GIFT Nifty ended 50 points or 0.20% up at 24,575 indicating a positive opening for domestic indices NSE Nifty 50 and BSE Sensex. Here are the top stocks to watch on Wednesday October 23, 2024.
GIFT Nifty indicated that Indian equity indices BSE Sensex and NSE Nifty 50 may see a positive opening on Wednesday. Here’s a look at the key stocks to watch in trade.
GIFT Nifty ended 50 points or 0.20% up at 24,575 indicating a positive opening for domestic indices NSE Nifty 50 and BSE Sensex on Wednesday. Previously, on Tuesday, the NSE Nifty 50 ended down by 309 points or 1.25% to settle at 24,472.10 while the BSE Sensex fell 930.56 points or 1.15% to 80,220.72.
Read More: Deepak Builders & Engineers IPO Day 2: GMP, subscription status; Should you apply?
“The markets continued their downward trend, losing over a percent in an ongoing corrective phase. After a flat opening, Nifty gradually declined and approached a crucial support level at the 100-day exponential moving average (DEMA). The selling pressure was broad-based, with realty, metal, and auto sectors among the worst affected. Notably, the midcap and smallcap segments saw a sharp decline, shedding between 2.75% and 3.65%,” said Ajit Mishra – SVP, Research, Religare Broking.
Mishra also added that Nifty has now corrected by around 7% from its record high, reaching the critical moving average support at the 100 DEMA i.e. 24,485 level. The outlook suggests further downside, particularly in the midcap and smallcap spaces. On the index front, the next major support is around 24,000, with potential resistance between 24,700 and 25,000 in case of a rebound. We recommend adjusting trades accordingly and advise against adding to losing positions.
Stocks to Watch on October 23, 2024
Bajaj Finance
The company reported a 13% year-on-year (YoY) increase in net profit for Q2 FY25, reaching Rs 4,013.7 crore, compared to Rs 3,550.8 crore in the same quarter last year. The rise in profit was bolstered by a one-time gain of Rs 2,544.11 crore from the sale of its stake in Bajaj Housing Finance Ltd (BHFL).
Net interest income (NII) saw a significant jump of 22.8%, reaching Rs 8,837.7 crore, up from Rs 7,196.3 crore in Q2 FY24. Additionally, net total income grew by 24%, standing at Rs 10,946 crore for the quarter.
Read More: Diwali Picks 2024: Choice Broking suggests these 10 stocks to buy on Muhurat Trading for Samvat 2081
Indus Tower
Telecom infrastructure firm Indus Towers reported a 71.7% year-on-year (YoY) surge in net profit, reaching Rs 2,223.5 crore for the second quarter ending September 30, 2024. In the same quarter last fiscal, the company posted a net profit of Rs 1,294.7 crore, according to its regulatory filing. Revenue from operations rose by 4.7%, standing at Rs 7,465.3 crore, compared to Rs 7,132.5 crore in the year-ago period.
Persistent Systems
Mid-tier IT services company reported a 23.4% year-on-year (YoY) increase in net profit, reaching Rs 325 crore for the second quarter ending September 30, 2024. In the same quarter last fiscal, the company posted a net profit of Rs 263 crore, according to a regulatory filing. Revenue from operations saw a 20.1% surge, rising to Rs 2,897 crore, compared to Rs 2,412 crore in the year-ago period.
Adani Green Energy Solutions
The company reported a 38.8% year-on-year (YoY) jump in net profit, reaching Rs 515 crore for the second quarter ending September 30, 2024. In the same quarter last fiscal, the company posted a net profit of Rs 371 crore, according to a regulatory filing. Revenue from operations surged 27.6%, rising to Rs 3,055 crore, compared to Rs 2,220 crore in the corresponding period of the previous fiscal.
Mahindra Finance
A non-bank lender reported a 36% growth in its consolidated net profit for the September quarter, reaching Rs 390 crore, compared to Rs 287 crore in the same period last year. On a standalone basis, the net profit surged 57% to Rs 369 crore in the September quarter, though it marked a 25% decline from the Rs 513 crore recorded in the preceding June quarter.
The lender’s core net interest income witnessed a 19% year-on-year growth, amounting to Rs 1,991 crore in the September quarter. This performance was driven by a 20% increase in the gross loan book, while the net interest margin remained stable at 6.5%.
Read More: Muhurat Trading 2024: Zomato, Axis Bank Among 8 Ideas From Kotak Securities For Samvat 2081
Olectra Greentech
The electric vehicle maker reported a 156.45% year-on-year (YoY) surge in net profit to Rs 47.7 crore for the second quarter ending September 30, 2024. In the same quarter of the previous fiscal, the company posted a net profit of Rs 18.6 crore, according to a regulatory filing. The company’s revenue from operations also jumped 70.5%, reaching Rs 523.7 crore, compared to Rs 307.2 crore in the year-ago period.
GMDC
The state-owned company reported a 71.4% increase in consolidated net profit, reaching Rs 127.86 crore for the quarter ended September 30, 2024. This is a significant rise compared to the Rs 74.58 crore net profit posted in the same quarter of the previous fiscal year. The company’s consolidated revenue from operations also grew to Rs 593.01 crore in the July-September period, up from Rs 382.74 crore in the year-ago period, according to a regulatory filing.
One97 Communications
Paytm announced that it has received approval from the National Payments Corporation of India (NPCI) to resume onboarding new users on its Unified Payments Interface (UPI) platform. The approval, communicated through a letter dated October 22, 2024, follows a suspension of onboarding earlier this year, which was enforced in accordance with directives from the Reserve Bank of India (RBI).
Reliance Infra
Anil Ambani’s flagship firm has unveiled plans to set up India’s largest integrated manufacturing project for explosives, ammunition, and small arms in Ratnagiri, Maharashtra.
The project, led by its subsidiary Reliance Defence Ltd, will be developed under the Dhirubhai Ambani Defence City (DADC) in the Watad Industrial Area, covering 1,000 acres.
Sonata Software
The Company has secured a multi-year contract from a Fortune 500 manufacturer of consumer goods and industrial products. Under the agreement, Sonata will assist the company in driving its global business growth while supporting its ongoing digital transformation efforts.
RailTel Corp
The company has announced the receipt of a work order valued at Rs 36.8 crore from South Eastern Railway. This order entails the provision of an electronic interlocking system and both indoor and outdoor signaling arrangements.
RITES
The company has secured an order worth Rs 454 crore from the Karnataka Mining Environment Restoration Corporation. This order involves the construction of railway PFTs at Dharmapura and Susheel Nagar in the Ballari district. Initially awarded to the company on a project management consultancy (PMC) basis, the order has now been converted to a turnkey basis.
Dhanlaxmi Bank
A Thrissur-based gold lender has proposed a rights issue to raise up to Rs 300 crores (approximately $36 million) by issuing equity shares to its existing eligible shareholders. This decision was made during a board meeting held on October 22, 2024. The rights issue aims to strengthen the bank’s capital base and is part of a broader strategy to enhance financial stability and support growth initiatives, according to the company’s exchange filing.
Power Grid Corp
The company has been announced as the successful bidder for the establishment of an inter-state transmission system in Rajasthan. It has received a Letter of Intent for the project, which includes the construction of a new 765/400kV Siwani substation equipped with STATCOM and other essential equipment.
Additionally, the project encompasses a 765kV D/C transmission line running through Rajasthan and Haryana, along with several 400kV D/C transmission lines in Haryana, and bay extension works at existing substations in both states.
Key Earnings To Watch
Hindustan Unilever, Bajaj Finserv, SBI Life Insurance Company, Aster DM Healthcare, AU Small Finance Bank, Bajaj Holdings, Birla Corporation, Birlasoft, Godrej Properties, CARE Ratings, Craftsman Automation, Dodla Dairy, Fedbank Financial Services, Fino Payments Bank, Heritage Foods, IIFL Finance, KPIT Technologies, Karnataka Bank, Dr Lal PathLabs, Metro Brands, Navin Fluorine International, Nuvoco Vistas Corporation, Piramal Enterprises, Pidilite Industries, Schaeffler India, Sona BLW Precision Forgings, Syngene International, Thyrocare Technologies, TVS Motor, United Spirits, VIP Industries, and Zenotech Laboratories.
