GIFT Nifty traded up by 69 points or 0.31% at 22,044 indicating a positive opening for domestic indices. Here are the top stocks to watch for the day.
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 by 69 points or 0.31% at 22,044 indicating a positive opening for domestic indices NSE Nifty 50 and BSE Sensex on Monday. Previously, on Friday, the NSE Nifty 50 gained 247.35 points or 1.14% to settle at 21,894.55, while the BSE Sensex ended higher by 847.27 points or 1.18% to 72,568.45.
“The Nifty index exhibited significant strength, securing a notable breakout on the daily chart as it surpassed the key resistance level of 21,800. This bullish move positions the index for potential short-term targets of 22,000 and 22,200. Traders are advised to consider buying opportunities on any dips toward the support level. The momentum indicator RSI has also provided a buy crossover, further confirming the bullish sentiment in the market,” said Kunal Shah, Senior Technical & Derivative Analyst at LKP Securities.
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Stocks to Watch on January 15, 2024
Tata Consumer Products
Tata Consumer Products has announced its acquisition of Capital Foods Pvt., the owner of popular brands Ching’s Secret and Smith & Jones, and Fabindia-backed Organic India. The two separate deals, valued at about Rs 7,000 crore, aim to bolster the company’s portfolio of high-margin businesses. The board is set to convene on January 19 to discuss potential fundraising through equity or debt issues.
Lupin
Lupin has secured its third approval from the US Food and Drug Administration (USFDA) in less than a week. The latest approval is for a new drug designed to treat both blood pressure and migraine.
Adani Enterprises
Adani New Industries, a unit of Adani Enterprises, has received a Letter of Award to establish a manufacturing capacity of 198.5 megawatts per annum for electrolysers under the Strategic Interventions for Green Hydrogen Transition scheme from Solar Energy Corp.
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Wipro
In Q3 FY24, Wipro reported a consolidated revenue of Rs 22,205.1 crore, showing a 1.39% decline in QoQ. However, the company demonstrated positive performance in its EBIT, with a 6.22% increase to Rs 3,267.1 crore, resulting in an EBIT margin of 14.71%, slightly exceeding Bloomberg’s estimate of 14.60%. Wipro’s net profit also saw a 1.24% rise, reaching Rs 2,700.6 crore.
Just Dial
In Q3 FY24, Just Dial reported positive year-on-year growth, with consolidated revenue reaching Rs 265 crore, up by 1.7% from Rs 260.6 crore. The company also demonstrated significant improvement in net profit, which increased by 28.1% to Rs 92 crore compared to Rs 71.8 crore in the same period last year. Just Dial’s EBITDA registered a notable uptick of 23.6%, reaching Rs 60.3 crore as opposed to Rs 48.8 crore YoY, contributing to an enhanced EBITDA margin of 22.75%, up from 18.72%.
HCL Tech
In Q3FY24, HCL Technologies reported consolidated revenue rising by 6.65% QoQ to reach Rs 28,446 crore. The company also witnessed a robust growth in Earnings Before Interest and Taxes (EBIT), marking a 14.7% increase to Rs 5,644 crore, resulting in an impressive EBIT margin of 19.84%. HCLTech’s net profit experienced a significant uptick of 13.51%, reaching Rs 5,874 crore.
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BHEL and NLC
Bharat Heavy Electricals Limited (BHEL) has received a letter of award worth Rs 15,000 crore for an EPC package for the 3×800 MW Talabira thermal power project from NLC India.
LIC
Life Insurance Corporation (LIC), the state-run insurer, has received a tax demand of Rs 1,370.6 crore from the Mumbai tax authority.
IRB Infrastructure
IRB Infrastructure Trust has executed concession agreements with the National Highways Authority of India for the tolling, operation, maintenance, and transfer of the Kota Bypass and Cable Stay Bridge on NH-76 in Rajasthan and the Gwalior-Jhansi section. The project’s estimated cost is Rs 1,896 crore.
Kaynes Technology
Kaynes Technology will acquire Mixx Technologies for $30 million, aiming to establish itself as a “silicon to systems” manufacturer for artificial intelligence and high-performance computing infrastructure. Post-acquisition, it will hold a 13.20% stake in Mixx Technologies.
Avalon Technologies
Avalon Technologies has entered into an agreement with the Centre for Development of Advanced Computing for the indigenously manufactured HPC servers, ‘RUDRA.’
Sheela Foam
Sheela Foam has completed the acquisition of a 2.57% stake in KEL for Rs 55.33 crore, bringing its total stake in KEL to 97.23%.
Goodluck India
Goodluck India has opened its Qualified Institutional Placement (QIP) at Rs 989.40 per share, indicating a 10% discount to the current market price.
Alkem Laboratories
Alkem Laboratories has appointed Nitin Agrawal as the Chief Financial Officer, effective February 1. The company also reported a cybersecurity incident at its subsidiary, resulting in a fraudulent transfer of funds amounting to approximately Rs 52 crore.
Earnings in focus on Monday
Angel One, Fedbank Financial Services, Brightcom Group, Choice International, Jai Balaji Industries, Jio Financial Industries, Kesoram Industries, NELCO, Reliance Industrial Infrastructure and PCBL.
