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Stocks to Watch on Wednesday, November 15, 2023: Equity markets are looking at a gap-up start after a day's holiday as softer inflation data in India and the US raised hopes of sooner-than-expected ease in monetary policies by central banks.
At 7:50 AM, Gift Nifty was ruling 234 points at 19,732 levels.
In Asia, Japan, South Korea, and Hong Kong's markets surged 2 per cent each, while Australian market was up 1.4 per cent.
Overnight, the Dow Jones Industrial Average jumped 1.43 per cent, the S&P 500 rallied 1.91 per cent, and the Nasdaq Composite jumped 2.37 per cent.
Here is a list of stocks to watch out on Wednesday, November 15, 2023:
Tata Motors: S&P Global Ratings has upgraded the Long-term issuer credit and issue ratings of Tata Motors and its wholly-owned subsidiaries (TML Holdings Pte. Ltd and Jaguar Land Rover Automotive Plc). While TaMo and TML Holdings' ratings have been revised to BB+/Postive from BB/Stable, JLR Automotive's rating has been revised to BB/Positive from BB-/Stable.
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New listing: The equity shares of ASK Automotive Limited shall be listed and admitted to dealings on the Exchange in the list of 'B' Group of Securities on November 15, 2023. The issue price has been fixed at Rs 282 per share.
Dabur India: The Mumbai Police has filed an FIR in connection with the Mahadev betting app scam against prominent figures from the Dabur Group, including Chairman Mohit Burman, and Director Gaurav Burman. On their part, the Burman family stated that they have not received any communication on any such FIR. In the case it is true, the Burmans believe it to be a "mischievous act driven by malicious intent."
Grasim Industries: It reported consolidated net profit for the quarter ended September 30, 2023 (Q2FY24) at Rs 1,163.75 crore, up 15.31 per cent year-on-year (Y-o-Y). Its revenue from operations rose 10 per cent Y-o-Y to Rs 30,220.68 crore, while Ebitda jumped 19 per cent Y-o-Y.
PC Jeweller: Nitin Gupta has resigned from the position of President (Manufacturing) of the company w.e.f. November 14, 2023.
Meanwhile, the company's domestic sales in Q2FY24 fell to Rs 33 crore from Rs 836 crore in Q2FY23. It reported Ebitda loss of Rs 23 crore as against Rs 194 crore profit last year. Similarly, it logged net loss of Rs 152 crore in the recently concluded quarter as against net profit of Rs 73 crore in Q2FY23.
It said State Bank of India has filed an application before NCLT, Delhi seeking initiation of Corporate Insolvency Resolution Process against the company which is being contested. The company continues to explore the possibility of an out of court settlement with its lenders.
Ceat: Maharashtra Pollution Control Board (MPCB) has issued restart directions, permitting to restart the operations at the Bhandup plant of the company with certain conditions to be complied with.
MSCI rejig: Nuvama Alternative & Quantitative Research estimates $290 million worth of inflows into IndusInd Bank, $264 million in Suzlon Energy, $258 million in Persistent Systems, and $163 million in One97 Communications, if these companies see potential inclusion into MSCI Standard Index.
Vedanta: The company will file an appeal with the Appellate Authority against the Goods and Services Tax (GST) demand notice for 49.88 crore.
Federal Bank: Fedbank Financial Services received capital markets regulator Sebi's approval to raise funds through initial public offerings (IPO).
Yatra Online: The online travel aggregator's consolidated net losses surge nearly 11X year-on-year (Y-o-Y) to Rs 17.1 crore in Q2FY24. This comes against a net loss of Rs 1.56 crore last year, and a net profit of nearly Rs 6 crore in Q1FY24. Revenues from operations jumped 14 per cent Y-o-Y to Rs 94.1 crore, while total expenses zoomed 25.4 per cent Y-o-Y to Rs 113.5 crore.
Indiabulls Housing Finance: It reported a marginal 3 per cent rise in consolidated net profit to Rs 298 crore in the September quarter of FY24. Its total income during the quarter under review rose to Rs 2,242 crore from Rs 2,231 crore Y-o-Y, but interest income declined to Rs 1,731 crore compared to Rs 2,126 crore a year ago.
Adani Ports: Adani Ports and Special Economic Zone Ltd (APSEZ) registered its highest ever half-yearly revenue of Rs 12,894 crore, and Ebitda of Rs 7,429 crore in the second-quarter.
ISGEC Heavy Engineering: The company has decided to infuse additional equity up to Rs 255 lakh in the equity capital of Isgec Titan Metal Fabricators Private Limited, joint venture and subsidiary of the company.
Kalyan Jewellers: Kalyan Jewellers reported 27.33 per cent Y-o-Y growth in consolidated profit after tax at Rs 134.87 crore in Q2FY24, with revenue from operations growing 27.11 per cent Y-o-Y to Rs 4,414.53 crore. Ebitda jumped 18 per cent Y-o-Y to Rs 314 crore but Ebitda margin fell to 7.1 per cent from 7.7 per cent last year.
IDFC First Bank: The Bank has received observation letter with 'no objection' from the National Stock Exchange of India Limited, and observation letter with 'no adverse observations' from BSE Limited with regards to its amalgamation with IDFC Limited and IDFC Financial Holding Company.
