GIFT Nifty ended up by 80 points or 0.33% at 24,492.50 indicating a negative opening for domestic indices NSE Nifty 50 and BSE Sensex. Here are the top stocks to watch on Thursday, November 07, 2024.
GIFT Nifty indicated that Indian equity indices BSE Sensex and NSE Nifty 50 may see a negative opening on Thursday. Here’s a look at the key stocks to watch in trade.
GIFT Nifty ended up by 80 points or 0.33% at 24,492.50 indicating a negative opening for domestic indices NSE Nifty 50 and BSE Sensex on Thursday. Previously, on Wednesday the NSE Nifty 50 ended up by 270.75 points or 1.12% to settle at 24,484.05 while the BSE Sensex jumped 901.50 points or 1.13% to 80,378.14.
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“The market extended its rebound, gaining over 1% amid positive global cues. Following a flat opening, the Nifty gradually climbed, largely driven by the upbeat performance in the U.S. markets as early polling results pointed towards Trump potentially returning as U.S. President. All sectors contributed to the recovery, with IT, real estate, and energy emerging as the top gainers. Broader indices also mirrored this momentum, each advancing by over 2%,” said Ajit Mishra – SVP, Research, Religare Broking.
Mishra also added that the Nifty has retested resistance at the 24,500 mark after two days of recovery, and sustaining this level could lead to a further rise toward 24,800. While all sectors are showing strength, we expect banking and IT to be the primary drivers of the market going forward. Traders should consider aligning their positions accordingly, focusing on index majors and large midcap counters for long trades.
Stocks to Watch on November 7, 2024
Tata Steel
The company reported a consolidated profit of Rs 758.8 crore for the second quarter, marking a significant turnaround from a loss of Rs 6,511.2 crore in the same period last year. Revenue declined by 3.25%, coming in at Rs 53,904.7 crore compared to Rs 55,681.9 crore year-on-year, reflecting a slight decrease in sales performance.
However, the company saw a robust improvement in profitability metrics, with EBITDA rising 43.9% to Rs 6,141.3 crore from Rs 4,267.8 crore in the previous year’s quarter. This resulted in a notable expansion in EBITDA margin, which increased by 370 basis points to 11.4%, up from 7.7% a year earlier.
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Power Grid Corp
Power Grid Corporation of India posted a marginal 0.3% increase in consolidated profit for the second quarter, reaching Rs 3,793 crore compared to Rs 3,781.4 crore in the same period last year. Revenue also saw a slight uptick, rising 0.09% to Rs 11,277.8 crore from Rs 11,267.1 crore year-on-year, indicating stable top-line performance.
However, EBITDA declined by 2.1% to Rs 9,701.3 crore, down from Rs 9,908.4 crore in the previous year’s quarter, impacting operational profitability. Consequently, EBITDA margin narrowed by 190 basis points to 86%, compared to 87.9% a year ago.
Chambal Fertilisers
The company recorded a strong 40.8% year-on-year increase in net profit for the second quarter ended September 30, 2024, reaching Rs 536.4 crore, up from Rs 381 crore in the same period last year. Despite the profit surge, revenue from operations declined by 19.3%, totaling Rs 4,346.2 crore compared to Rs 5,385.5 crore in the corresponding quarter of the previous fiscal.
Gujarat Gas
The city gas distribution company reported a 12% year-on-year increase in compressed natural gas (CNG) volumes, reaching 2.93 million metric standard cubic metres per day (mmscmd) in the second quarter.
Revenue for the quarter came in at Rs 3,949 crore, slightly down from Rs 3,991 crore recorded in the same period last year, reflecting a stable performance amid minor revenue fluctuations.
Apollo Hospitals
The company reported a robust 59% year-on-year increase in net profit for the second quarter ended September 30, 2024, reaching Rs 395.7 crore, up from Rs 249 crore in the same period last year. The company disclosed these results in a regulatory filing.
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Blue Star
The company delivered a strong performance in the second quarter of FY24, with net profit rising by 35.6% year-on-year to Rs 96 crore, up from Rs 70.8 crore in Q2 FY23. This profit growth was driven by strategic cost management and enhanced operational efficiency. Revenue from operations also showed a healthy increase, climbing 20.4% to Rs 2,276 crore from Rs 1,890.4 crore in the same period last year
Polycab
The company has secured the position of the lowest bidder for a Rs 1,549.66 crore contract from Bharat Sanchar Nigam Limited (BSNL). The contract encompasses the development of the middle-mile network for BharatNet in Bihar, under a Design, Build, Operate, and Maintain (DBOM) model for Package 7, marking a significant step in enhancing the region’s connectivity infrastructure.
Sterling Tools
The company has entered into a technical collaboration agreement with Kunshan GLVAC Yuantong New Energy Technology, a wholly owned subsidiary of China’s Kunshan Guoli Electronic Technology. This partnership aims to support the manufacturing of advanced high-voltage direct current (HVDC) contactors and relays in India.
Key Earnings To Watch Today
Mahindra & Mahindra, Lupin, Alembic Pharmaceuticals, Escorts Kubota, Indian Hotels, NHPC, Aavas Financiers, Abbott India, Aditya Birla Fashion and Retail, Astral, Bajaj Electricals, Cochin Shipyard, Cummins India, Emami, Emcure Pharmaceuticals, Innova Captab, IRCON International, ITD Cementation, NCC, Page Industries, Rail Vikas Nigam, SAIL, Baazar Style Retail, Trent, Vijaya Diagnostic Centre, and Va Tech Wabag.
