Stocks in Focus: GIFT Nifty traded at 19,506.5 up 25.5 points or 0.13%, indicating a positive opening for domestic indices NSE Nifty 50 and BSE Sensex on Thursday. Previously on Wednesday, the NSE Nifty 50 added 36.80 points or 0.03% to settle at 19,443.50, while the BSE Sensex gained 33.21 points to 64,975.61.
“NIFTY closed with a gain of 37 points at 19,444, while Sensex increased by 46 points to reach 64,989. showing a positive trend as investors eagerly anticipated Fed Chairman Jerome Powell’s upcoming speech. While Bank Nifty underperformed with a 0.18% drop to 43,659, the Realty and Pharma Indices shone, both exceeding a 1% gain. This suggests a favorable short-term outlook for Nifty, contingent on the confirmation of strength above the critical 19707 mark, with strong support at 19,225. The market’s positive sentiment is reinforced by Nifty’s 21 DMA at 19,408 and 50 DMA at 19,564, with the 200 DMA at 18665,” said Prashanth Tapse, Senior VP (Research), Mehta Equities.
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Stocks to Watch on November 9, 2023
Adani Green Energy, Adani Ports & SEZ
Adani Group is to make an initial investment of $750 million to set up a 500 MW wind farm in Sri Lanka and export power to India, apart from supplying it in the island nation. The farm would be set up by Adani Green Energy (AGEL), while another group company Adani Ports and SEZ (APSEZ) is looking to build strategic port infrastructure in nearby countries.
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
Oil India
State-run explorer Oil India on Wednesday reported an over 80% drop in second-quarter profit as it set aside Rs 2363 crore for an ongoing litigation. Profit for the second quarter dropped to Rs 325 crore from Rs 1721 crore a year ago. However, profit before tax from its crude oil segment rose nearly 42%, while its natural gas segment rose over 24%, it said in a statement. Oil India took on charges related to an ongoing litigation over a service tax demand raised in the states of Assam, Arunachal Pradesh and Rajasthan.
Reliance Capital
The company reported a consolidated net loss of Rs 239 crore for the quarter ended September 30, 2023-24. It had posted a net profit of Rs 215 crore for the year-ago period, reported PTI. Total income rose to Rs 6,393 crore in the second quarter from Rs 5,796 crore in the year-ago period, Reliance Capital said in a regulatory filing.
Tata Power
The company made a profit of Rs 1,017.41 crore for the second quarter of FY24, up 8.8% in comparison to Rs 935.18 crore during the same period last year. Tata Power said that core businesses contributed 84% in the Q2 profit. It posted revenue from operations at Rs 15,738.03 crore, up 12.2% as against Rs 14,030.72 crore during the second quarter of FY23, largely driven by higher revenue from core businesses of Generation, Transmission and Distribution. The company’s EBITDA stood at Rs 3,090.4 crore, up 75.5% on-year.
Welspun Corp
Welspun Corp on Wednesday recorded second quarter profit for the financial year 2023-24 at Rs 384.67 crore in comparison to a loss of Rs 56.59 crore during the same quarter last year. It posted revenue from operations at Rs 4,059.45 crore, up 103.6% as against Rs 1,993.81 crore during the second quarter of FY23. The company’s EBITDA stood at Rs 399.6 crore during Q2FY24 versus an EBITDA loss of Rs 131.2 crore last year.
Raymond
The company recorded its Q2 profit for the financial year 2023-24 at Rs 159.78 crore, up 0.6% in comparison to Rs 158.86 crore during the second quarter of FY23. It posted revenue from operations at Rs 2253.40 crore, up 3.9% as against Rs 2168.24 crore during the quarter ended September 2022, despite postponement in consumer spending cycle on account of delay in festive and wedding season. The company’s EBITDA stood at Rs 314 crore, down 6% on-year.
Companies scheduled to report their Q2 earnings today-
Adani Ports & SEZ
Aurobindo Pharma
Apollo Hospitals
Samvardhana Motherson International
Rail Vikas Nigam
Bajaj Consumer Care
Zee Entertainment
Ashok Leyland
IRM Energy
Lemon Tree Hotels
(With agency inputs.)
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