pharma, ITC, Maruti Suzuki India, Hero MotoCorp, Coal India, KRN Heat Exchanger
Mishra also added that despite selective rebounds in heavyweight stocks, supported by earnings, most gains appear unsustainable, mainly to prevailing bearish sentiment. We may see consolidation in the current scenario in Nifty however the overall tone is expected to remain negative. Traders should maintain a stock-specific strategy, focusing on risk management.
Stocks to Watch on October 22, 2024
Bajaj Housing Finance
The company has reported a 21% year-on-year (YoY) increase in net profit, reaching Rs 545.6 crore for the second quarter ending September 30, 2024. This compares to a net profit of Rs 451.1 crore in the same period last year, according to the company’s regulatory filing. Revenue from operations also saw a 21.1% rise, coming in at Rs 2,410 crore compared to Rs 1,911.5 crore in the year-ago quarter.
Jana Small Finance Bank
The private sector lender reported a 21.3% year-on-year (YoY) decline in net profit, posting Rs 96.7 crore for the second quarter ending September 30, 2024, compared to Rs 122.8 crore in the same period last year. The gross non-performing asset (NPA) ratio increased to 2.97% in the September quarter, up from 2.62% in the June quarter, while the net NPA stood at 0.99%.
Client DLM
The company reported a 5.5% year-on-year (YoY) increase in net profit, reaching Rs 15.4 crore for the second quarter ending September 30, 2024, compared to Rs 14.6 crore in the same period last year. According to the company’s regulatory filing, revenue from operations surged 33.4%, rising to Rs 389.4 crore from Rs 291.8 crore in the year-ago quarter.
Union Bank of India
The PSU bank reported a 34.4% year-on-year (YoY) increase in standalone net profit for the second quarter, reaching Rs 4,720 crore, up from Rs 3,511 crore in the same period last year. However, net interest income saw a slight decline of 0.9%, falling to Rs 9,047 crore compared to Rs 9,126 crore in the year-ago quarter. The bank’s gross non-performing assets (NPA) improved to 4.36% from 4.54% in the previous quarter, while net NPA rose to 0.98% from 0.90% quarter-on-quarter (QoQ).
City Union Bank
The private sector lender reported a net profit of Rs 285.2 crore for the second quarter of FY25, marking a modest 1.6% growth from Rs 280.6 crore in the same quarter last year. Net interest income (NII) for Q2 FY25 rose by 8.2% to Rs 582.5 crore, up from Rs 538.4 crore in the corresponding period last year. This compares to a 4.5% NII growth in the first quarter of FY25, where the bank recorded Rs 546 crore.
Mahindra Logistics
The company reported a net loss of Rs 9.6 crore for the second quarter ending September 30, 2024, narrowing from a net loss of Rs 15.5 crore in the same period last year. According to the company’s regulatory filing, revenue from operations increased by 11.4%, reaching Rs 1,521 crore compared to Rs 1,364.8 crore in the corresponding quarter of the previous fiscal.
Supreme Petrochem
The company reported a 15.8% year-on-year (YoY) increase in net profit, reaching Rs 90.3 crore for the second quarter ending September 30, 2024, compared to Rs 78 crore in the same period last year, according to its regulatory filing.
The company’s revenue from operations also grew by 17.8%, rising to Rs 1,505.6 crore from Rs 1,277.7 crore in the corresponding quarter of the previous fiscal.
Eicher Motors
Royal Enfield has commenced operations at its new manufacturing unit (Category 2) and flagship showroom in Bangladesh, in partnership with IFAD Motors. This marks Royal Enfield’s sixth assembly unit outside India, following similar facilities in Nepal, Brazil, Thailand, Colombia, and Argentina.
Ola Electric
The company has reported that 99.1% of the 10,644 complaints received from the Central Consumer Protection Authority (CCPA) have been resolved. The company stated that it has provided the necessary information and clarifications in response to the Show Cause Notice from the CCPA. Ola also highlighted that it has a strong mechanism in place to address complaints related to its vehicles.
Sona BLW Precision Forgings
The company has inaugurated its new plant in Manesar, Haryana, marking its second facility for the driveline business in IMT Manesar. This new plant will help meet the growing demand for the company’s driveline products.
Hyundai Motor India
India’s largest-ever IPO, Hyundai Motor India, is set to make its highly anticipated market debut in just a few hours. With an impressive subscription rate of 237% last week, all eyes are on how this monumental public issue will perform. The Rs 27,870 crore IPO will be listed on both the BSE and the NSE.
Key Earnings To Watch Today
Bajaj Finance, Zomato, One 97 Communications (Paytm), Indus Towers, Coforge, ICICI Prudential Life Insurance Company, Mahindra & Mahindra Financial Services, Aditya Birla Real Estate, Adani Energy Solutions, Adani Green Energy, Amber Enterprises India, Chennai Petroleum Corporation, IIFL Securities, ICICI Securities, Jubilant Ingrevia, Max Financial Services, Olectra Greentech, Persistent Systems, Shoppers Stop, SRF, Ugro Capital, Varun Beverages, and Zensar Technologies
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