Indications from GIFT Nifty trends suggest a pessimistic opening for the overall index in India, reflecting a decline of 43.50 points or 0.20 percent. Nifty futures are currently hovering around the 21,406 level in trading.
On January 17, the Indian market experienced its most significant single-day decline in 18 months, driven by HDFC Bank’s disappointing performance in Q3. This led to a downturn in the banking sector, causing turbulence in the equity benchmarks, exacerbated by unfavorable global cues.
Here’s a slew of stocks that will be in focus today on January 18;
HDFC Bank: On January 18, attention will be on equity shares, particularly as HDFC Bank’s American Depository Receipt (ADR) closed significantly lower, dropping by 9 percent to $55.59 on the NYSE on January 17. This decline followed a generally negative assessment by most analysts regarding the private sector lender’s lackluster financial results for the quarter ending December FY24.
In its report on Tuesday, HDFC Bank disclosed a 2.65 percent increase in consolidated net profit, reaching Rs 17,258 crore for the October-December period, compared to Rs 16,811 crore in the preceding September quarter.
Bharat Electronics: On Wednesday, the aerospace and defense PSU announced the acquisition of two orders totaling Rs 1034.31 crore. The cumulative orders for FY24 now stand at Rs 27,647.31 crore.
NHPC: The government plans to divest a 3.5 percent stake in the power company through an offer-for-sale (OFS), setting a floor price of Rs 66 per share. The OFS includes a base issue size of 2.5 percent and a green shoe option of 1 percent. Non-retail investors can participate in the OFS starting January 18, while retail investors will have the opportunity to do so from January 19.
Asian Paints: It disclosed a consolidated net profit of Rs 1,447.98 crore for the December quarter, marking a 35% increase compared to Rs 1,072.67 crore reported a year ago. This growth was attributed to the decline in raw material prices and an expansion in the luxury products segment. The company’s revenue for the quarter saw a 5.4% rise, reaching Rs 9,074.9 crore, driven primarily by double-digit growth in the industrial business and the prolonged festive season.
Mahindra and Mahindra: Mahindra Aerostructures (MASPL), a subsidiary, and Airbus Aerostructures GmbH have agreed to produce and supply metallic components for all Airbus commercial aircraft models, including the popular A320 family. As per the contract terms, MASPL will deliver nearly 5,000 metallic components to Airbus in Germany, sourced from its manufacturing facility in India.
IIFL Finance: The company recorded a 17.2 percent year-on-year decrease in standalone profit, amounting to Rs 131.65 crore for the quarter ending December FY24. This decline was partially influenced by higher net loss on fair value changes, net loss on derecognition of financial instruments, and impairment on financial instruments. Despite this, revenue from operations experienced a significant 17.65 percent year-on-year increase, reaching Rs 1,158.7 crore in Q3 FY24.
RailTel Corporation of India: The government-owned railway corporation has been awarded a work order valued at Rs 82.4 crore from South Central Railway.
LTIMindtree: The corporation achieved a 0.6 percent quarter-on-quarter growth in net profit, reaching Rs 1,169.3 crore for the quarter concluding December FY24, primarily attributable to a subdued performance in operating margins. Revenue from operations in the third quarter of FY24 saw a 1.2 percent quarter-on-quarter increase to Rs 9,016.6 crore. In comparison, revenue in dollar terms also experienced a 0.8 percent sequential growth, amounting to $1,083.7 million for the quarter.
ICICI Prudential Life Insurance Company: The life insurance firm recorded a 3.1 percent year-on-year growth in net profit, amounting to Rs 227.47 crore for the quarter concluding December FY24.
Avenue Supermarts: This supermarket chain is a defensive play and could be a good option if the market falls.
Nazara Technologies: This gaming company recently raised funds through a preferential allotment, which could boost its stock price.
Innova Captab Ltd: This pharmaceutical company is expected to release its Q3FY2024 results today, so its performance can be monitored.
IndusInd Bank: This bank is also releasing its quarterly results today, making it a stock to watch.
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