GIFT Nifty ended up by just 7 points or 0.03% up at 24,496 indicating a flat opening for domestic indices NSE Nifty 50 and BSE Sensex. Here are the top stocks to watch on Thursday October 24, 2024.
GIFT Nifty indicated that Indian equity indices BSE Sensex and NSE Nifty 50 may see a lacklustre opening on Thursday. Here’s a look at the key stocks to watch in trade.
GIFT Nifty ended up by just 7 points or 0.03% up at 24,496 indicating a flat opening for domestic indices NSE Nifty 50 and BSE Sensex on Thursday. Previously, on Wednesday, the NSE Nifty 50 ended down by 36.60 points or 0.15% to settle at 24,435.50 while the BSE Sensex fell 138.74 points or 0.17% to 80,081.98.
“Markets remained volatile and ended slightly lower, taking a breather after Tuesday’s decline. Following a flat opening, Nifty saw some recovery in the first half but was unable to sustain the gains, eventually closing near the day’s low at 24,435.50. Most sectors, except IT, traded with a negative bias, with pharma, auto, and energy leading the losses. However, some relief in the broader indices helped ease the pressure after the sharp drop,” said Ajit Mishra – SVP, Research, Religare Broking.
Mishra also added that Apart from the concern of continuous outflow of the foreign investors, the disappointment on the earnings front is largely weighing on the sentiment. Among the key sectors, only IT is maintaining some resilience now while the majority are feeling the heat. We thus reiterate the “sell on rise” view in the Nifty index and suggest maintaining stock-specific trading approach citing the prevailing choppiness due to earnings.
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Stocks to Watch on October 24, 2024
HUL
FMCG major Hindustan Unilever (HUL) reported a net profit of Rs 2,612 crore for the quarter. The company’s revenue rose marginally to Rs 15,508 crore during the same period. Additionally, the Board has declared an interim dividend of Rs 19 per equity share with a face value of Re 1 each for the financial year ending March 31, 2025.
Piramal Pharma
The company delivered strong financial results for the second quarter of FY25, with net profit soaring by 350% year-on-year to Rs 22.59 crore, a significant increase from Rs 5.02 crore in Q2 FY24. Revenue from operations also grew by 17.3%, reaching Rs 2,241.75 crore, up from Rs 1,911.38 crore in the same period last year.
Sona BLW Precision Forgings
The company reported a 15.7% year-on-year increase in consolidated net profit for Q2, reaching Rs 143.6 crore, up from Rs 124.06 crore. Revenue surged by 17.1% to Rs 922.2 crore compared to Rs 787.5 crore in the same quarter last year. EBITDA grew 14.7% to Rs 252.3 crore, up from Rs 220 crore. However, the EBITDA margin saw a slight decline, narrowing to 27.4% from 27.9% in the previous year.
AU Small Finance Bank
The bank posted a 42.2% year-on-year surge in net profit for Q2, reaching Rs 571.2 crore, up from Rs 401.8 crore. Revenue saw a robust increase of 58.1%, rising to Rs 1,974.4 crore compared to Rs 1,249 crore in the same period last year.
However, the bank’s asset quality weakened, with gross NPA rising to 1.98% from 1.78% quarter-on-quarter, while net NPA increased to 0.75% from 0.63% during the same period.
Dr Lal PathLabs
The pharma company reported an 18.2% year-on-year growth in consolidated net profit for Q2, reaching Rs 131 crore, compared to Rs 111 crore in the same period last year. Revenue increased by 9.8% to Rs 660 crore, up from Rs 601 crore. EBITDA saw a rise of 13.9%, climbing to Rs 202 crore from Rs 178 crore, while the EBITDA margin improved by 110 basis points to 30.7%, up from 29.6%. The company also declared an interim dividend of Rs 6 per share for FY25.
Pidilite Industries
The maker of Fevicol, posted a double-digit rise in net profit for the second quarter, supported by favourable input costs. The company reported a net profit of Rs 540.3 crore, reflecting a 17.8% increase compared to Rs 458.5 crore in the same quarter last year. However, revenue growth remained in the mid-single digits.
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Thyrocare Technologies
The company reported a 29% year-on-year growth in consolidated net profit for Q2, reaching Rs 26.4 crore, up from Rs 20.4 crore in the same period last year. Revenue increased by 20%, rising to Rs 177.4 crore from Rs 148 crore. EBITDA saw a 28% jump, climbing to Rs 48.2 crore compared to Rs 37.6 crore. The EBITDA margin also expanded by 200 basis points, improving to 27% from 25%.
State Bank of India
The country’s largest lender, raised Rs 5,000 crore on Wednesday through Additional Tier-I (AT-I) bonds at a coupon rate of 7.98%. This marks SBI’s first AT-I issuance for FY25, aimed at bolstering its capital base. The bonds, compliant with Basel-III norms, come with a call option that can be exercised after 10 years and include provisions for altering interest payments if specific capital thresholds are breached.
Tata Consultancy Services
The company has announced a partnership with FICO to deliver advanced optimization and decision management solutions to businesses across various industries globally. TCS plans to leverage the FICO platform to develop industry-specific solutions that are powered by real-time, fully interpretable analytics, machine learning, and advanced AI models.
Infosys
The digital services and consulting firm unveiled its expanded Living Labs, designed to help clients accelerate innovation and adopt emerging technologies to future-proof their businesses. It also announced a partnership with the University of Cambridge to establish a new AI Lab in London. Furthermore, the company deepened its collaboration with Meta to advance innovation in generative AI through open-source initiatives.
United Spirits
The company announced its financial results for the second quarter of fiscal year 2025 on Wednesday, reporting consolidated net sales of Rs 2,844 crore. This reflects a year-on-year decline of 0.8%, attributed to softer-than-expected demand.
Escorts Kubota
The company has signed a Business Transfer Agreement with Sona BLW Precision Forgings (Sona Comstar) to transfer its existing railway equipment business division (RED) as a going concern, through a slump sale for Rs 1,600 crore.
This move aligns with the company’s strategic focus on strengthening its presence in the agriculture and construction equipment sectors.
Aviation Stocks
According to Reuters, flight operations at Kolkata’s Netaji Subhas Chandra Bose International Airport will be suspended from 6 PM on October 24 until 9 AM on October 25 due to expected severe weather conditions following Cyclone Dana. Major airlines IndiGo and SpiceJet have issued advisories to inform passengers about the disruption.
NLC India
The company has entered into a Joint Venture Agreement with Rajasthan Rajya Vidyut Utpadan Nigam to establish a lignite-based thermal power station with a capacity of 3×125 MW in Rajasthan. This venture will also involve developing mines to meet the fuel needs of the power station. Additionally, its subsidiary, NLC India Renewables, has signed a separate Joint Venture Agreement with the same entity to develop 2,000 MW of renewable power projects in Rajasthan.
Mankind Pharma
The company and its subsidiary, Appian Properties, have finalized the acquisition of a 100% stake in Bharat Serums and Vaccines for Rs 13,768 crore. Following this acquisition, Bharat Serums and Vaccines is now a wholly owned subsidiary of the company.
Signature Global
The company has completed a Sale Deed to sell its property located in the Haryana State Industrial Infrastructure Development Corporation at Udhyog Vihar, Phase-V, Gurugram, to Culture Holidays India for Rs 25.5 crore.
Adani Power
The Board is scheduled to meet on October 28 to discuss the possibility of raising up to Rs 5,000 crore through a public issue and/or private placement of non-convertible debentures (NCDs) in one or more tranches.
Key Earnings To Watch Today
ITC, IndusInd Bank, NTPC, ACC, JSW Energy, Colgate-Palmolive, Godrej Consumer Products, Aarti Drugs, Adani Total Gas, Adani Wilmar, Bikaji Foods International, Castrol India, Chalet Hotels, Coromandel International, CSB Bank, Cyient, DCB Bank, Diffusion Engineers, Dixon Technologies, GMR Airports Infrastructure, Go Digit General Insurance, Indian Energy Exchange, Mahanagar Gas, Nippon Life India Asset Management, Patanjali Foods, Petronet LNG, PNB Housing Finance, Tata Teleservices, United Breweries, Ujjivan Small Finance Bank, and Westlife Foodworld
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