Stock to Watch Today: A huge decline is being seen in the Indian stock market for the last two days. The market has been continuously falling due to profit booking. However, amidst the signals from the global market, greenery may return to the Indian stock market today. At 7:40 am, Gift Nifty was seen up 28 points at 21,555. Meanwhile, in Asia, Nikkei rose 1.5 percent and Kospi rose 1 percent. On the other hand, the ASX200 and Hang Seng rose up to 0.7 percent. Wall Street indices gained momentum with the Dow Jones Industrial Average rising 0.54 per cent, S&P 500 rising 0.88 per cent and the tech-heavy Nasdaq Composite rising 1.35 per cent. This is likely to boost the domestic market today. In such a situation, these shares will be under watch in the market.
Results of these companies will come: Reliance Industries, Hindustan Unilever, UltraTech Cement, Hindustan Zinc, Supreme Industries, One 97 Communications, Central Bank, CreditAccess Grameen, Hatsun Agro Products, RBL Bank, Tejas Network, Atul, Wendt (India), CESC, Avantel.
Reliance Industries: According to analysts, Reliance Industries’ (RIL) consumer business is expected to lead earnings growth in Q3FY24 performance. While the energy business is expected to show sequential weakness, the consumer business, especially retail, is projected to show strong growth.
IndusInd Bank:The private sector lender reported over 17 per cent year-on-year (YoY) increase in net profit at Rs 2,297.9 crore for the December quarter (Q3FY24). Its net interest income (NII) grew 17.8 percent year-on-year to Rs 5,295.7 crore. Gross non-performing assets (GNPA) stood at 1.92 per cent versus 1.93 per cent quarter-on-quarter. NNPA was stable at 0.57 percent.
jet airways:The Supreme Court has directed Jalan Kalrock Consortium (JKC) to deposit Rs 150 crore by January 31.
Tata Steel: According to a report by the Guardian, Tata Steel has rejected a trade union proposal to keep the blast furnace at Port Talbot Steelworks in Wales, UK, running, which could put around 3,000 jobs at risk.
Bandhan Bank: The Reserve Bank of India has approved the appointment of Rajinder Kumar Babbar as a Whole-time Director (designated as Executive Director) of the Bank for a period of three years.
Power Finance Corporation: The company has incorporated two special purpose vehicles (KPS III HVDC Transmission Limited, and Barmer I Transmission Limited) for the development of transmission systems for evacuation of power from potential renewable energy areas in Rajasthan and Gujarat.
rec: Ministry of New and Renewable Energy, Government of India has designated REC Limited as the overall program implementing agency for the Rooftop Solar (RTS) programme.
Supreme Petrochem: It reported net sales of Rs 1,183.32 crore in Q3FY24, compared to Rs 1,177.39 crore a year ago. Furthermore, the company earned a net profit of Rs 67.66 crore, which is 25 percent less than last year’s profit of Rs 89.85 crore. However, the company said, missile attacks launched by Yemen’s Houthi rebels on commercial ships since late November are impacting exports of the company’s products to Europe, including the US and Turkey.
Magnum Ventures: The board has approved the rights issue of Rs 48.92 crore. It has set the record date as Thursday, January 25, 2024.
Finolex Industries: During the December quarter, the company’s total income fell 8.5 per cent year-on-year to Rs 1,054.81 crore, while its net profit rose 20 per cent year-on-year to Rs 95.40 crore.
Metro Brands:The Board has approved an interim dividend of Rs 2.75 per equity share on the face value of Rs 5 paid-up equity shares for FY24. The record date for this will be January 31, 2024. Its net profit fell 12.6 percent year-on-year to Rs 97.81 crore.
mastek:The board of directors has declared an interim dividend of Rs 7 for FY24 with the record date on January 27.
Lupine:The pharma major has received approval from the United States Food and Drug Administration (USFDA) for an abbreviated new drug application for febuxostat tablets, 40 mg and 80 mg for marketing the generic equivalent of Uloric tablets, 40 mg and 80 mg. Takeda Pharmaceuticals U.S.A., Inc. The product will be manufactured at Lupine’s Pithampur facility in India.