GIFT Nifty indicated that Indian equity indices BSE Sensex and NSE Nifty 50 may see a lacklustre opening on Tuesday. Here’s a look at the key stocks to watch in trade.
Stocks in Focus: GIFT Nifty traded up by 8 points or 0.04% at 22,151.50 indicating a lacklustre opening for domestic indices NSE Nifty 50 and BSE Sensex on Tuesday. Previously, on Monday, the NSE Nifty 50 gained 202.90 points or 0.93% to settle at 22,097.45, while the BSE Sensex ended higher by 759.49 points or 1.05% to 73,327.94.
“The Nifty bulls maintained their momentum, propelling the index to new highs beyond the 22,000 mark. The major support for the index is situated at the 21,800 level, and a breach below this would be essential to negate the prevailing trend. The next immediate upside targets for the index are positioned at 22,200/22,300 levels. Sustaining above these levels could potentially lead the index towards the 22,500 mark,” said Kunal Shah, Senior Technical & Derivative Analyst at LKP Securities.
Stocks to Watch on January 16, 2024
Bank of Baroda
The bank is set to issue long-term infrastructure bonds worth Rs 5,000 crore in its second tranche.
Nalco
Khanij Bidesh India and Catamarca Minera Y Energetica Sociedad DEL ESTADO of Argentina sign a historic agreement for the exploration and mining of lithium, with an estimated project cost of Rs 200 crore.
Jio Financial Services
In the third quarter of fiscal year 2024, Jio Financial Services reported a decline in its standalone financial performance on a quarter-on-quarter basis. The total income for Q3 FY24 stood at Rs 134.08 crore, reflecting a 10% decrease from the previous quarter’s Rs 148.9 crore. Additionally, the net profit witnessed a decline of 20.6%, falling to Rs 70.48 crore from the Q2 FY24 figure of Rs 88.76 crore.
Antony Waste
The company achieves another milestone with a record-breaking sale of 47,000 tons of Refuse Derived Fuel (RDF), a significant increase from the previous year’s 16,500 tons.
Angle One
Angel One, reported total income for Q3 FY24 surged to Rs 1,055.6 crore, marking an impressive 39.57% increase from the corresponding period last year, where it stood at Rs 756.3 crore. The net profit also exhibited positive momentum, reaching Rs 262.8 crore, reflecting a YoY growth of 15.92% from the previous year’s figure of Rs 226.7 crore.
Patanjali Foods
In its Q3 update, the company reveals that the food and FMCG segment now contributes 32% to total revenues. The edible oils segment sees single-digit sequential volume growth, with branded sales accounting for 75% of total edible oil sales volume.
Usha Martin
The company’s Thailand-based arm is set to acquire a 50% stake in Tesac Usha Wire Rope Company for Baht 74.45 million from Kobelco Wire Company, expanding its presence in the wire rope industry.
Jai Balaji Industries
The company posted a solid Q3 FY24 performance with flat topline growth at Rs 1538 crore compared to Rs 1536 crore. The quarter witnessed significant margin expansion both sequentially and year-on-year, driven by a substantial decrease in other expenses. Profits before tax (PBT) and after tax (PAT) surged to Rs 234 crore, up from Rs 201.5 crore in the previous quarter and a noteworthy increase from Rs 28 crore in Q3 FY23.
PNC Infratech
The company, along with its arm, finalizes agreements with Highways Infrastructure Trust to divest 12 road assets and one toll concession in multiple states for an enterprise value of Rs 9,005.7 crore.
Aster DM
Affinity Holdings and Alpha GCC aim to finalize the sale of Gulf business soon. A dividend from the upfront payment of $903 million is anticipated at Rs 110 to Rs 120 per share.
BLS International Services
The company’s subsidiary signs a definitive agreement to acquire a 100% stake in iDATA, a Turkey-based Visa and Consular Services provider, aiming to expand its business in new geographies and with new client governments.
Rail Vikas Nigam
The company emerges as the lowest bidder for the supply, installation, testing, and commissioning of 11 KV Line associated works, securing an order valued at Rs 251 crore.
HPL Electric and Power
The company successfully secures deals worth Rs 240 crore for smart meters from leading AMISP (Advanced Metering Infrastructure Service Provider) clients.
Jyoti CNC Automation
Jyoti CNC Automation is set to make its debut on the stock exchanges on Tuesday with an issue price of Rs 331 per share. The company’s Rs 1,000-crore Initial Public Offering (IPO) witnessed robust demand, being oversubscribed 38.53 times during its three-day subscription period..
Key Earnings in focus today
HDFC Bank, Federal Bank, Gallant Ispat, Hathway Cable & Datacom, Himadri Specialty Chemical, ICICI Lombard GIC, ICICI Securities, Jindal Saw, L&T Technology Services, Bank of Maharashtra, CE Info Systems, National Standard (India), Network18 Media and Investments, Newgen Software Technologies, TV18 Broadcast.
