Indian equity benchmark indices continued with the profit booking trend and settled in red before recovering half of the losses towards the end. The BSE Sensex ended 359.64 points or 0.51 per cent lower at 70,700.67 on Thursday. The NSE Nifty settled 101.35 points or 0.47 per cent down at 21,352.60. IT, Pharma and FMCG witnessed selling pressure while Oil & gas, Realty and PSUs saw buying interest.
“The benchmark indices closed on a negative note taking cues from the global market as the positive upside coming from the US economy delayed the optimism of a rate cut. FIIs are in a selling mode as the yields on US benchmark bonds rise. The broader market is unable to hold gains as the concerns of high valuations, subpar results, and persisting geopolitical tension in the Middle East, followed by an F&O expiry, are weighing down the market," said Vinod Nair, Head of Research, Geojit Financial Services.
Here are the top stocks to watch on January 29:
Adani Power
The company reported a consolidated net profit of Rs 2,737.96 crore for the quarter ended December 31, 2023, a 300 times increase from Rs 8.77 crore in the year-ago period. The company’s revenue from operations stood at Rs 12,991.4 crore, up 67 per cent from Rs 7,764.41 crore in the same quarter last year.
SBI Cards and Payment Services Ltd
The SBI-backed credit card services provider reported an 8 per cent growth in its net profit at Rs 549 crore in December quarter compared to Rs 509 crore in the corresponding quarter of previous financial year. The company’s total income surged 30 per cent YoY to Rs 4,742 crore from Rs 3,656 crore in year-ago quarter. Its gross NPA stood at 2.64 per cent of gross advances as of December 31, 2023, up from 2.35 per cent as of March 31, 2023. Net NPAs stood at 0.96 per cent as of December 31, 2023, as against 0.87 per cent as of March 31, 2023.
Piramal Enterprises
The company has signed a share purchase agreement to divest entire 20 per cent stake it holds in Shriram Investment Holdings Pvt Ltd to Shriram Ownership Trust for Rs 1,440 crore. The transaction is aligned with the NBFC’s focus on monetizing non-core assets and likely to be completed by March 31, 2024.
HDFC Bank
Life Insurance Corporation (LIC) has received the RBI’s approval to raise its stake in HDFC Bank to up to 9.99 per cent. Currently, LIC owns 5.19 per cent stake in HDFC Bank valued at around Rs 50,000 crore.
Tata Technologies
The global engineering services company reported a 14.7 per cent YoY surge in consolidated profit at Rs 170.22 crore for December 2023 quarter. Revenue from operations increased 14.7 per cent to Rs 1,289.5 crore in the reported quarter.
