Equity benchmark indices rebounded sharply on Wednesday after falling for the past two sessions, on the back of metal, commodity, and telecom stocks. Sentiments turned buoyant following positive global cues, impressive quarter results, and better-than-expected January PMI data.
The BSE Sensex jumped 689.76 points, or 0.98 per cent, to settle at 71,060.31. The broader NSE Nifty also closed 215.15 points or 1.01 per cent higher at 21,453.95. Most of the beaten-down sectors recovered including IT, PSU Banks, Railways, Metals, Oil & Gas, PSUs, and Media.
“Global markets rallied after the People’s Bank of China said it would cut the reserve requirement ratio for banks on Feb. 5, which should provide a boost to the economy. Investors would now await Manufacturing PMI data from the US & UK later in the day which would provide some direction to the market. Given monthly F&O expiry and long weekend ahead, traders would stay light especially in absence of any major positive trigger,” said Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services Ltd.
Here are the top stocks to watch on 25 January:
Tech Mahindra
The IT major reported a 61 per cent year-on-year decline in net profits at Rs 510.4 crore in the December 2023 quarter, from 1,296.6 crore in the year-ago period. Revenue from operations fell 4 per cent YoY to Rs13,101.3 crore from Rs 13,734.6 crore in Q3FY23.
Bajaj Auto
The two and three-wheeler maker reported a 37 per cent growth in standalone net profit at Rs 2,042 crore compared to Rs 1,491 crore in the year-ago period. Revenue from operations increased by 30 per cent YoY to Rs 12,113.5 crore compared to Rs 9,315 crore in the corresponding period last year.
Tata Steel
The Tata Group company reported a consolidated net profit of Rs 522 crore in the December quarter of FY23, compared to a net loss of Rs 2,501.95 crore in the corresponding quarter of the previous fiscal. Revenue from operations fell 3 per cent YoY to Rs 55,312 crore from Rs 57,084 crore in the year-ago period.
DLF Ltd
The realty major reported a 27 per cent jump in consolidated net profit at Rs 655.71 crore in the third quarter of FY24 compared to Rs 517.94 crore in the year-ago period. Total consolidated income increased to Rs 1,643.51 crore in the reported quarter against Rs 1,559.66 crore in the corresponding period of the previous year.
Coal India
The Cabinet Committee on Economic Affairs (CCEA) has approved setting up a coal-to-SNG (synthetic natural gas) project through a joint venture between Coal India and GAIL with an investment of up to Rs 13,053 crore in West Bengal. Coal India and BHEL will invest Rs 11,782 crore in a coal-to-ammonium nitrate project through a venture in Odisha. Coal India will set up two coal gasification plants to achieve the target of 100 MT coal gasification by 2030.
