Stocks To Watch on October 19: GIFT Nifty on the NSE IX traded 21 points, or 0.11 per cent, lower at 19,572.50, signaling that Dalal Street was headed for negative start on Thursday. Here’s a slew of stocks that will be in focus today for various reasons.
Q2 Results to Watch: Aarti Drugs, CoForge, Cyient, Equitas SFB, Havells India, HFCL, Hindustan Unilever, Indoco Remedies, ITC, Jindal Stainless, Mastek, Metro Brands, MphasiS, Nestle India, PVR Inox, South Indian Bank, Tata Coffee, Tata Communications, United Breweries, UltraTech Cement and Voltas are few of the prominent companies scheduled to report September quarter results today.
Travel, Hospitality: As the festival season gains momentum, there has been a surge in airfares and hotel tariffs for the upcoming Diwali week. Airfares on major routes across India surged by up to 44 per cent from previous Diwali week. Robust demand and limited capacity, aided by Go First’s insolvency and SpiceJet’s financial stress, seem to be driving the extraordinary rise in fares.
Reliance Industries (RIL): HSBC Holdings has nearly doubled the size of a loan arrangement to part of Indian billionaire Mukesh Ambani’s business empire. The London-based bank originally provided a $73 million loan facility to a subsidiary of RIL, shortly after it acquired the Stoke Park estate in southeast England in 2021.
Bajaj Auto: Posted a 17.5 per cent year-on-year (YoY) rise in consolidated net profit for the September quarter of FY24 to Rs 2,020 crore, riding on the back of a 6.3 per cent rise in revenue from operations to Rs 10,838 crore. The company plans to launch six new products and upgrades in the 125 cc plus category after Diwali, Rakesh Sharma, executive director said.
Wipro: The Information technology (IT) services firm reported almost flat growth in net profit (at Rs 2,667 crore) and a marginal decline in revenue for Q2FY24 amid an uncertain global economic outlook and weak client demand. Further, Wipro forecast that its Q3 revenue might drop 3.5 per cent to 1.5 per cent sequentially on a constant currency basis.
IndusInd Bank: Reported a 22 per cent YoY growth in net profit at Rs 2,202 crore for Q2FY24, compared to Rs 1,805.28 crore in Q2FY23. Net Interest Income (NII) grew 18 per cent YoY to Rs 5,077 crore.
LTIMindtree: Consolidated net profit for Q2FY24 slipped 2.2 per cent to Rs 1,162.3 crore, compared to Rs 1,189 crore in the corresponding quarter a year ago. Revenue from operations, however, rose 8.2 per cent to Rs 8,905.4 crore.
ICICI Lombard General Insurance: Q2FY24 net profit was down 2.3 per cent at Rs 577.25 crore as against Rs 590.53 crore in Q2FY23. The dip was attributed to a rise in overall expenses, which offset robust growth in Gross Direct Premium Income (GDPI).
Bandhan Bank: Reported over 3- fold jump in net profit to Rs 721 crore for Q2FY24; Total income increased 18.4 per cent YoY to Rs 5,032 crore. The loan portfolio of the Kolkata-headquartered bank rose by 12.3 per cent YoY to Rs 1.08 lakh crore.
Dabur: The company’s three foreign subsidiaries namely – Namaste Laboratories LLC, Dermoviva Skin Essentials Inc. and Dabur International Ltd – are facing cases in federal and state courts in the US and Canada.
IIFL Finance: Posted a 32 per cent YoY growth in its consolidated net profit to Rs 526 crore for Q2FY24. NII increased by 38 per cent YoY to Rs 1,001 crore.
UTI Asset Management Company: Net profit declined by 8 per cent YoY to Rs 183 crore. Total income was down 7 per cent at Rs 404 crore.
Bank of Baroda: After facing regulatory wrath for alleged attempts to inflate registrations for mobile application ‘BoB World’, the bank has begun action, which included suspension of employees charged for tampering with customer data.
Power Grid Corporation: The Cabinet Committee on Economic Affairs (CCEA) has given its approval for viability gap funding (VGF) to the state-owned firm for the construction of the Green Energy Corridor-II (GEC-II) in the Ladakh region at an estimated cost of Rs 20,773.70 crore.
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