GIFT Nifty ended unchanged at 24,450 indicating a lacklustre opening for domestic indices NSE Nifty 50 and BSE Sensex. Here are the top stocks to watch on Wednesday October 30, 2024.
GIFT Nifty indicated that Indian equity indices BSE Sensex and NSE Nifty 50 may see a lacklustre opening on Wednesday. Here’s a look at the key stocks to watch in trade.
GIFT Nifty ended unchanged at 24,450 indicating a lacklustre opening for domestic indices NSE Nifty 50 and BSE Sensex on Wednesday. Previously, on Tuesday, the NSE Nifty 50 ended up by 127.70 points or 0.52% to settle at 24,466.85 while the BSE Sensex jumped 363.99 points or 0.45% to 80,369.03.
“Markets moved higher in a volatile session, ending with nearly half a percent gain amid mixed signals. The Nifty started on a negative note, but resilience in select heavyweights, particularly in the banking sector, spurred a steady rebound as the session advanced. By the close, it settled near the day’s high at 24,466.85, up 0.5%. In addition to banking, the realty and metal sectors also saw gains, while auto and pharma remained under pressure. Broader indices extended gains for the second consecutive session, each adding nearly a percent,” said Ajit Mishra – SVP, Research, Religare Broking.
Mishra also added that the buoyancy in certain heavyweights is supporting this recovery; however, resistance at the 24,500 level on the Nifty remains a challenge. Beyond tracking FII flows, we recommend closely observing the performance of major banking and IT stocks for further guidance. Meanwhile, traders should maintain a stock-specific approach with a strong focus on risk management.
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Stocks to Watch on October 30, 2024
Maruti Suzuki
Maruti Suzuki India (MSIL) reported a 17% decline in standalone net profit for the September quarter, posting Rs 3,069 crore, down from Rs 3,716.5 crore in the same period last year.
Revenue from operations during the quarter stood at Rs 37,203 crore, reflecting a marginal increase of 0.37% from Rs 37,062 crore in the corresponding quarter of the previous year. The revenue figure also missed Street estimates, which had projected Rs 37,322 crore.
Marico
The FMCG major posted a 20.3% increase in consolidated net profit, reaching Rs 433 crore for the quarter ending September 2024, up from ₹360 crore in the same period last year, according to its Tuesday exchange filing.
Total income rose to Rs 2,746 crore during the quarter, compared to Rs 2,514 crore a year earlier. Revenue from operations also saw a 7.6% boost, amounting to Rs 2,664 crore against Rs 2,476 crore in the same quarter last year.
Voltas
Voltas reported a robust 272.6% year-on-year surge in consolidated profit for Q2, reaching Rs 132.8 crore compared to Rs 35.7 crore in the same quarter last year. Revenue grew by 14.2% to Rs 2,619.1 crore, up from Rs 2,292.8 crore, while EBITDA saw a significant 130.8% rise to Rs 162.2 crore from Rs 70.3 crore. The EBITDA margin expanded by 314 basis points, reaching 6.2% compared to 3.06% a year ago.
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SBI Cards
The credit card firm reported a net profit of Rs 404.42 crore for Q2 FY25, reflecting a 32.9% decline from Rs 602.98 crore in the same quarter last year. Despite the drop in profit, total revenue saw an 8.2% year-on-year increase, rising to Rs 4,421 crore from Rs 4,087 crore in the previous year.
HUDCO
Housing and Urban Development Company reported a 27% year-on-year increase in Net Interest Income (NII) to Rs 797 crore, while net profit rose by 52.5% to Rs 689 crore. The company’s revenue from operations surged by 35% on-year, reaching Rs 2,518 crore compared to Rs 1,865 crore in the same quarter last year.
Adani Enterprises
The flagship company of the Adani Group reported its September quarter results on Tuesday, October 29, with revenue rising 15.7% year-on-year to Rs 22,608 crore. Net profit for the quarter surged to Rs 1,741 crore, a significant increase from Rs 228 crore in the same period last year.
CONCOR
State-owned Container Corporation of India reported a slight dip in profit for Q2 despite a 4.2% increase in revenue. Net profit for the quarter slipped by 0.6% year-on-year to Rs 366.3 crore, down from Rs 368.5 crore. Alongside the results, CONCOR announced a second interim dividend of Rs 3.25 per share.
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Godrej Agrovet
The company faced a challenging second quarter, with net profit declining by 7.9% year-on-year to Rs 95.8 crore and revenue falling 4.6% to Rs 2,448.8 crore. Despite these declines, the company achieved a notable improvement in operational efficiency, with EBITDA rising 13.2% to Rs 223.4 crore. Margins also improved, reaching 9.1% compared to 7.7% in the same period last year.
Reliance Industries
Reliance New Energy, a subsidiary of the company, now holds a full 100% equity stake in Faradion after acquiring the remaining shares from existing shareholders on October 28. This acquisition makes Faradion a wholly-owned subsidiary of Reliance New Energy.
Torrent Pharma
Promoter Torrent Investments is reportedly planning to sell up to 2.9% of its stake in Torrent Pharma through block deals, according to media sources. The floor price for the sale is set at Rs 3,022.71 per share, with a base size of Rs 2,500 crore and an upsize option of Rs 500 crore. As of September 2024, Torrent Investments held a 71.25% stake in Torrent Pharma.
RITES
The transport infrastructure consultancy has signed a Memorandum of Understanding (MoU) with SAIL-Bokaro Steel Plant (SAIL-BSL), part of the Ministry of Steel, to collaborate on project management consultancy for rail connectivity works. This partnership will focus on consultancy services for both existing and new railway tracks at various sites within the Bokaro Steel Plant in Jharkhand.
Key Earnings To Watch Today
Larsen & Toubro, Tata Power, Dabur India, Biocon, Aditya Birla Capital, 3i Infotech, Aeroflex Industries, AGS Transact Technologies, AIA Engineering, Automotive Axles, DCM Shriram, Grindwell Norton, IRB Infrastructure Developers, KRN Heat Exchanger and Refrigeration, The New India Assurance Company, Paisalo Digital, Procter & Gamble Hygiene & Health Care, Protean eGov Technologies, Prudent Corporate Advisory Services, Sterlite Technologies, and TTK Prestige
