GIFT Nifty indicated that Indian equity indices BSE Sensex and NSE Nifty 50 may see a positive opening on Saturday. Here’s a look at the key stocks to watch in trade.
Stocks in Focus: GIFT Nifty traded up by 17 points or 0.08% at 21,697.50 indicating a positive opening for domestic indices NSE Nifty 50 and BSE Sensex on Saturday. Previously, on Friday, the NSE Nifty 50 gained 160.15 points or 0.75% to settle at 21,622.40, while the BSE Sensex surged by 496.37 points or 0.70% to 71,683.23.
“The Nifty remained sideward throughout the session following a strong start. The index has moved back above the critical near-term moving average. In the short term, the index is likely to consolidate within the bands of 21500 and 21700. A decisive breakout on either side would confirm a directional move,” said Rupak De, Senior Technical Analyst, LKP Securities.
Stocks to Watch on January 20, 2024
Reliance Industries
In Q3 FY24, Reliance Industries posted consolidated revenue of Rs 2,25,086 crore, reflecting a 2.98% YoY decrease from Rs 2,31,886 crore, slightly below the Bloomberg estimate of Rs 2,33,892.84 crore. The Ebitda for the quarter was Rs 40,656 crore, down 0.77% from the previous year’s Rs 40,968 crore, and marginally missing Bloomberg’s estimate of Rs 40,412.86 crore. Despite a modest improvement in margin to 18.06%, the net profit declined by 0.74% to Rs 17,265 crore compared to Rs 17,394 crore in the same period last year, falling short of the Bloomberg estimate of Rs 18,080.30 crore.
Zee Entertainment
In response to media reports about a potential $10 billion merger with Sony, Zee Entertainment issued a clarification, stating its unawareness of any board meeting held or scheduled by Sony India. The company affirmed its commitment to the proposed merger with Sony.
IndusInd Bank
BNP Paribas Arbitrage sold 25.5 lakh shares (0.32%), while Goldman Sachs (Singapore) PTE ODI acquired the same number of shares at Rs 1,560 apiece.
Tata Steel
Initiating a strategic transformation, Tata Steel announced the commencement of statutory consultation for restructuring its U.K. business.
KPI Green Energy
The company’s unit secured a significant order for a 5.60 MW solar project from a domestic entity, reinforcing its position in the renewable energy sector.
HFCL
Bagging a substantial order, HFCL received a Rs 623 crore purchase order from a telecom service provider for the supply of 5G telecom networking equipment.
One 97 Communication
Approving a joint development pact with ACE Builders for an IT/ITES complex in Noida, the company also greenlighted the incorporation of one or more subsidiaries in GIFT City.
Hardwyn India
Subsidiary Slim-X aims to generate revenue of Rs 100 crore in the next two years, positioning itself for significant growth.
Shilpa Medicare
NDA product PEMRYDI RTU (Pemetrexed Injection) received a product-specific code J* from the U.S. Centers for Medicare & Medicaid Services for its application in non-small cell lung cancer treatment.
Prakash Industries
The company obtained permission from the Chhattisgarh Environment board to establish the Bhaskarpara commercial coal mine in Chhattisgarh.
Navkar Corp
Clarifying its position, the company stated that there are no ongoing negotiations requiring disclosure under SEBI.
Borosil
Acquiring an additional 0.75% stake in Goel Scientific Glass Works, Borosil increased its shareholding from 94.73% to 95.48% at a total consideration of Rs 14.39 lakh.
Hindustan Unilever
In Q3 FY24, Hindustan Unilever’s consolidated revenue recorded a marginal YoY decline at Rs 15,567 crore, slightly below the Bloomberg estimate of Rs 15,642.18 crore. The Ebitda stood at Rs 3,666 crore, down 0.76% from the previous year and falling short of the Bloomberg estimate of Rs 3,734.23 crore. Despite a 13 basis points reduction in margin to 23.54%, the net profit showed a modest increase at Rs 2,508 crore, up 1.08% YoY, but below the Bloomberg estimate of Rs 2,664 crore.
One 97 Communication
In Q3 FY24, One97 Communications demonstrated strong financial performance on a consolidated quarterly basis. The company reported a 13.17% increase in revenue to Rs 2850.5 crore, surpassing the Bloomberg estimate of Rs 2,727 crore. The Ebitda loss improved to Rs 159.5 crore from the previous quarter’s Rs 231 crore, outperforming the Bloomberg estimate of Rs -52.57 crore. The net loss also decreased to Rs 221.7 crore, compared to the previous quarter’s loss of Rs 291.7 crore, and was below the Bloomberg estimate of Rs -254.9 crore.
Key Earnings in Focus Today
Indian Renewable Energy Development Agency, ICICI Bank, Kotak Mahindra Bank, Union Bank of India, IDBI Bank, Persistent Systems, JK Cement, Jammu and Kashmir Bank, Can Fin Homes, Waaree Renewable Technologies, and Rajratan Global Wire.
