Stocks to watch today: Benchmark Sensex and Nifty indices are expected to open strongly on January 24, as indicated by positive trends in GIFT Nifty, which showed a gain of 87 points for the broader index.
Also read: Terrible Tuesday! Why did Sensex break today? Will the stock market bounce again?
On January 23, the equity market continued its decline from the previous session, with both the Sensex and Nifty50 falling by 1.5 per cent. This decline was seen in various sectors except the pharmaceutical sector.
By the closing bell, the Sensex was down 1,053.10 points or 1.47 per cent at 70,370.55, while the Nifty was down 333.00 points or 1.54 per cent at 21,238.80.
Here are several stocks that will be in focus on January 24 for various reasons;
Mahindra & Mahindra Financial Services: The board has approved the non-banking finance company to issue secured non-convertible debentures (NCDs) worth Rs 3,000 crore through private placement. The issue comprises a base issue size of up to Rs 500 crore and a green shoe option of up to Rs 2,500 crore, with a face value of Rs 1 lakh per debenture.
Bharti Airtel: On Tuesday, the telecom service company expressed its intention to make prepayment of Rs 8,325 crore to the Department of Telecommunications towards spectrum dues. The purpose of this prepayment is specifically to settle a part of the deferred liabilities associated with the spectrum acquired in the 2015 auction. These liabilities carry an interest cost of 10 per cent, the company revealed in an exchange filing.
Pidilite Industries: The adhesives maker has achieved a substantial 66 per cent year-on-year growth in consolidated profit to Rs 511 crore in the quarter ended December FY24, supported by strong operating performance. During the quarter, revenue from operations also witnessed a growth of 4.4 per cent year-on-year, reaching Rs 3,130 crore.
L&T Finance Holdings: The non-banking finance company has announced a consolidated net profit of Rs 640 crore for the October-December period of FY24, a growth of 41 per cent over the same period last year. Net interest income for the quarter also saw a growth of 8 per cent year-on-year, reaching Rs 1,833 crore. Additionally, Sudipta Roy has been appointed as the Managing Director and Chief Executive Officer of the company for a period of five years with effect from January 24.
axis Bank: The private sector lender reported 3.7 per cent year-on-year growth in net profit to Rs 6,071.1 crore in the quarter ended December FY24, with asset quality remaining stable. During the quarter, net interest income witnessed a growth of 9.4 per cent to reach Rs 12,532 crore with a net interest margin of 4.01 per cent compared to the same period last year. In terms of asset quality, gross non-performing assets (NPAs) declined 15 basis points quarter-on-quarter to 1.58 per cent, and net NPAs remained stable at 0.36 per cent sequentially.
Tata Elxsi: Tata Elxsi, a provider of design and technology services, disclosed 6% year-on-year (YoY) growth in net profit for the quarter ended December 2023, reaching Rs 206.4 crore, compared to Rs 194.6 crore in the same period. Was. last year. Revenue from operations witnessed a growth of 11% year-on-year, reaching Rs 914.2 crore compared to Rs 817.7 crore in the same quarter last financial year.
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