GIFT Nifty ended up by 53.50 points or 0.22% at 24,322 indicating a positive opening for domestic indices NSE Nifty 50 and BSE Sensex. Here are the top stocks to watch on Friday, November 8, 2024.
GIFT Nifty indicated that Indian equity indices BSE Sensex and NSE Nifty 50 may see a positive opening on Friday. Here’s a look at the key stocks to watch in trade.
GIFT Nifty ended up by 53.50 points or 0.22% at 24,322 indicating a positive opening for domestic indices NSE Nifty 50 and BSE Sensex on Friday. Previously, on Thursday the NSE Nifty 50 ended down by 284.70 points or 1.16% to settle at 24,199.35 while the BSE Sensex plunged 836.35 points or 1.04% to 79,541.79.
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“The markets traded under pressure, losing over a percent, as they resumed their corrective trend after two days of gains. Despite a strong overnight performance in U.S. markets following Donald Trump’s presidential win, Nifty maintained a bearish tone, dipping early and holding that sentiment throughout the session. All major sectors aligned with the benchmark, with metals, pharma, and energy stocks leading the decline. Broader indices struggled to hold higher levels, ending down by nearly half a percent,” said Ajit Mishra – SVP, Research, Religare Broking.
Mishra also added that the With the focus now on the U.S. Fed post-election, markets are expected to react to the outcome of the FOMC meeting and the Fed Chair’s commentary in early trades. On the index front, Nifty was unable to breach the 24,500 resistance once again, suggesting that consolidation may continue, with key support at 24,000. Traders are advised to maintain a stock-specific approach and consider hedged positions
Stocks to Watch on November 8, 2024
Cochin Shipyard
State-owned company reported a 4% year-on-year increase in net profit for Q2 FY2024, reaching Rs 189 crore compared to Rs 182 crore in the same quarter last year, according to a regulatory filing. Revenue from operations grew by 13% to Rs 1,143.2 crore, up from Rs 1,011.7 crore in the previous fiscal’s corresponding period, highlighting the company’s steady growth in operational performance.
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Lupin
The pharma majotr reported a strong performance for its Q2 on a year-on-year basis, with consolidated profit surging by 74.1% to Rs 852.6 crore compared to Rs 489.7 crore in the same quarter last year. The pharmaceutical giant also posted a 12.6% increase in revenue, which rose to Rs 5,672.7 crore from Rs 5,038.6 crore.
India Hotels
The company reported robust Q2 growth, with profit surging 225.6% to Rs 582.7 crore from Rs 179 crore YoY. Revenue increased by 27.4% to Rs 1,826.1 crore, while EBITDA rose 41.3% to Rs 501.2 crore. Margins expanded by 270 bps to 27.4%, supported by an exceptional gain of Rs 307.4 crore, absent in the previous year.
Rail Vikas Nigam
Company reported a decline in its Q2 performance on a year-on-year basis, with consolidated profit dropping 27.3% to Rs 287 crore from Rs 394.4 crore. Revenue saw a slight dip of 1.2%, reaching Rs 4,855 crore compared to Rs 4,914.3 crore in the same period last year. EBITDA also fell by 9% to Rs 271.5 crore from Rs 298.3 crore, and margins narrowed by 40 basis points to 5.6% from 6%.
NHPC
The company reported a 41.2% drop in consolidated profit for Q2, which fell to Rs 909 crore from Rs 1,546 crore year-on-year. Despite the decline in profit, revenue increased by 4.1%, reaching Rs 3,051.9 crore compared to Rs 2,931.3 crore in the same period last year. The tax expense stood at Rs 605.22 crore, contrasting with a tax writeback of Rs 75 crore in the previous year.
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Steel Authority of India
SAIL reported a 31% drop in Q2 net profit to Rs 897.2 crore, down from Rs 1,305.6 crore last year, impacted by lower steel prices and weak demand. Revenue declined 17% year-on-year to Rs 24,675 crore from Rs 29,712 crore.
Emami
The company reported a 3% year-on-year increase in revenue from operations for the quarter, reaching Rs 890.59 crore compared to Rs 864.87 crore last year. For the half-year, revenue grew by 6.3% to Rs 1,796.66 crore from Rs 1,690.53 crore.
Total income rose to Rs 912.15 crore from Rs 875.98 crore year-on-year. Profit after tax (PAT) for the quarter saw a 17.2% increase, reaching Rs 210.99 crore from Rs 179.99 crore. Half-year PAT was up 14.2%, totaling Rs 361.59 crore against Rs 316.74 crore the previous year.
Emcure Pharma
The company reported a 38.2% year-on-year increase in net profit for the quarter ending September 30, 2024, reaching Rs 202 crore compared to Rs 145.8 crore last year. Revenue rose 20.4% to Rs 2,002 crore from Rs 1,663 crore in the same period last fiscal. EBITDA grew 15.7% to Rs 380.8 crore from Rs 329 crore, though the margin slightly contracted to 19% from 19.8% in the previous year.
IRCON
Railway construction major reported a 17.8% year-on-year decline in Q2 net profit, which stood at Rs 206 crore compared to Rs 250.7 crore in the same period last year. However, this marked an improvement from the previous quarter’s net profit of Rs 176.51 crore. Revenue for the quarter fell by 19.3% year-on-year, totaling Rs 2,447.5 crore, down from Rs 3,033.3 crore in the corresponding period last year.
ITD Cementation
Engineering and construction firm reported a 34.3% year-on-year rise in Q2 net profit, reaching Rs 72 crore, up from Rs 53.6 crore last year. Revenue from operations grew 23.6% to Rs 1,991 crore, while EBITDA rose 15% to Rs 181.7 crore.
Key Earnings To Watch Today
State Bank of India, Tata Motors, Power Finance Corporation, Life Insurance Corporation of India, Vedanta, Ola Electric Mobility, Ashok Leyland, Aarti Industries, Bajaj Hindusthan Sugar, Dreamfolks Services, Equitas Small Finance Bank, Fine Organic Industries, Flair Writing Industries, Fortis Healthcare, India Cements, Latent View Analytics, Metropolis Healthcare, MRF, Info Edge, Premier Energies, Samhi Hotels, Tracxn Technologies, and Whirlpool of India.
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