GIFT Nifty indicated that Indian equity indices BSE Sensex and NSE Nifty 50 may see a positive opening on Tuesday. Here’s a look at the key stocks to watch in trade.

Stocks in Focus: GIFT Nifty traded up by 57 points or 0.26% at 21,737.50 indicating a positive opening for domestic indices NSE Nifty 50 and BSE Sensex on Tuesday. Previously, on Saturday, the NSE Nifty 50 lost 50.60 points or 0.23% to settle at 21,571.80, while the BSE Sensex declined by 259.58 points or 0.36% to 71,423.65.

Stocks to Watch on January 23, 2024

Cipla

Stocks To Watch: Zomato, Paytm, RVNL, Zen Technologies, Alkem Laboratories 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: Realty Stocks, Lupin, Tata Power, PB Fintech, SBI, Suzlon Energy, Godrej Consumer, ABFRL

On Monday, Cipla reported a jump of 32% in its consolidated net profit at Rs 1,056 crore for the quarter as the company’s sales across geographies grew. 

The company posted a consolidated net profit of Rs 801 crore in the same quarter a year ago. Total revenue from operations in the quarter ending December rose to Rs 6,604 crore against Rs 5,810 crore in the year-ago period.

Coforge

Coforge reported its December quarter results on Monday and posted a 31% jump in its net profit sequentially at Rs 238 crore from Rs 181 crore reported during the last quarter. The company reported a 4.2% gain in net profits, against Rs 228.2 crore year over year. For FY 23-24, the company has also declared an interim dividend of Rs 19 per share with a face value of Rs10 for each fully paid-up share in the company.

Vedanta

India Ratings and Research Pvt Ltd has revised its ratings on the long-term bank facilities and debt instruments of the Company to ‘IND A+’ from ‘IND AA-‘ and the ratings on short-term debt instruments of the Company to ‘IND A1’ from ‘IND A1+’ and placed these ratings on ‘Rating Watch with Developing Implications’ from ‘Rating Watch with Negative Implications’, according to a press release. 

Oberoi Realty

On Monday, Oberoi Realty recorded a 49% decline in consolidated net profit to Rs 360.15 crore for the quarter.

The company’s net profit came in at Rs 702.57 crore in the same quarter year-ago.  The company’s total income declined to Rs 1,082.85 crore in the quarter ending December Rs 1,651.50 crore a year ago.

Mahindra Logistics

Mahindra Logistics received an Order from the Office of Assistant Commissioner, Chennai Central, Tamil Nadu, imposing a penalty of Rs 2.5 crore for the period April 2018 to March 2019 under applicable provisions of the TN GST Act 2017, CGST Act 2017 and IGST Act 2017, in relation to alleged short payment of taxes on outward supply and excess/incorrect Input Tax Credit claimed by the Company, according to a press release. 

Karur Vysya Bank

Karur Vysya Bank reported a 42.56% jump in its net profit for the quarter ending December to Rs 412 crore against Rs 289 crore during the same quarter a year ago.

Total income during the quarter increased to Rs 2,497.17 crore from Rs 2,012.71 crore during the same period of last year.

Adani Ports and SEZ

S&P Global Ratings has reaffirmed its investment grade rating ‘BBB-‘. The rating company has changed the outlook to STABLE from negative, said an exchange filing.

Raymond 

Raymond incorporated a wholly owned subsidiary company by the name ‘JKFEL Tools and Technologies Limited’ on January 22, 2024 for consolidation of Engineering Businesses, according to an exchange filing. 

Keystone Realtors

Keystone Realtors has been selected as the Developer of choice to redevelop the plot and premises of 2 societies: Veena Nagar Co-operative Housing Society Limited & NeelKamal Ghruh Cooperative Housing Society Limited (the “Societies”). A Letter of Intent has been issued by the said Societies to that effect. The project will be developed on the combined land measuring approximately 12,120 square meters in Malad (W), Mumbai, Maharashtra, said an exchange filing.

Hindustan Petroleum 

The Company’s board had earlier approved formation of a Wholly Owned Subsidiary for consolidating the existing green business of the Company under one umbrella and also foraying into new areas of Green/ Renewable Energy business. 

In line with the approval and subsequent compliance with the necessary regulations, the WOS is incorporated and the Certificate of incorporation from the Ministry of Corporate Affairs has been received on 19.01.2024, the company said in an exchange filing. 

Uflex

The Company has entered into a Power Purchase Agreement and Share Subscription and Shareholders’ Agreement for acquisition of 9.49 % equity shares aggregating to Rs 6.24 Crores in Amplus Phoenix Energy Private Limited (“Amplus Phoenix”). 

This investment is intended for the purpose of sourcing green/renewable power on a long term basis under group captive power policy and to reduce green-house gas emissions, according to a press release. 

State Bank of India

The bank has acquired 6.35% of Canpac Trends.

Key Earnings in Focus Today 

Gandhar Oil Refinery, Axis Bank, Pidilite Industries, REC, Havells India, JSW Energy, United Spirits, CG Power and Industrial Solutions, Indus Towers, Tata Elxsi, L&T Finance Holdings, Sona BLW Precision Forgings, KEI Industries, Hitachi Energy India, Tanla Platforms, Mahanagar Gas, Granules India, Route Mobile, Glenmark life Sciences, Karnataka Bank ltd, Infibeam Avenues, Gravita India, Rattanindia Power, Puravankara, Cyient DLM, Rallis India, Indoco Remedies, Apcotex Industries.