Stocks in Focus: GIFT Nifty traded flat at 19,463.5 down  merely 4 points or 0.02%, indicating a lacklustre opening for domestic indices NSE Nifty 50 and BSE Sensex on Tuesday. Previously on Monday, the NSE Nifty 50 soared 181.15 points or 0.94% to settle at 19,411.75, while the BSE Sensex added as much as 594.91 points to 64,958.69. 

“Nifty’s bullish run over the past three consecutive days stands as a testament to India’s economic prospects. This surge is largely attributed to Fitch’s optimistic upward revision of mid-term GDP growth forecasts. The overall market reflects this confidence, with most sectoral indices in positive territory, driven by expectations of potential rate cuts by the Federal Reserve in 2024. Notably, Zomato’s remarkable 6% gain and its achievement of a market capitalization exceeding Rs 1 lakh crore are standout moments,” said Prashanth Tapse, Senior VP (Research), Mehta Equities.

“While  technical analysis paints a favorable picture, the primary challenge remains the breach of the 19,707 resistance level, cushioned by robust support at 19,225. The 200-day moving average at 18,650 remains a solid foundation for the long-term perspective, cementing Nifty’s current bullish trajectory,” Prashanth Tapse added.

Stocks To Watch: Nykaa, Ambuja Cement, Adani Power, Wipro, Bharti Airtel, Jain Irrigation Stocks To Watch: Zomato, Reliance Industries, L&T, Ola Electric, Cyient DLM, Petronet LNG, Genus Power Stocks To Watch: Hindalco, Godrej Consumer Product, Apollo Tyres, Radico Khaitan, NHPC, Maruti Suzuki, Eicher Motors, LIC Stocks To Watch: Bharti Airtel, ONGC, BEML, Adani Energy Solutions, Bharti Hexacom, Lupin, Shree Cement

Stocks to Watch on November 7, 2023

Adani Energy 

The company reported a substantial 46% increase in its consolidated net profit, reaching Rs 284 crore for the September quarter of 2023-24, primarily driven by increased revenues. In the corresponding period last year, the company’s profit stood at Rs 194 crore, according to an official company statement. The total revenue for the quarter surged to Rs 3,421 crore, up from Rs 3,032 crore in the same quarter the previous year. The growth in revenue for this quarter can be attributed to a variety of factors, including the addition of new customers, as stated by the company. Furthermore, the proportion of renewable energy in the overall energy mix has risen to 38%.

Gland Pharma 

Indian generic injectables maker Gland Pharma posted a weaker-than-expected second-quarter profit on Monday, as higher employee expenses eclipsed strong sales in key markets, reported Reuters. The company, majority owned by China’s Shanghai Fosun Pharmaceutical Group Co, said its consolidated net profit fell nearly 20% to Rs 194 crore, falling short of analysts’ average expectation of Rs 213 rupees per LSEG data.

Hindustan Petroleum Corporation (HPCL)

State-owned Hindustan Petroleum Corporation reported a consolidated net profit of Rs 5,826.96 crore in the second quarter of FY24, against a loss of Rs 2,475.69 crore in the same quarter last financial year. Improved marketing margins on the back of discounted Russian Urals and inventory gains even as the oil marketing companies (OMCs) kept the prices of auto fuels unchanged helped the company recover losses incurred when rates were high last year.

Radico Khaitan 

The company on Monday posted a 19% increase in its consolidated net profit to Rs 64.83 crore for the second quarter of FY24, reported PTI. The company had posted a consolidated net profit of Rs 54.48 crore a year ago, Radico Khaitan said in a regulatory filing.

Bikaji Foods 

The company posted second quarter profit for the financial year 2023-24 at Rs 59.78 crore, up 46.1% as comparison to Rs 40.93 crore during the same period last year. It posted revenue from operations at Rs 608.69 crore, up 5.5% on-year. The company had recorded revenue of Rs 576.97 during Q2FY23. The company’s EBITDA stood at Rs 89 crore, up 39% on-year. 

V-Mart

The company reported a net loss of Rs 64.12 crore for the second quarter of FY24 compared to the net loss of Rs 11.31 crore in Q2FY23, according to a regulatory filing by the value retailer. Revenue from operations in the September quarter was Rs 549.43 crore. It was at Rs 506.16 crore in the corresponding quarter, reported PTI.

Indian Energy Exchange IEX

The  power trading platform regulated by the Central Electricity Regulatory Commission, reported a 21% increase in its electricity volume, reaching 9,260 million units (MU) in October compared to the same period last year.This surge in electricity volume aligns with a 22% year-on-year (y-o-y) rise in India’s power demand to 139 billion units (BU) in October, according to data by GRID-INDIA. Demand for power increased owing to increase in electricity consumption, below-average rainfall in October, and a lower base from the same month last year.

Companies scheduled to report their Q2 earnings today-

Indian Railway Catering & Tourism Corporation

Zydus Lifesciences 

Apollo Tyres

Power Grid Corporation of India

Alkem Laboratories

Alembic Pharmaceuticals

Balrampur Chini Mills

Ideaforge Technology

Cummins India

(With agency inputs.)