Stocks to Watch today: Bajaj Auto, Tata Steel, Tech M, TVS Motor, IOC, BoB

Stocks to watch on Thursday, January 25, 2024: Among companies announcing Q3 results yesterday, Tata Steel reported a turnaround while IOC and Ceat postged a 10-fold and 5-fold jump in net profit.

Stocks to Watch on Thursday, January 25, 2024: Indian benchmark equity indices are likely to start Thursday’s trading session on a jittery note, amid mixed cues from global peers. 

At 07:30 AM, Gift Nifty futures quoted around 21,440 as against the spot Nifty close of 21,454 on Wednesday.

Major markets in Asia were seen trading on a tentative note this morning following the late dip in the US market. Taiwan was up 0.5 per cent, while Hang Seng added 0.2 per cent. On the other hand, Nikkei and Kospi dipped 0.3 per cent. Straits Times hovered around the flat line.

 

Overnight, the US market ended at the lows of the day, with Dow Jones down 0.3 per cent. Nasdaq and the S&P 500 managed to clinch on the gains, thus extending the rally, up 0.4 per cent and 0.1 per cent, respectively. The US 10-year Treasury bond yields rose to 4.176 per cent. 

Global markets today will take note of the European Central Bank (ECB) policy decision. The ECB is expected to keep rates unchanged.

Meanwhile, these are the stocks that are likely to be in focus on Thursday.

Earnings today: ACC, Adani Power, AU Small Finance Bank (SFB), Cyient, Equitas SFB, HPCL, Indian Energy Exchange, Indraprastha Gas, JSW Steel, LT Foods, Novartis, Punjab National Bank, SBI Cards, SBI Life, Shriram Finance, Tata Technologies and Vedanta are some of the notable companies scheduled to announce December quarter results on Thursday.

Tata Steel: The Tata Group steel major reported a consolidated net profit of Rs 513.37 crore for the quarter ended December 2023 as against a net loss of Rs 2,223.84 crore in the year ago period. Revenue from operations, however, declined 3.1 per cent year-on-year (YoY) to Rs 55,311.88 crore.

Bajaj Auto: Q3FY24 Q3 consolidated net profit jumped 38 per cent to Rs 2,032 crore, beating analyst estimates. Revenue from operations increased by 30 per cent YoY to Rs 12,165 crore.

Tech Mahindra: Q3FY24 net profit plunged 60.6 per cent to Rs 510.4 crore, while revenue dipped 4.6 per cent YoY to Rs 13,101 crore.

TVS Motor: Posted a 59 per cent YoY rise in net profit at Rs 478.75 crore for Q3FY24 as against Rs 300.89 crore in Q3FY23. Revenue from operations rose 25 per cent to Rs 10,113.94 crore.

Indian Oil (IOC): Q3 net profit soared more than 10-fold to Rs 9,030 crore for the quarter ended December 2023 (Q3FY24), driven by improved marketing margins, when compared with Rs 773 crore reported in the same period a year ago. 

Canara Bank: Reported a 26.9 per cent YoY growth in net profit at Rs 3,656 crore for Q3FY24. Net interest income grew 9.5 per cent to Rs 9,417 crore.

Zee Entertainment: Days after its $10 billion merger transaction with Sony India collapsed; the company has approached the National Company Law Tribunal (NCLT), with an appeal to direct Sony India to implement the merger scheme cleared by the NCLT in August 2023.

Bank of Baroda: Raised Rs 5,000 crore through infrastructure bonds. The coupon rate was fixed at 7.57 per cent for the 10-year paper.

Ceat: Q3FY24 net profit jumped 5-fold to Rs 181.48 crore from a year ago period. Revenue from operations rose by 8.6 per cent to Rs 2,963.14 crore.

Dalmia Bharat: The cement maker reported 29 per cent YoY rise in net profit at Rs 263 crore for the quarter ended December 2023. Revenue from operations was up 7 per cent to Rs 3,600 crore. 

Indian Bank: Net profit surged 52 per cent YoY to Rs 2,119 crore in the December 2023 quarter when compared with Rs 1,396 crore in the same quarter a year ago. Total income increased by 18.8 per cent YoY to Rs 16,099 crore.