GIFT Nifty traded up by 77 points or 0.36% at 21,548.50 indicating a positive opening for domestic indices. Here are the top stocks to watch for.
GIFT Nifty indicated that Indian equity indices BSE Sensex and NSE Nifty 50 may see a positive opening on Friday. Here’s a look at the key stocks to watch in trade.
Stocks in Focus: GIFT Nifty traded up by 77 points or 0.36% at 21,548.50 indicating a positive opening for domestic indices NSE Nifty 50 and BSE Sensex on Friday. Previously, on Thursday, the NSE Nifty 50 dropped 109.70 points or 0.51% to settle at 21,562.25, while the BSE Sensex plunged by 313.90 points or 0.44% to 71,186.86.
“The Nifty slipped below the rising trendline on the daily chart, suggesting a bearish trend reversal. Besides, the index has fallen below the critical near-term moving average. Now, the trend is likely to remain weak as long as the index stays below 21,550. A decisive move above 21,550 might weaken the bears; until then, bears might control the market. On the lower end, support is placed at 21,400. A drift below 21,400 might take Nifty for a revisit to 21,250-21,200,” said Rupak De, Senior Technical Analyst, LKP Securities.
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Stocks to Watch on January 19, 2024
Reliance Industries
According to Motilal Oswal Financial Services’ estimates, Reliance Industries Limited (RIL) is expected to register a 10.6% YoY increase in net sales and an 11.6% YoY rise in adjusted PAT for Q3FY24. The brokerage firm suggests that RIL’s consolidated EBITDA might remain unchanged QoQ, standing at ₹41,100 crore.
REC
Renewable Energy Corporation (REC) has been designated as the key implementation agency for the Ministry of Renewable Energy’s rooftop solar initiative. With an ambitious target, REC aims to achieve a cumulative capacity of 40,000 MW from rooftop solar panels by 2026.
State Bank of India
State Bank of India has secured Rs 5,000 crore through the issuance of 10-year AT-1 bonds.
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JSW Infrastructure
JSW Infrastructure has issued a clarification dismissing media reports suggesting its leading position in acquiring Navkar Corp. The company states that there are currently no specific proposals in progress regarding the matter.
Lupin
Lupin, the pharmaceutical giant, has received approval from the U.S. Food and Drug Administration (USFDA) for its Febuxostat tablets, marking a significant milestone in the company’s pharmaceutical portfolio.
Wipro
IT major Wipro is set to enhance its commitment to renewable energy by acquiring a 14% stake in Huoban Energy 11, furthering its strategic investments in the sustainable energy sector.
Bandhan Bank
The lender has obtained approval from the Reserve Bank of India (RBI) for the appointment of Rajinder Kumar Babbar as an executive director, a position he will hold for a duration of three years.
Shalby
Shalby, a prominent player in the healthcare industry, announces the acquisition of an 87.26% stake in PK Healthcare at a value of Rs 102 crore, signaling strategic growth in the sector.
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Jindal Stainless
Jindal Stainless experiences setbacks in achieving its FY24 export targets due to the Red Sea crisis, leading to an increase in shipping time by 15-20 days.
Bajaj Finance
Bajaj Finance is set to discuss potential fundraising strategies, including a bond issue, during its upcoming board meeting on January 29.
Power Finance Corp
Power Finance Corp has incorporated two special-purpose vehicles dedicated to the development of transmission projects in Gujarat and Rajasthan, contributing to the growth of the power infrastructure.
Dhunseri Ventures
Dhunseri Ventures makes a strategic investment of $1 million in DYL USA, bringing the total investment to $3 million and securing a substantial 79.68% stake in the company.
Indian Bank
Indian Bank has received approval from the Reserve Bank of India (RBI) for the establishment of a new unit dedicated to operations support, enhancing its operational capabilities.
IndusInd Bank
IndusInd Bank in Q3FY24 reports Net Interest Income (NII) surging by 17.8% to Rs 5,295.7 crore, and net profit showing a notable 17.2% increase at Rs 2,301.5 crore compared to the same period last year. The Gross Non-Performing Assets (GNPA) marginally improved to 1.92%, while Net Non-Performing Assets (NNPA) remained steady at 0.57% (QoQ). These results reflect the bank’s robust financial health and effective asset quality management.
Finolex Industries
In the Q3FY24, Finolex Industries reported consolidated financials, showcasing a revenue of Rs 1,019.7 crore, reflecting a 9.4% decline compared to the same period the previous year. However, the company demonstrated strong operational performance with EBITDA reaching Rs 119.98 crore, marking a notable 30.6% increase from Rs 91.89 crore in the corresponding period. The EBITDA margin saw a significant improvement, standing at 11.76% as opposed to 8.16%. Finolex Industries also recorded a commendable growth in net profit, reaching Rs 95.4 crore, a 20% increase from Rs 79.5 crore in the same quarter of the previous fiscal year.
Key Earnings in focus today
Reliance Industries, Hindustan Unilever, UltraTech Cement, Hindustan Zinc, Supreme Industries, One 97 Communications, Central Bank, CreditAccess Grameen, Hatsun Agro Product, RBL Bank, Tejas Networks, Atul, Wendt (India), CESC, and Avantel.
