GIFT Nifty traded down by 36.50 points or 0.17% at 21,774.50 indicating a negative 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 negative opening on Friday. Here’s a look at the key stocks to watch in trade.
Stocks in Focus: GIFT Nifty traded down by 36.50 points or 0.17% at 21,774.50 indicating a negative opening for domestic indices NSE Nifty 50 and BSE Sensex on Friday. Previously, on Thursday, the NSE Nifty 50 ended down by 212.55 points or 0.97% to settle at 21,717.95, while the BSE Sensex plunged by 723.57 points or 1% to 71,428.43.
“Markets tumbled after RBI Governor Shaktikanta Das rocked the boat with a hawkish tone, raising bets that the monetary policy will remain restrictive for longer. Lack of clarity on the inflation outlook also weighed on the sentiment. Selling intensified after the RBI’s monetary policy announcement in the first half with heavy selling in private banking scrips leading the slump,” said Prashanth Tapse, Senior VP (Research), Mehta Equities Ltd
Tapse also said, Banking industry has been facing liquidity issues in recent times and with the central bank’s decision showing no signs of interest rate cut in the near term, investors slashed their positions in financial stocks. However, sharp gains in IT and oil & gas stocks helped markets pare losses, although underlying sentiment remains sluggish to negative. From a technical perspective, Nifty’s aggressive upside targets are still seen at 22127 mark, while make-or-break support is at 21557.
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Stocks to Watch on February 9, 2024
Telecom Stocks
The Union Cabinet has granted approval for a spectrum auction encompassing 10,523 MHz during this fiscal year. With a reserve price set at Rs 96,317 crore, the auction will span multiple frequency bands, including 800 MHz, 900 MHz, 1,800 MHz, 2,100 MHz, 2,300 MHz, 2,500 MHz, 3,300 MHz, and 26 GHz, all with a 20-year validity period. Key players such as Reliance Industries, Bharti Airtel, and Vodafone Idea are anticipated to be in the spotlight during this crucial development.
Zee Entertainment Enterprise
In an interim order, the market regulator, SEBI, has instructed several guest experts on Zee Business to repay Rs 7.41 crore in purported unlawful gains. This directive comes in light of alleged positions taken by these experts that contradicted their on-air advice.
Bharat Heavy Electricals
Bharat Heavy Electricals has secured a substantial order worth Rs 5,500 crore from Haryana Power Generation Corp. The order pertains to the development of a 1×800 MW ultra-supercritical expansion unit in Haryana.
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TVS Motor
TVS Supply Chain Solutions has reached a settlement agreement addressing certain disputes. As part of the resolution, TVS Australia will make aggregate payments totaling $6 million.
IRCTC
IRCTC has inked a Memorandum of Understanding with the Uttarakhand government to operate tourist trains to the state, paving the way for enhanced connectivity and tourism prospects.
Signatureglobal
Signatureglobal (India) has entered into a joint development agreement for 20.32 acres in Gurugram, with an overall potential developable area of approximately 2.84 million square feet. This strategic move aligns with the company’s expansion plans and signifies a noteworthy real estate development in the region.
LIC
In Q3 FY24, Life Insurance Corporation of India (LIC) reported a 4.7% YoY increase in Net Premium Income to Rs 1,17,016.9 crore and a substantial 49.1% YoY growth in Net Profit at Rs 9,444.4 crore. The Value of New Business (VNB) rose by 14% to Rs 4,636 crore, with VNB margin increasing from 14.96% to 17.66%.
Ramco Cements
In the third quarter of fiscal year 2024, Ramco Cements reported a 4.93% YoY increase in revenue, reaching Rs 2,110.88 crore compared to Rs 2,011.57 crore. EBITDA exhibited a substantial growth of 40.09%, reaching Rs 396.53 crore, up from Rs 283.05 crore, with a noteworthy margin increase of 471 basis points at 18.78% versus 14.07%. The net profit surged by 59.28%, totaling Rs 81.57 crore compared to Rs 51.21 crore.
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Power Finance Corp
In Q3 FY24, Power Finance Corp demonstrated strong financial performance on a consolidated basis, reporting a 20% YoY increase in total income, totaling Rs 23,593.4 crore compared to Rs 19,662.7 crore. The net profit also showed a significant rise, growing by 20.1% to reach Rs 6,294.4 crore from Rs 5,241.1 crore. Additionally, the company declared an interim dividend of Rs 3.5 per share.
RVNL
In Q3 FY24, Rail Vikas Nigam reported a 6.4% YoY decrease in consolidated revenue, amounting to Rs 4,689.3 crore compared to Rs 5,012.1 crore. EBITDA also witnessed a decline of 9.6%, reaching Rs 249.1 crore from Rs 275.67 crore, leading to a margin decrease of 18 basis points at 5.3% versus 5.5%. The net profit declined by 6.2%, totaling Rs 358.6 crore compared to Rs 382.4 crore.
Biocon
In Q3 FY24, Biocon reported 34.42% YoY increase in revenue, reaching Rs 3,953.7 crore compared to Rs 2,941.1 crore. EBITDA surged by 43.84% to Rs 926.8 crore from Rs 644.3 crore, resulting in a margin improvement of 153 basis points at 23.44% versus 21.9%. The company reported net profit of Rs 753.3 crore compared to a loss of Rs 20.7 crore in the same period last year.
IRCON
In Q3 FY24, Ircon International reported a 22.91% YoY increase in revenue, reaching Rs 2,884.22 crore compared to Rs 2,346.51 crore. EBITDA witnessed a substantial rise of 29.04% to Rs 213.37 crore from Rs 165.35 crore, resulting in a margin improvement of 35 basis points at 7.39% versus 7.04%. The company’s net profit also showed a significant uptick, recording a growth of 28.78% at Rs 244.7 crore compared to Rs 190 crore in the corresponding quarter of the previous fiscal year.
Key Earnings in Focus Today
Alkem Labs, Bajaj Hindustan Sugar, Bandhan Bank, Campus Activewear, Caplin Laboratories, Cello World, Datamatics Global Services, Dish TV India, Doms Industries, Easy Trip Planners, Emami, Finolex Cables, Gujarat Mineral Development Corp, Godrej Industries, Grauer and Weil (India), Happy Forgings, Hero MotoCorp, Honasa Consumer, Housing and Urban Development, IFCI, Indigo Paints, Inox Green Energy, Inox Wind, Indian Railway Finance Corp, Indian Tourism Development Corp, Inox Wind Energy, Jain Irrigation Systems, Jupiter Life Line Hospitals, Kennametal India, Kirloskar Industries, Kovai Medical Center and Hospital, Landmark Cars, Max Estate, Mishra Estates, Mold-Tek Packaging, MRF, Neogen Chemical, The New India Assurance Company, Paras Defence and Space Technologies, Pfizer, PI Industries, Prakash Industries, PSP Projects, Reliance Infrastructure, Shree Renuka Sugar, Sapphire Foods, Saregama India, Shipping Corporation of India, SJVN, Sunflag Iron and Steel, Tata Power, Tega Industries, Vesuvius India, Vindhaya Telelinks, Vishnu Prakash R Punglia, VA Tech Wabag, Zydus Lifesciences.
