GIFT Nifty indicated that Indian equity indices BSE Sensex and NSE Nifty 50 may see a positive opening on Monday. Here’s a look at the key stocks to watch in trade.
Stocks in Focus: GIFT Nifty traded up 53 points or 0.28% at 19,081, indicating a positive opening for domestic indices NSE Nifty 50 and BSE Sensex on Monday. Previously on Friday, the NSE Nifty 50 soared 190 points or 1.01% to settle at 19,047.25, while the BSE Sensex climbed 634.65 points or 1.01% to 63,782.80.
“Markets took a breather after three days of successive falls and gained nearly a percent on Friday. After the gap-up start, Nifty gradually inched higher as the session progressed and finally settled at 19,047.25 levels. Mostly sectors contributed to the move wherein realty, energy and financials were among the top performers. The broader indices also participated in the rebound and gained in the range of 1.5%-2%. Nifty has respected the support zone of long term moving average i.e. 200 EMA and witnessed a rebound on expected lines however participants shouldn’t read much into a single-day recovery,” said Ajit Mishra, SVP – Technical Research, Religare Broking.
“The earlier support zone i.e. 19,200-19,300 would act as a hurdle in case of further rebound. Weakness in heavyweights especially from the banking pack combined with feeble global markets would continue to weigh on the sentiment. We thus suggest utilizing a rebound to reduce longs and wait for clarity,” Ajit Mishra added.
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Stocks to Watch on October 30, 2023
Reliance Industries
India’s largest company by market capitalisation posted its second quarter of FY24 earnings with profit at Rs 17,394 crore, up 27.4% on-year as against Rs 13,656 crore during the corresponding quarter of last year. The conglomerate recorded revenue from operations at Rs 234,956 crore, up 1.2% in comparison to Rs 232,217 crore during Q2FY23. The company’s EBITDA stood at Rs 40,968 crore.
Dr Reddy’s Laboratories
Pharma major Dr Reddy’s Laboratories (DRL) on Friday posted Q2 profit at Rs 1,482.20 crore, up 30% in comparison to Rs 1,114.20 crore during the corresponding quarter of FY23, surpassing estimates. It posted revenue from operations at Rs 6,902.60 crore, up 9% as against Rs 6331.80 crore during the quarter ended September 2022. The company’s EBITDA stood at Rs 2,181 crore. The capital expenditure during the quarter was at Rs 320 crore and free cash-flow during the period was at Rs 1,450 crore (before acquisition payout). Meanwhile, net cash surplus for the company stood at Rs 5,910 crore as on September 30, 2023.
UltraTech Cement
The country’s largest cement producer, on Saturday received board approvals for a fresh investment of Rs 13,000 crore to increase capacity by another 21.9 million tonne per annum (MTPA). The capacity addition would be through a mixture of brownfield and greenfield projects.
Further, the Aditya Birla Group will not be making any investment in thermal power capacity. This is in line with its mission to reduce carbon emissions, UltraTech Cement said in a stock exchange update.
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Macrotech Developers
The listed real estate arm of Lodha group, swung into profit in the second quarter of the current financial year. The company posted a consolidated net profit of Rs 202.8 crore in Q2FY24 as against a loss of Rs 932.9 crore in Q2FY23. The Q2FY24 number was unaudited. In Q2FY23 it had an exceptional loss of RS 1177.4 crore.
Abhishek Lodha, MD & CEO, Macrotech Developers said, “We achieved our best ever quarterly pre-sales performance at INR 3530 crore showing 12% YoY growth in spite of the quarter being the seasonally weakest. Our ‘for-sale’ business has shown a stellar 20% YoY growth for the quarter. With this strong performance, we have achieved pre-sales of INR 6890 crore in H1FY24, our best ever first half in terms of Pre-sales.”
NTPC
State-owned NTPC’s consolidated net profit jumped 38% to Rs 4,726.40 crore in Q2FY24 from Rs 3,417.67 crore in the corresponding quarter of last financial year. The firm’s consolidated revenue from operations rose to Rs 44,983.35 crore in Q2FY24 from Rs 44,175.03 crore in the year ago quarter. Total income generated rose to Rs 45,384.64 crore in the quarter ended September 2023, as against Rs 44,681.50 crore in the same period last year.
IDFC First Bank
The Bank’s net profit for the second quarter of FY24 rose 35% year-on-year due to a rise in net interest income. The bank posted a bottomline of Rs 751 crore in the quarter under review, down nearly 2% on a sequential basis. The bank’s provisions rose to Rs 528 crore in the September quarter from Rs 476 crore a quarter ago and this dragged the bottomline lower.
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Companies scheduled to report their Q2 earnings today-
Adani Green Energy
Marico
TVS Motor
Spandana Sphoorty Financial
UPL
APL Apollo Tubes
Castrol India
Ramco Systems
DLF
(With agency inputs.)
