Stocks: The BSE Sensex and NSE Nifty 50 Indian market indices could open higher on Tuesday, according to GIFT Nifty. A look at the important stocks to keep an eye on in trading.
Stocks under Watch: On Tuesday, the GIFT Nifty opened higher by 57 points, or 0.26%, at 21,737.50, signaling a bullish start for the local indices NSE Nifty 50 and BSE Sensex. The BSE Sensex dropped by 259.58 points, or 0.36%, to 71,423.65, while the NSE Nifty 50 shed 50.60 points, or 0.23%, to close at 21,571.80 on Saturday.
Stocks to monitor on January 23, 2024
Cipla
Cipla announced on Monday that its consolidated net profit for the quarter increased by 32% to Rs 1,056 crore as sales increased throughout the company’s geographic regions.
A year earlier in the same quarter, the company reported a combined net profit of Rs 801 crore. Compared to Rs 5,810 crore in the same period last year, the total revenue from operations for the quarter that ended in December increased to Rs 6,604 crore.
Coforge
On Monday, Coforge released its results for the December quarter, showing a 31% increase in net profit from the previous quarter’s Rs 181 crore to Rs 238 crore. In comparison to the previous year, the company’s net income increased by 4.2% to Rs 228.2 crore. The business has also announced an interim dividend of Rs. 19 per share for FY 23–24, with a face value of Rs. 10 for each fully paid-up share.
Vedanta
An official press release states that India Ratings and Research Pvt Ltd has updated its ratings for the company’s long-term bank facilities and debt instruments to “IND A+” from “IND AA-” and for its short-term debt instruments to “IND A1” from “IND A1+.” These revisions have been placed on “Rating Watch with Developing Implications” from “Rating Watch with Negative Implications.”
Oberoi Realty
The consolidated net profit for Oberoi Realty for the quarter ended on Monday decreased by 49% to Rs 360.15 crore.
A year before in the same quarter, the company’s net profit was Rs 702.57 crore. Compared to Rs 1,651.50 crore in the same quarter last year, the company’s total income dropped to Rs 1,082.85 crore.
The Mahindra Logistics
In response to the company’s claims of excess/incorrect input tax credit and short payment of taxes on outward supplies, 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.
Karur Vysya Bank
In comparison to the same quarter last year, when it made Rs 289 crore, Karur Vysya Bank recorded a 42.56% increase in net profit to Rs 412 crore for the quarter that ended in December.
Compared to the same period last year, when total income was Rs 2,012.71 crore, it grew to Rs 2,497.17 crore this quarter.
Adani Ports and Special Economic Zone
S&P Global Ratings has maintained its “BBB-” investment grade classification. As per an exchange filing, the rating organization has modified the outlook from negative to STABLE.
Raymond
According to an exchange filing, Raymond created JKFEL Tools and Technologies Limited, a wholly owned subsidiary, on January 22, 2024, for the purpose of consolidating engineering businesses.
Keystone Realtors
For the purpose of redeveloping the plot and premises of two societies—Veena Nagar Co-operative Housing Society Limited and NeelKamal Ghruh Cooperative Housing Society Limited—Keystone Realtors has been chosen as the preferred developer. The aforementioned Societies have released a Letter of Intent to that effect. According to an exchange filing, the project will be built on a joint parcel of land in Malad (W), Mumbai, Maharashtra, that measures about 12,120 square meters.
Hindustan Petroleum
The creation of a Wholly Owned Subsidiary was previously authorized by the board of the company in order to combine all of the company’s current green business operations under one roof and expand into new markets for green and renewable energy.
The WOS is incorporated and the Ministry of Corporate Affairs has issued the Certificate of Incorporation, effective January 19, 2024, in accordance with the approval and subsequent compliance with the relevant rules, the firm stated in an exchange filing.
Uflex
In order to acquire 9.49% equity shares in Amplus Phoenix Energy Private Limited (“Amplus Phoenix”) for a total of Rs 6.24 Crores, the Company has signed into a Power Purchase Agreement, Share Subscription, and Shareholders’ Agreement.
As to the press release, the aim of this investment is to decrease greenhouse gas emissions and secure long-term green/renewable power procurement under the group captive power policy.
State Bank of India
Canpac Trends is now owned by the bank, 6.35% of it.
