Stocks To Watch: Adani Energy, Cochin Shipyard, HDFC Life, Vi, Ola Electric

Stock Market Today: Tata Motors-owned Jaguar Land Rover reported a 36 per cent year-on-year increase in retail sales for the first half of the fiscal year

Stocks to Watch, Wednesday, October 16, 2024: Markets in India were likely headed for a slower start on Wednesday, as indicated by GIFT Nifty futures at 7:00 AM, following a lower close on Wall Street overnight.

Meanwhile, here are a few stocks likely to be in focus today:

Reliance Industries: RIL's oil-to-chemicals business is expected to face continued pressure, with analysts anticipating softness in performance for the next few quarters. However, upcoming new energy operations may provide a future boost.

IndiGo: The company has received SEBI approval for its venture capital fund, IndiGo Ventures, aimed at investing in startups innovating in aviation and related sectors. This move signifies IndiGo's commitment to fostering innovation in its operational ecosystem.

 

Adani Energy Solutions: AESL has acquired two project special purpose vehicles from PFC Consulting for approximately Rs 38 crore. This acquisition includes 100 per cent equity shares of Jamnagar Transmission Ltd and Navinal Transmission Ltd, which are involved in expanding power transmission networks in Gujarat.

PVR Inox: The company reported its third consecutive quarterly loss, with a consolidated net loss of Rs 11.8 crore for the quarter ending September 30, compared to a profit of Rs 166 crore a year ago. Revenue fell 19 per cent to Rs 162.2 crore, driven by a 25 per cent drop in ticket sales. The company is focusing on upcoming multi-starrer films like Singham Again and Bhool Bhulaiyaa 3 to boost footfall and profitability. PVR Inox aims to add 110-120 screens by March 2025, despite closing 42 underperforming screens.

Mastek: US-based Capital Group divested a 1.7 per cent stake in Mastek for over Rs 148 crore, reducing its holding to 6.24 per cent. 

Cochin Shipyard: The Indian government plans to offload a 5 per cent stake in Cochin Shipyard, with a floor price of Rs 1,540, valuing the stake at approximately Rs 2,026 crore. The sale opens for non-retail investors on October 16 and for retail investors on October 17.

Vodafone Idea: Aditya Birla Group Chairman Kumar Mangalam Birla expressed confidence in Vodafone Idea’s turnaround following recent fundraising, which has allowed the company to initiate a capital expenditure cycle worth $3.6 billion with global partners. Birla believes that with continued government support, VIL is positioned to play a significant role in India's digital future.

Tata Motors: Jaguar Land Rover reported a 36 per cent year-on-year increase in retail sales for the first half of the fiscal year, driven by strong demand for the Range Rover and Defender models. The company expects to maintain this momentum through the festive season.

HDFC Life: The company reported a 14.85 per cent increase in net profit to Rs 433 crore for Q2 FY2024-25, with a 17.1 per cent rise in the value of new business (VNB) to Rs 938 crore. The company's new business premiums grew by 14.03 per cent year-on-year, while its VNB margin contracted slightly to 24.3 per cent. The company has raised Rs 1,000 crore through non-convertible debentures to improve its solvency ratio.

Bank of Maharashtra: BoM's net profit surged by 44.24 per cent YoY to Rs 1,327 crore in Q2 FY25, bolstered by a 15.41 per cent increase in net interest income. The bank's asset quality has improved, and it aims to cross Rs 5,000 crore in net profit for FY25.

Aditya Birla Sun Life Asset Management Company: ABSL AMC is launching new private credit funds, targeting a substantial growth in the alternatives market. The company sees a significant opportunity in private credit, anticipating substantial growth in this sector.

Ola Electric: The company is offering festival discounts on its S1 X 2 kWh model, maintaining the base price despite recent scrutiny from the Automotive Research Association of India (ARAI). The company reported a surge in sales, with daily average sales rising to 1,154 units in October, according to Vahan data from the Ministry of Road Transport and Highways (MoRTH).

Central Bank of India: The Competition Commission of India has approved Central Bank of India’s acquisition of stakes in Future Generali India Insurance and Future Generali India Life Insurance through an insolvency resolution plan. 

Newgen Software Technologies: The company reported a 47.19 per cent YoY increase in net profit, reaching Rs 70.33 crore for the September quarter, along with a 23.16 per cent rise in revenue. The company performed well in the APAC region.