Today’s early estimates suggest a higher opening for Sensex and Nifty 50. GIFT Nifty shows a premium of more than 100 points compared to Saturday’s close of Nifty futures, indicating a possible gap-up opening in the Indian market. On Saturday, the closing prices for Nifty 50 were 21,571.80 and for Sensex was 71,423.65.
Here are several stocks that will be in focus on January 23 for various reasons;
Zee Entertainment: The proposed $10 billion merger between Zee Entertainment and Sony Pictures, which was under discussion since 2021, has officially come to an end. Sony issued a termination notice to Zee, stating that the merger failed to close by the specified closing date due to non-fulfillment of the closing conditions. Sony noted that the termination is not expected to have a material impact on its financial position.
Additionally, Sony is seeking $90 million, citing alleged violations of the terms. Zee Entertainment has announced that its board is currently assessing various courses of action, including the possibility of legal action. Notably, the stock is currently subject to restrictions in the Futures and Options (F&O) segment.
ICICI Bank: Year-on-year growth in core operating profit is the lowest in 17 quarters, at 10.3%. Net interest margin (NIM) has fallen to a five-quarter low of 4.52%. Both gross and net non-performing assets (NPAs) are at their lowest in nine years or more. While year-on-year deposit growth is the second highest in 11 quarters, on a sequential basis, it is the lowest in six quarters. The risk-weighted assets and advances ratio, mandated by RBI norms, has hit a 14-quarter high.
Tata Consultancy Services: The country’s largest IT services company has successfully facilitated the integration of Euroclear Finland, Finland’s national central securities depository (CSD), with the European Securities Settlement Engine on its core platform. This transformational initiative increases the efficiency of cross-border settlement for investors dealing with Finnish securities, creating the most advanced post-trade platform in Europe.
Steel Authority of India: The government has immediately suspended Director (Commercial) VS Chakraborty and Director (Finance) AK Tulsiani. Additionally, several officials below the board level have also been suspended, including SK Sharma, ED (F&A) at CMC; Vinod Gupta, ED (Commercial); Atul Mathur, ED (Sales & ITD); and RM Suresh, ED (Marketing Services). The suspension will come into effect immediately.
Cipla: The pharmaceutical company has reported a substantial 31.8 per cent year-on-year growth in its consolidated net profit for the quarter ended December FY24, reaching Rs 1,056 crore. This growth has been supported by double-digit growth in both topline and operating figures. Revenue from operations witnessed a growth of 13.7 per cent year-on-year, totaling Rs 6,604 crore, while EBITDA witnessed a notable growth of 24.2 per cent, reaching Rs 1,748 crore in Q3FY24.
IDFC First Bank: The financial institution has achieved 18 per cent year-on-year growth in profit at Rs 716 crore for the quarter ended December FY24. The quarter saw a substantial growth of 24 per cent in core operating profit, reaching Rs 1,515 crore. In Q3FY24, net interest income witnessed a significant growth of 30 per cent year-on-year, reaching Rs 4,287 crore. Net interest margin also increased from 6.13 percent to 6.42 percent during the same period. Notably, gross non-performing assets (NPAs) declined 7 basis points sequentially to 2.04 per cent, and net NPAs remained unchanged at 0.68 per cent for the quarter.
Koforge: The global IT solutions company has reported a significant quarter-on-quarter growth of 31.5 per cent in net profit for the quarter ended December FY24, at Rs 238 crore, supported by strong operating performance. Revenue from operations saw a growth of 2.1 per cent quarter-on-quarter, reaching Rs 2,323.3 crore, and revenue in dollar terms also saw a 1.4 per cent QoQ growth, at $282 million. Order volume for the quarter stood at $354 million and the company acquired 7 new customers during the period.
Continuous System: The Pune-based IT services company has posted 8.7 per cent quarter-on-quarter growth in net profit to Rs 286.1 crore for the October-December period of FY24, reflecting strong operating margin performance. Along with this, the company has declared an interim dividend of Rs 32 per share for FY24, and it has initiated a split of the face value of shares from Rs 10 per share to Rs 5 per share. Revenue from operations saw a sequential growth of 3.6 per cent, totaling Rs 2,498.2 crore for the quarter. Additionally, revenue in dollar terms increased 3 percent to $300.55 million, taking constant currency topline growth to 3.1 percent.
Medi Assist Healthcare Services: The healthcare third-party administrator is scheduled to publicly list its equity shares on January 23. The final issue price fixed for the shares is Rs. 418 per share.
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