Benchmark equity indices settled in red on Tuesday due to selling in heavyweights Reliance Industries, ITC, and Bajaj Finance. The BSE Sensex fell by 801.67 points or 1.11 per cent to settle at 71,139.90. The NSE Nifty declined 215.50 points or 0.99 per cent to close at 21,522.10. The majority of the sectors ended in the red, however, buying was seen in PSU banks amid healthy December quarter results.
“Better than expected Europe’s Q4 GDP data, earnings of mega-cap companies globally, and unexpected reduction in the quarterly borrowing estimate by the Treasury Department kept global markets upbeat. All eyes will be on the Federal Reserve’s policy meeting that will commence today. Though Investors expect the US Fed to maintain the status quo, the direction concerning rate cuts will hold importance. Overall, we expect the market to remain range-bound till the two large events (the US Fed meeting & India’s Interim Budget) unfold,” said Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services Ltd.
Here are the top stocks to watch on 31 January:
TCS
The IT services major announced a 15-year expansion of its partnership with Aviva, the UK’s biggest insurer and pensions provider. The company will deploy a TCS BaNCS-based platform to service 5.5 million Aviva customers to improve the service quality and enhance the claims experience for policyholders.
Larsen & Toubro
The infrastructure major has posted a 15 per cent YoY growth in consolidated net profit at Rs 2,947 crore for the December 2023 quarter. Consolidated revenue from operations increased 19 per cent YoY to Rs 55,128 crore, on the back of a rise in execution of the strong order book in the projects and manufacturing portfolio. L&T received orders worth Rs 75,990 crore at the group level during the quarter, up 25 per cent from a year-ago period.
PB Fintech
The fintech company has recorded a net profit of Rs 37 crore for the quarter ended December FY24, compared to a loss of Rs 87 crore in the year-ago period. Revenue from operations increased 43 per cent YoY to Rs 871 crore during the period. Revenue from the core online marketplaces, Policybazaar and Paisabazaar, rose 39 per cent to Rs 593 crore during the reported quarter.
Dr Reddy’s Laboratories
The pharma company reported 10.6 per cent YoY growth in consolidated net profit at Rs 1,378.9 crore for the December quarter, despite higher tax costs. Revenue from operations jumped 6.6 per cent YoY to Rs 7,215 crore.
VIP Industries
The luggage manufacturing firm has reported a consolidated net profit of Rs 7.15 crore for the December quarter, down 84 per cent YoY due to weak operating numbers with rising input costs. Revenue from operations jumped 3.8 per cent YoY to Rs 546.4 crore for the quarter.
