 "BSE, stock market, sensex")
Stocks to Watch on Tuesday, January 23, 2024: Benchmark indices are likely to start trade on a gung-ho note taking cues from the record breaking US market. At 08:00 AM, Gift Nifty futures quoted around 21,750 levels, suggesting a likely gap-up of around 150 points.
Overnight, the S&P 500 and Dow Jones scaled fresh peaks and ended with gains up to 0.4 per cent. Nasdaq too added 0.3 per cent as US bond yields dipped a bit.
This week, the focus will be on the Bank of Japan’s policy meeting today, and the European Central Bank policy meeting on Thursday. Next week, the US Federal Reserve meeting is scheduled for Jan 30-31.
This morning in Asia, Nikkei and Taiwan gained 0.7 per cent. Straits Times and Kospi were up 0.3 per cent.
Meanwhile, here are the stocks that are likely to be on investors' radar on Tuesday.
Medi Assist Healthcare Services: The stock is likely to debut on a positive note, with gains up to 10 per cent, post a strong response to its IPO.
Earnings today: Axis Bank, CG Power, Cyient DLM, Granules India, Havells India, ICRA, Indus Towers, JSW Energy, Karnataka Bank, L&T Housing Finance, Lloyds Engineering, Puravankara, Rallis India, RECL, Tanla Platforms, Tata Elxsi and United Spirits are some of the prominent companies scheduled to announce December quarter results on Tuesday.
Zee Entertainment: After two years of hectic negotiations, Sony Pictures Networks India on Monday issued a termination notice to Zee Entertainment on their merger agreement. Sony has also sought $90 million in termination fees from Zee. Read More
Central Bank of India: The state-run bank has approached the government with a proposal for an offer for sale (OFS) instead of a fresh issue of equity through routes like qualified institutional placement (QIP) or a rights issue. Read More
Cipla: The company's Q3 net profit jumped 32 per cent to Rs 1,055.90 crore for the quarter ended December 2023 when compared to the year ago quarter. Revenue grew 13 per cent year-on-year (YoY) to Rs 6,505.66 crore.
Oberoi Realty: The company’s Q3 consolidated net profit for the December 2023 quarter dipped 21 per cent to Rs 360 crore when compared with Rs 456 crore in Q3Fy23. Total income was down 12.9 per cent YoY at Rs 1,082.85 crore.
MRPL: The company reported a turnaround in Q3FY24 with a net profit of Rs 387.06 crore as against a net loss of Rs 187.96 crore in Q3FY23. Total income, however, was down 8.4 per cent YoY at Rs 28,422.99 crore.
Hindustan Zinc: Driven by the traditional wedding season, government's focus on renewable energy and the company prioritising production as part of its short-term strategy. silver-related sales for the company surged 44 per cent in Q3FY24 from a year ago. Profit from this segment also witnessed a fillip, up by almost 50 per cent.
JSW Group: The Odisha government on Monday approved 14 proposals including the JSW Group's plan to set up electric vehicles and component manufacturing units in Cuttack and Jagatsinghpur districts with an investment of Rs 40,000 crore.
Colgate-Palmolive India: Q3FY24 net profit jumped 35 per cent to Rs 330 crore as against Rs 243 crore a year earlier. Sales rose 8.2 per cent YoY to Rs 1,386 crore.
Coforge: Q3FY24 net profit was up 4.3 per cent at Rs 236 crore on deal wins as against Rs 228 crore in Q3FY23. Revenue from operations grew 13 per cent YoY to Rs 2,323 crore. The IT firm has reiterated its revenue growth forecast for fiscal year 2024.
Karur Vysya Bank: The Tamil Nadu-based bank posted a 43 per cent rise in net profit for Q3FY24 at Rs 412 crore when compared with Rs 289 crore in the corresponding quarter a year ago. Total income increased by 24 per cent YoY to Rs 2,497 crore, while Net interest income grew by 12.6 per cent to Rs 1,001 crore.
Tamilnad Mercantile Bank: Reported a marginal 1 per cent rise in net profit at Rs 284 crore for Q3FY324 as against Rs 280 crore in Q3FY23. Total income increased by 18 per cent YoY to Rs 1,387 crore.
Stocks in F&O ban today: Aditya Birla Retail, Balrampur Chini, Delta Corp, Indian Energy Exchange, IRCTC, National Aluminium, OFSS, Polycab India, RBL Bank, SAIL and Zee Entertainment are the 10 stocks in futures & options ban period on Tuesday.
