GIFT Nifty indicated that Indian equity indices BSE Sensex and NSE Nifty 50 may see a tepid opening on Wednesday. Here’s a look at the key stocks to watch in trade.
Stocks in Focus: GIFT Nifty traded flat at 19,129.5 down merely 10.5 points or 0.05%, indicating a tepid opening for domestic indices NSE Nifty 50 and BSE Sensex on Monday. Previously on Tuesday, the NSE Nifty 50 dropped 61.30 points or 0.32% to settle at 19,079.60, while the BSE Sensex tumbled 237.72 points or 0.37% to 63,874.93.
“Modest cautiousness returned post yesterday’s bounce, ahead of the US Fed policy meeting, dragging Asian and Developed markets. The Fed is widely expected to keep rates unchanged, and the commentary on the future path will be the crucial factor to influence further direction. Main indices witnessed marginal losses particularly led by IT stocks, while mid- & small-caps gained due to the recent moderation in valuations and buy-in dip strategy of domestic investors on the hope of pickup in demand in the upcoming festive season,” said Vinod Nair, Head of Research at Geojit Financial Services.
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Stocks to Watch on November 1, 2023
Tech Mahindra
Continuing its string of reorganisation measures, Tech Mahindra announced the merger plan between its two wholly-owned consulting subsidiaries – Mad*Pow Media Solutions LLC (MadPow) and Born Group Inc. (Born).
The fifth largest Indian IT service company, in a filing with BSE, said, “The business of both entities Mad*Pow and Born, are complimentary, hence consolidation of entities will result in synergy of business operations, optimize operational cost and reduce the compliance risk.”
Larsen & Toubro
L&T posted a 44.6% rise in consolidated net profit at ₹3,223 crore for the quarter that ended September 30, beating estimates, aided by improved execution and accelerated progress in its projects and manufacturing portfolio. During the reporting quarter, L&T’s consolidated revenue rose 19.3% to ₹51,024 crore from ₹42,763 crore recorded during the same period a year ago. The company’s Ebitda rose %15.1 to ₹5,632 crore from year-ago quarter, L&T said in a statement.
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Adani-Total Gas
The city gas joint venture of Adani Group and TotalEnergies of France, on Tuesday, reported 20% rise in the September quarter net profit on CNG sales boost, reported PTI. Net profit of Rs 168 crore in July-September was 20% higher than Rs 139 crore net profit in the same period a year back, the company said in a statement.
JSW Energy
Prashant Jain, the joint managing director and chief executive of JSW Energy, has quit. “Prashant Jain has expressed his intention to take early retirement from active professional life to pursue his personal interests and accordingly step down from the position of Joint Managing Director & CEO and as a Key Managerial Person of the Company,” the company said in a stock exchange filing on Tuesday.
Amara Raja Energy & Mobility
The company posted a jump in second-quarter profit, as improved demand for its products helped offset higher expenses. The Amaron battery maker’s consolidated net profit after tax came in at Rs 226 crore, up nearly 13% from a year ago, reported Reuters. The company’s revenue rose over 9% to Rs 2959 crore, boosted by a 6.5% climb in its lead acid batteries and allied products segment which accounts for nearly all its revenue.
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Indian Oil Corporation (IOC)
State-owned Indian Oil Corporation (IOC) on Tuesday reported a return to profitability with a net profit of Rs 12,967.32 crore in the three months to September 30 – more than half of its best-ever annual profit in just one quarter,reported PTI. The net profit came on the back of a boost in refining and marketing margin. In July-September 2022, it incurred a loss of Rs 272.35 crore, according to a stock exchange filing by the company.
Blue Jet Healthcare
The company is scheduled to make its debut on the bourses today.
Companies scheduled to report their Q2 earnings today-
Hero MotoCorp
Sun Pharma
Britannia Industries
Tata Steel
REC
Indraprastha Gas
Ambuja Cements
Godrej Consumer Products
Adani Wilmar
JK Tyre & Industries
India Cements
(With agency inputs.)
