 "Stocks to Watch: SpiceJet, Adani Green, Aster DM, Polycab, Bank of India")
Equity benchmark indices Sensex and Nifty may remain in consolidation phase on Thursday on account of the weekly F&O expiry. The beginning of the corporate earnings season after market hours may also keep sentiment muted.
At 7:30 am, the Gift Nifty futures were nearly flat at 21,717 over Nifty futures’ last close.
The Dow and S&P 500 rose 0.45 per cent and 0.57 per cent, respectively, overnight while the Nasdaq Composite gained 0.75 per cent.
Asian stocks also edged higher. Japan’s Nikkei was up 2 per cent, extending its record breaking rally. Australia’s S&P/ASX 200 and Kopsi in South Korea rose up to 0.46 per cent. Hang Seng rose 0.7 per cent.
Meanwhile, here are some stocks to watch out in trade today:
Q3 earnings: GTPL Hathway, 5Paisa and HDFC AMC, among others will release their Q3 earnings today.
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TCS, Infosys: The two stocks will be in focus ahead of their respective Q3 results likely to be released after market hours.
Infosys’ December quarter (Q3FY24) net profit is expected to decline both on a quarterly and yearly basis due to project cancellations, lower discretionary sales and higher furloughs. Read
Infosys’ December quarter (Q3FY24) net profit is expected to decline both on a quarterly and yearly basis due to project cancellations, lower discretionary sales and higher furloughs. Read
TCS is expected to report single-digit growth in revenue and profit for the December quarter (Q3FY24) as compared to last year. Read
SpiceJet: SpiceJet plans to raise Rs 2,250 crore through a preferential issue of shares and warrants to reduce its debt burden.
Maruti Suzuki: Chairman RC Bhargava on Wednesday said the company is in discussion with the Gujarat government to get the appropriate land parcel for its second plant to be set up at an investment of Rs 35,000 crore.
Adani Green: Proxy advisory firm Institutional Investors Advisory Services ( IiAS ) has recommended investors to vote against Adani Green Energy’s proposed preferential issue worth Rs 9,350 crore as it does not support the choice of warrants instead of equity brought upfront for the fund infusion. Read
Aster DM: Its plans to sell its Gulf business may run into rough weather as IiAS has recommended an ‘against’ vote on the resolution, saying there is no clarity on how Aster DM will utilise the proceeds that it will obtain by selling the unit, which contributes to bulk of its revenues. Read
Bank of India: Its total business rose 9.9 per cent YoY globally to Rs 12.76 trillion. Total deposits grew 8.66 per cent to Rs 7.10 trillion. In the domestic market, total deposits rose 7.62 per cent to Rs 6 trillion.
Manappuram Finance: Capital markets regulator Sebi has kept in "abeyance" the proposed Rs 1,500 crore Initial Public Offering (IPO) of Asirvad Micro Finance, a subsidiary of the NBFC.
Polycab India: The Income Tax department has detected "unaccounted cash sales" of about Rs 1,000 crore from its recent raids on the Polycab group, PTI reported.
Phoenix Mills: The company has reported 30 per cent YoY growth in gross retail collections at Rs 700 crore for the December quarter. Its total consumption jumped 24 per cent YoY to Rs 3,287 crore.
Kalyani Steels: The company has emerged as a successful bidder to acquire assets of Kamineni Steel and Power India, under liquidation. A cash consideration of Rs 450 crore will be paid for the acquisition on or before April 7, 2024.
CESC: The company’s arm Noida Power Company has received an order from the Uttar Pradesh Electricity Regulatory Commission (UPERC) approving the power purchase agreement for the procurement of 95 MW of RTC power per year for a period of 5 years.