Stocks To Watch On 10 November: Hindustan Aeronautics, Ashok Leyland, Aurobindo Pharma, Others In News
Indian equity benchmark indices fell on Thursday amid selling in IT, FMCG and oil shares and foreign fund outflows. In a volatile session, the BSE Sensex fell 143.41 points or 0.22 per cent to close at 64,832.20. The NSE Nifty slipped at 48.20 points or 0.25 per cent to 19,395.30.
FIIs remained net sellers of Indian equities for the 12th consecutive day offloading shares worth Rs 1,712.3 crore.
"Reflecting the mixed global sentiments, the Indian market is mired to a range bound trend with the Nifty index not able to breach above the key level of 19,500. Cues from the Fed Chair's speech have reduced the likelihood of a rate hike in the near term, leading to an ease in US treasury yields and calming the market,” said Vinod Nair, Head of Research at Geojit Financial Services.
“FIIs selling has moderated but inflows continue to be muted on concerns of an elevated interest rate and a global slowdown. Mid- and small caps are back in favour after the recent fall, led by retail activities & good corporate results," he added.
Top Stocks To Watch On 10 November:
Hindustan Aeronautics
State-run HAL and Airbus have signed a deal to establish itself MRO facilities for the A-320 family of aircraft in Nashik, Maharashtra. The facility will be established and ready for aircraft induction by November 2023 after receiving the requisite DGCA approval. Airbus will supply the essential A320 family tool package and offer specialized consulting services to facilitate the establishment of the MRO facility for A-320 family aircraft.
Ashok Leyland
The commercial vehicle maker announced that its board of directors has approved an investment of Rs 1,200 crore in Switch Mobility as equity through its holding company Optare PLC UK. The proceeds will be used to capital expenditure, R&D, and meeting operation expenses.
Aurobindo Pharma
The pharma major on November 9 reported an 85 per cent year-on-year growth in net profit at Rs 757.2 crore for the Julu-September quarter. Revenue from operations increased 25.8 per cent to Rs 7,219.4 crore compared to Rs 5,739.3 crore. US formulation sales, the company's largest segment accounting for 47 per cent of its total revenue, rose 35.7 per cent to Rs 3,385 crore, on the back of strong performance in generic injectables unit Eugia. Europe formulation sales grew 16.7 per cent to Rs 1,769 crore, contributing 24.5 per cent to Aurobindo's total revenue.
Torrent Power
The power company reported revenue from operations of Rs 6,961 crore second quarter of FY24, up 4 per cent compared to Rs 6,703 crore in the year-ago period. The company reported an EBITDA of Rs 1,330 crore against Rs 1,258 crore in the corresponding quarter of previous year.
Piramal Enterprises
The non-banking financial company reported a net profit of Rs 48 crore for the July-September quarter of FY24 compared to loss of Rs 1,537 crore in the year-ago period. The company’s revenue from operations grew 16 per cent to Rs 2,193 crore from Rs 1,893 crore in the same quarter previous year.
