GIFT Nifty indicated that Indian equity indices BSE Sensex and NSE Nifty 50 may see a negative opening on Friday. Here’s a look at the key stocks to watch in trade.
Stocks in Focus: GIFT Nifty traded down 91.5 points or 0.47% at 19383.5, indicating a negative opening for domestic indices NSE Nifty 50 and BSE Sensex on Friday. Previously on Thursday, the NSE Nifty 50 dropped 48.20 points or 0.25% to settle at 19,395.30, while the BSE Sensex shed 143.41 points to 64,832.20.
“Reflecting the mixed global sentiments, the Indian market is mired to a range bound trend with the Nifty index not able to breach above the key level of 19,500. Cues from the Fed Chair’s speech have reduced the likelihood of a rate hike in the near term, leading to an ease in US treasury yields and calming the market. FIIs selling has moderated but inflows continue to be muted on concerns of an elevated interest rate and a global slowdown. Mid- and small caps are back in favour after the recent fall, led by retail activities & good corporate results,” said Vinod Nair, Head of Research at Geojit Financial Services.
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Stocks to Watch on November 10, 2023
ICICI Bank
The Bank has received approval from the Reserve Bank of India for making ICICI Securities a wholly owned subsidiary, subject to certain conditions, the Bank said in a regulatory filing. The approval came for the proposed delisting of equity shares of ICICI Securities (ICICI Securities) pursuant to a scheme of arrangement.
Ashok Leyland
The country’s second-largest M&HCV player is upbeat about seeing 8-10% industry growth for FY2024. The confidence is on the back of a smart uptick in Q2 FY2024, which was around 21% YoY, which helped overcome a bit of slowdown witnessed in Q1 on the back of pre-buying that happened in March. Interestingly, Dheeraj Hinduja, Executive Chairman, Ashok Leyland revealed that the company has got Board approval for investing Rs 1,200 crore in Switch Mobility.
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Torrent Power
One of the leading power companies in India, registered a revenue of Rs 6,961 crore from its operations in the second quarter of FY24, up 4% compared to Rs 6,703 crore in the same quarter FY23. The company reported an EBITDA of Rs 1,330 crore in the Q2 FY24 against the EBITDA of Rs 1,258 crore in the same quarter the previous year.
Samvardhana Motherson International
The company reported revenue of Rs 23,474 crore in the second quarter of FY24, up 28% YoY, EBITDA at Rs 2,001 crore, up 34 % YoY and net profit of Rs 451 crore (normalised – excluding one-time provisions for footprint rationalisation), up39 %. Vivek Chaand Sehgal, Chairman, Motherson said, “This performance is a testament to our team’s dedication and hard work on the back of customer support in navigating uncertain business environments. We are cautious yet confident in our ability to adapt and navigate through these challenges. The integration of acquired entities is at its initial phase and moving in the right direction towards unlocking its full value in the coming times. The booked business of over $77 billion reflects the strong relationship and mutual trust we share with our customers.”
Aurobindo Pharma
The Pharma company posted an 85% year-on-year rise in net profit at Rs 757.2 crore for the second quarter of FY24 compared to Rs 409.4 crore in Q2FY23, the company said in a regulatory filing. The company experienced a 25.8% YoY increase in operational revenue, reaching Rs 7,219.4 crore compared to Rs 5,739.3 crore.
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ESAF Small Finance Bank
The shares of ESAF Small Finance Bank are scheduled to make debut on the bourses today.
Companies scheduled to report their Q2 earnings today-
Hindalco Industries
Mahindra & Mahindra
ONGC
LIC
Coal India
LIC
Hindustan Aeronautics
Hindustan Copper
Eicher Motors
Sun TV Network
Glenmark Pharma
(With agency inputs.)
