GIFT Nifty ended up by 176 points or 0.70% at 25,249 indicating a positive opening for domestic indices NSE Nifty 50 and BSE Sensex. Here are the top stocks to watch on Tuesday October 15, 2024.
GIFT Nifty indicated that Indian equity indices BSE Sensex and NSE Nifty 50 may see a positive opening on Tuesday. Here’s a look at the key stocks to watch in trade.
GIFT Nifty ended up by 176 points or 0.70% at 25,249 indicating a positive opening for domestic indices NSE Nifty 50 and BSE Sensex on Tuesday. Previously, on Monday, the NSE Nifty 50 ended up by 163.70 points or 0.66% to settle at 25,127.95 while the BSE Sensex surged 591.69 points or 0.73% to 81,973.05.
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“The market kicked off the week on a positive note, gaining over half a percent, buoyed by strong global cues. Following an initial rise, the Nifty moved higher in the first half of the session, but profit-taking in select heavyweight stocks limited further gains later. Sector-wise, realty and IT saw gains, while metals and energy remained subdued. Broader indices also maintained a positive tone, each rising by nearly half a percent,” said Ajit Mishra – SVP, Research, Religare Broking.
Mishra also added that the Traders will react to the results of heavyweights like Reliance and HCL Tech in early Tuesday trades. A recovery in major banking stocks, along with continued strength in IT, could drive further gains. However, the Nifty faces resistance at the 25,300 level. Traders are advised to maintain a stock-specific approach and consider hedged strategies.
Stocks to Watch on October 15, 2024
Reliance Industries
The company reported a 5% decline in its net profit for the July-September quarter due to weakness in its oil refining and petrochemical segments, which impacted operational performance. The company’s consolidated net profit fell to Rs 16,563 crore during the second quarter of the current fiscal year, compared to Rs 17,394 crore in the same period last year. Additionally, Reliance’s profit before tax (EBITDA) dropped by 2%, reaching Rs 43,934 crore for the quarter.
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HCL Tech
IT services major HCLTech reported a 10.51% increase in consolidated net profit to Rs 4,235 crore for the July-September quarter of FY25, driven by better-than-expected performance. In the same period last year, the company posted a net profit of Rs 3,832 crore.
The Noida-headquartered firm also raised the lower band of its revenue growth guidance to 3.5-5% year-on-year in constant currency, up from the previous guidance of 3-5% in the first quarter.
Angel One
Angel One, the leading discount broker, reported a 39.1% rise in net profit to Rs 423.4 crore for the quarter, compared to the same period last year. The company’s revenue surged 44.5% year-on-year, reaching Rs 1,514.7 crore from Rs 1,047.9 crore.
Earnings Before Interest, Tax, Depreciation, and Amortisation (EBITDA) saw a significant increase of 51.5%, totaling Rs 671.9 crore. Additionally, the EBITDA margin expanded by 210 basis points, reaching 44.4% from 42.3% in the previous year.
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Sunteck Realty
The company reported a 33% increase in sales bookings to Rs 524 crore in the September quarter, driven by strong housing demand. In comparison, its sales bookings stood at Rs 395 crore in the same quarter last year. For the April-September period of the current fiscal year, the company’s sales bookings rose by 31% to Rs 1,026 crore, up from Rs 782 crore in the corresponding period of the previous year.
JSW Infra
The company has received a Letter of Intent from the Maharashtra Maritime Board for the development, operation, management, and maintenance of an all-weather, multipurpose port in Palghar, Maharashtra. The project will be developed on a public-private partnership (PPP) basis under the design, build, own, operate, and transfer (DBOOT) model.
Can Fin Homes
The company announced that its board of directors has approved raising funds through the issuance of Non-convertible Redeemable Debentures (NCDs), either secured or unsecured, on a private placement basis. The funds will be raised in one or more tranches, up to a total limit of ₹4,000 crore, as approved by the members during the Annual General Meeting (AGM) held on August 07, 2024.
Trent
Investor Siddhartha Yog acquired a 0.29% stake in the company from Dodona Holdings at an average price of Rs 8,115 per share. The total transaction amounted to ₹846.1 crore.
Garuda Construction and Engineering
Garuda Construction and Engineering’s IPO listing is scheduled for today, Tuesday, October 15. The IPO allotment was finalized on Friday, October 11, with shares being credited to the demat accounts of successful applicants yesterday, Monday, October 14. Additionally, the refund process for those who were not allotted shares will be completed today.
Key Earnings To Watch Today
HDFC Life Insurance Company, HDFC Asset Management Company, PVR Inox, Rallis India, DB Corp, Bank of Maharashtra, KEI Industries, Newgen Software Technologies, Coromandel Agro Products, Darshan Orna, DMR Hydroengineering, GM Polyplast, Gujarat Hotels, Lactose India, Morarka Finance, MRP Agro, Premium Capital Market, RO Jewels, SG Finserve, Sita Enterprises, Stylam Industries, Sybly Industries, Teamo Productions, Transchem, and Universal Arts.
