Top Stocks To Watch On 19 October: Indian equity benchmark indices plunged sharply on Wednesday due to profit-booking in banking, financial and energy stocks amid a sharp surge in global crude oil prices. Weak cues from global equity markets and persistent geopolitical concerns also impacted the risk appetite of investors, analysts said. Except Auto and Pharma, all the sectors ended in red. Bank Nifty was the biggest loser with decline of 1.2%.
“Going ahead, the market may witness pressure in near term as the commodity prices of Brent crude and gold surged to 1-month high while US 10-Year bond yield spiked to 16-year to above 4.8%. Investor sentiments would be subdued till the tension between Israel-Gaza subsides. But we expect stock specific actions to continue as more and results get declared,” said Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services Ltd.
“Tomorrow FMCG would be limelight as heavyweights HUL, ITC & Nestle would be declaring their numbers. Midcap IT companies too would be in focus with Cyient, Coforge & Mphasis numbers due tomorrow while Havells and Voltas Q2 results would keep action in consumer durables,” he added.
Here's a list of stocks to watch out today:
The IT-services company has recorded revenue from operations at Rs 22,395.8 crore for the July-September quarter FY24, falling 1.6 per cent quarter-on-quarter. The dollar revenue fell 2.3 per cent sequentially to $2,713.3 million and revenue in constant currency fell 2 per cent during the same period. IT services EBIT margin jumped 10 basis points QoQ to 16.1 per cent for the quarter. The company has announced the merger of its five subsidiaries with itself.
The private sector bank reported standalone profit of Rs 2,181.5 crore for the July-September quarter, up 22.09 per cent YoY, due to fall in provisions and stable asset quality. Net interest income increased 18 per cent to Rs 5,076.7 crore during the quarter. The net interest margin rose 5 bps YoY to 4.29 per cent.
3. Bajaj Auto
The Pune-based automobile company has reported standalone net profit of Rs 1,836.1 crore for the quarter ended September FY24, up 20 per cent year-on-year. The standalone revenue from operations increased 5.6 per cent YoY to Rs 10,777.3 crore on the back of double-digit volume growth and improving export performance. The quarterly EBITDA grew 21 per cent YoY to Rs 2,133 crore, surpassing the Rs 2,000 crore milestone for the first time. EBITDA margin rose 260 bps YoY to 19.8 per cent in September quarter.
The IT company reported net profit of Rs 1,161.8 crore, up 0.9 per cent QoQ for the July-September quarter. The revenue surged 2.3 per cent to Rs 8,905.4 crore. Revenue in dollar terms increased 1.6 per cent QoQ to $1,075.5 million. The EBIT margin slipped 70 bps QoQ to 16 per cent for September quarter. The company has declared an interim dividend of Rs 20 per share.
5. Bandhan Bank
The Kolkata-based private sector bank reported profit of Rs 721.2 crore for the quarter ended September 2023, up 245 per cent YoY due a sharp decline in provisions, but asset quality weakend. Net interest income (NII) stood at Rs 2,442.3 crore, increased of 11.4 per cent YoY. Loan growth came in at 12.3 per cent and deposits rising 12.8 per cent. The board has approved to appoint Abhijit Ghosh, head of finance and accounts, as the interim CFO, with effect from October 20 until a new CFO is appointed.