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.
Stocks in Focus: GIFT Nifty ended up by 22 points or 0.10% at 21,821.50 indicating a positive opening for domestic indices NSE Nifty 50 and BSE Sensex on Tuesday. Previously, on Monday, the NSE Nifty 50 dropped 82.10 points or 0.38% to settle at 21,771.70, while the BSE Sensex plunged by 354.22 points or 0.49% to 71,731.42.
“Sluggish mood in global markets contributed to the overall weakness in local shares, as investors booked profit in select stocks amid dimming hopes of a rate cut in the near term. With the US Fed indicating that rate cut may not happen immediately, RBI is also expected to follow suit and maintain the status quo. Besides, rise in the US bond yields, persistent geopolitical tensions, and China’s economic woes added to existing woes. Technically, Nifty’s biggest support is placed at 21407 mark, and the landscape will be positive as long as Nifty trades above the 21137 mark with aggressive targets at 22127 mark,” said Prashanth Tapse, Senior VP (Research), Mehta Equities.
Stocks To Watch: Nykaa, Ambuja Cement, Adani Power, Wipro, Bharti Airtel, Jain Irrigation Stocks To Watch: Zomato, Reliance Industries, L&T, Ola Electric, Cyient DLM, Petronet LNG, Genus Power Stocks To Watch: Reliance Industries, Aurobindo Pharma, ONGC, Bajaj Consumer, Bank of Baroda Stocks To Watch: Eicher Motors, LIC, Cochin Shipyard, Biocon, Oil India, SJVN, Grasim, Alkem Lab, OLA Electric Mobility
Stocks to Watch on February 6, 2024
One 97 Communication
Paytm operator, One97 Communications Ltd., has refuted reports of any investigation or violation of foreign exchange rules by the company or its associate, Paytm Payments Bank.
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Pidilite Industries
Pidilite Industries has announced the inauguration of a new cutting-edge manufacturing facility in Sandila, near Lucknow, dedicated to its prominent tile adhesive brand, Roff.
Zee Entertainment Enterprise
The National Company Law Tribunal is set to hear a plea filed by Zee Entertainment Enterprise regarding the recently terminated merger with Sony Group Corp.’s Indian subsidiary.
Bharti Airtel
Bharti Airtel posted a 54% increase in its consolidated net profit to Rs 2,442.2 crore in the December quarter. The consolidated revenue from operations grew 5.8% to Rs 37,899.5 crore.
Adani Total Gas
Adani Total Gas and INOX India have entered into a mutual support agreement, designating each other as “preferred partners” for the delivery of LNG and LCNG equipment.
Styrenix Performance Materials
Styrenix Performance Materials has been awarded a contract by Mott Macdonald for a brownfield expansion project, aiming to increase the annual capacity of ABS from 85 KT to 210 KT.
Indian Energy Exchange
The Indian Energy Exchange recorded a total volume of 10,893 MU in January, marking a significant 26.1% year-on-year growth.
ASK Automotive
ASK Automotive reported a net profit of Rs 49.94 crore for Q3, a substantial increase from Rs 29.15 crore a year ago. The total income for the quarter stood at Rs 763.13 crore.
Hindalco Industries
Hindalco Industries has acquired a 26% stake in Ayana Renewable Power for Rs 1.63 crore.
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JK Cements
JK Cements has approved the merger of its units, Acro Paints and JK Maxx.
Ashok Leyland
Ashok Leyland reports 6.66% YoY increase in revenue to Rs 11,092.7 crore from Rs 10,399.74 crore. The company’s EBITDA surged by an impressive 45.87% to Rs 1,961.28 crore, compared to Rs 1,344.47 crore, leading to a significant margin expansion of 475 basis points, reaching 17.68% as opposed to the previous 12.92%. Notably, the net profit exhibited robust growth, rising by 73.35% to Rs 608.85 crore from Rs 351.21 crore in the same period last year.
BLS E-Services
BLS E-Services shares are set to debut on D-street at an issue price of approx Rs 135 per share after its Rs 310.91 crore IPO was subscribed 162.47 times. The bids were led by non-institutional investors, retail investors, and institutional investors.
Key Earnings In Focus Today
Action Construction Equipment, Agi Greenpac, Akzo Nobel India, Anant Raj, Birla Corporation, Brigade Enterprises, Britannia Industries, Computer Age Management Services, Chambal Fertilisers and Chemicals, Cigniti Technologies, Dollar Industries, E.I.D. Parry, EIH Hotels, Endurance Technologies, Eveready Industries India, FIEM Industries, Go Fashion (India), Godrej Properties Godawari Power & Ispat.
