Benchmark stock indices settled on a flat note in a volatile session on Wednesday as investors stayed on the sidelines ahead of RBI’s interest rate decision on Thursday. The BSE Sensex declined 34.09 points or 0.05 per cent to settle at 72,152. The NSE Nifty ended marginally up by 1.10 points or 0.01 per cent to 21,930.50. Except for IT, all sectors ended in green. Buying was seen in the PSU Bank and Realty sector, while IT saw some profit booking after an up-move in the last few sessions.
"The domestic market exhibited cautious range-bound movement, despite robust PMI data and favourable global cues ahead of RBI policy meet. While no change in stance is anticipated, the RBI's commentary on any hints regarding potential rate cuts and improvements in liquidity will be closely monitored," said Vinod Nair, Head of Research at Geojit Financial Services.
Here are the key stocks to watch on 8 February:
Tata Consumer Products
Tata Consumer Products reported a 9.47 per cent YoY surge in consolidated revenue to Rs 3,803.9 crore for the October-December quarter of FY24, compared to Rs 3,474.6 crore. The company’s EBITDA grew 26.13 per cent to Rs 572.4 crore, up from Rs 453.8 crore at 13.06 per cent a year-ago. However, the company’s net profit declined 17.26 per cent to Rs 301.5 crore against Rs 364.4 crore, primarily attributed to a loss of Rs 91.53 crore from an exceptional item.
Apollo Tyres reported a 2.68 per cent YoY in consolidated revenue to Rs 6,595.36 crore in December quarter against Rs 6,422.75 crore. The company’s EBITDA showed a growth of 32.26 per cent to Rs 1,208.1 crore compared to Rs 913.37 crore, resulting in a margin improvement of 409 basis points at 18.31 per cent against 14.22 per cent. The net profit witnessed massive growth of 78.13 per cent, amounting Rs 496.63 crore compared to Rs 278.79 crore in the year-ago period.
Power Grid Corporation
Power Grid Corporation reported a 2.55 per cent YoY increase in consolidated revenue to Rs 11,549.8 crore from Rs 11.261.8 crore in the year-ago period. The company’s EBITDA increased by 3.22 per cent to Rs 10,212.9 crore, compared to Rs 9,893.5 crore, as the margins improved by 57 bps to 88.42 per cent, up from 87.85 per cent. The net profit grew 10.5 per cent to Rs 4,028.3 crore compared to Rs 3,645.3 crore in the year-ago period.
The natural gas distribution company has signed a Memorandum of Understanding with two technology partners during India Energy Week 2024, with an aim to establish Compressed Bio-Gas (CBG) plants across Delhi, Haryana, Rajasthan, and Uttar Pradesh contributing to the green energy transition.
The US Food and Drugs Association (USFDA0 conducted a Pre-Approval Inspection (PAI) of Piramal Pharma Limited’s Riverview (USA) family from 29 January 2023 to 6 February 2024. A Form-483 was issued with three observations at the conclusion of the inspection.