GIFT Nifty ended up by 29 points or 0.12% at 24,298.50 indicating a positive opening for domestic indices NSE Nifty 50 and BSE Sensex. Here are the top stocks to watch on Wednesday, November 06, 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 up by 29 points or 0.12% at 24,298.50 indicating a positive opening for domestic indices NSE Nifty 50 and BSE Sensex on Wednesday. Previously, on Tuesday the NSE Nifty 50 ended up by 217.95 points or 0.91% to settle at 24,213.30 while the BSE Sensex jumped 694.40 points or 0.88% to 79,476.64.
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“Markets managed to inch higher in a volatile session, closing with nearly a one-percent gain. The tone was sluggish in the first half, but a sharp rebound in select heavyweights helped lift the index. Ultimately, the Nifty closed near the session’s high at around 24,213.30. Among the major sectors, banking and metal led the gains, while FMCG and IT traded subdued. Broader indices also saw some relief, gaining nearly half a percent each,” said Ajit Mishra – SVP, Research, Religare Broking.
Mishra also added that the bulls are working to defend the 24,000 level in the Nifty amid ongoing choppiness, and a strong rally in banking majors has raised hopes for further recovery. However, upside potential appears limited, with a significant resistance zone around 24,400-24,500. Much will depend on global cues, with all eyes on the U.S. presidential election. Traders are advised to maintain a hedged approach and keep position sizes in check until we see some stability.
Stocks to Watch on November 6, 2024
Titan
The company’s quarterly results show a sharp 25% decline in profit, falling to Rs 705 crore from Rs 940 crore in the previous year. Despite the profit drop, revenue saw a 13.3% rise, reaching Rs 13,215 crore compared to Rs 11,660 crore a year earlier. However, the EBITDA dropped by 16.4% to Rs 1,133 crore from Rs 1,355 crore. This was accompanied by a significant 300 basis point contraction in EBITDA margin, which fell to 8.6% from 11.6%, reflecting pressure on profitability amid rising costs.
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Dr Reddy’s Lab
Healthcare major reported a 15% drop in consolidated net profit for the second quarter of FY25, reaching Rs 1,255 crore compared to Rs 1,480 crore in the same quarter last year. In contrast, revenue from operations saw a strong 17% year-on-year increase, totaling Rs 8,016 crore. EBITDA grew by 5% to Rs 2,280 crore, with margins showing slight improvement, rising to 28.4%.
Oil India
The company reported a 25% sequential increase in standalone net profit for Q2, reaching Rs 1,834.1 crore compared to Rs 1,466.8 crore in the previous quarter. However, revenue saw a slight decline of 1.6%, falling to Rs 5,246.2 crore from Rs 5,331.9 crore. EBITDA dropped 11.5% to Rs 2,183.2 crore from Rs 2,466 crore, reflecting cost pressures. The EBITDA margin also contracted by 460 basis points, decreasing to 41.6% from 46.2%.
Mankind Pharma
The pharma major posted strong year-on-year growth in its consolidated Q2 results, with net profit soaring 29% to Rs 658.9 crore, up from Rs 511.2 crore in the same period last year. Revenue rose by 13.6% to Rs 3,076.5 crore, compared to Rs 2,708.1 crore. EBITDA saw a robust 24.5% increase, reaching Rs 850 crore versus Rs 682.7 crore previously. The EBITDA margin expanded by 240 basis points to 27.6% from 25.2%.
JK Tyre
Tyre manufacturer reported a 44.2% year-on-year decline in net profit for the second quarter ending September 30, 2024, with profit falling to Rs 135 crore from Rs 242 crore in the same period last year, as per a regulatory filing.
Revenue from operations also saw a decrease, dipping 7.1% to Rs 3,621.6 crore compared to Rs 3,897.5 crore in Q2 of the previous fiscal.
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Premier Explosives
The company has secured an order valued at Rs 89.20 crore from state-owned Singareni Collieries Company to supply SME explosives, LDC explosives, and accessories. These materials will be used for overburden blasting across various opencast projects of Singareni Collieries. The order will be fulfilled over a two-year period.
NTPC
The Board has approved significant investments for the expansion of three major thermal power projects: the Telangana Super Thermal Power Project Phase-II (3×800 MW), the Gadarwara Super Thermal Power Project Stage-II (2×800 MW), and the Nabinagar Super Thermal Power Project Stage-II (3×800 MW). These projects, aimed at enhancing power generation capacity, have a combined appraised estimated cost of Rs 79,738.45 crore.
Infosys
Southwark Council has teamed up with Infosys to offer digital learning platforms for local residents, schools, and colleges. Through the Infosys Springboard digital inclusion platform, this initiative aims to equip residents with essential digital and employability skills, enhancing job readiness and supporting community development in Southwark.
Hero MotoCorp
The world’s largest two-wheeler manufacturer showcased a lineup of new motorcycles and an electric scooter at EICMA 2024, highlighting its innovation in both traditional and electric mobility. The company also revealed plans to enter multiple European and UK markets by the second half of 2025, signaling its intent to expand its global footprint. Additionally, it announced upcoming high-capacity premium internal combustion engine (ICE) motorcycles, broadening its product offerings to cater to a wider range of consumers.
Key Earnings To Watch Today
Tata Steel, Power Grid Corporation, Apollo Hospitals Enterprise, Aadhar Housing Finance, Jindal Steel & Power, Blue Star, Chambal Fertilisers, Delta Corp, Endurance Technologies, Gandhar Oil Refinery, GE Power India, Gujarat Pipavav Port, Granules India, Gujarat Gas, JB Chemicals, JK Lakshmi Cement, RITES, Sonata Software, TeamLease Services, Thangamayil Jewellery, and Trident.
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