Stocks to watch- Hindustan Petroleum Corporation, Power Grid Corporation, SJVN

Stocks to watch: Hindustan Petroleum Corporation, Power Grid Corporation, SJVN

Stocks in Focus: GIFT Nifty traded up 38.5 points or 0.20% at 19496.5, indicating a positive opening for domestic indices NSE Nifty 50 and BSE Sensex on Wednesday. Previously on Tuesday, the NSE Nifty 50 slipped 5.05 points or 0.03% to settle at 19,406.70, while the BSE Sensex dropped 16.29 points or 0.03% to 64,942.40.

“Profit taking in select stocks ended the 3-day rally as key indices ended marginally lower in a sluggish trading session. Due to weakness in Asian and European markets, investors traded with caution back home even as crude oil prices declined further. The fall was quite sharp in early trades, but markets pared losses and languished in negative territory thereafter. Technically, the confirmation of strength for Nifty can be seen only above its biggest hurdles at 19,707 mark, while support is placed at 19,225 mark,” said Prashanth Tapse, Senior VP (Research), Mehta Equities.

Power Grid Corporation

State-owned Corporation posted a nearly 4% rise in its consolidated net profit to Rs 3,781.42 crore in the second quarter of FY24 compared to Rs 3,650.29 crore in Q2FY23. The rise in the profit was mainly on the back of higher revenues. Total income increased to Rs 11,530.43 crore in the quarter from Rs 11,349.44 crore in the same period a year ago according to the regulatory filings.

SJVN

The company has received a Letter of Intent for the purchase of 200 MW solar power from Uttarakhand Power Corporation (UPCL). “UPCL intends to purchase 200 MW power at a tariff of Rs 2.57 per unit from Company’s 1,000 MW Bikaner Solar Project. The solar project is being developed through SJVN Green Energy Limited, a wholly owned subsidiary of the Company in Rajasthan under CPSU Scheme, with viability gap funding support from Government of India. The power generated from the project shall be used by government entities, either directly or through DISCOMS,” said the company in a regulatory filing.

Trent

Tata-owned company recorded second-quarter profit for the financial year 2023-24 at Rs 234.73 crore, up 152.3% in comparison to Rs 93.02 crore during the same period last year. It posted revenue from operations at Rs 2,982.42 crore, up 52.7% as against Rs 1,952.74 crore during the second quarter of FY23. While the total income during Q2FY24 stood at Rs 3,062.47 crore, Trent incurred total expenses of Rs 2,773.52 crore during the quarter ended September 2023.

Alembic Pharma

Alembic Pharmaceuticals on Tuesday reported second-quarter profit roughly in line with estimates, as higher sales in its domestic and overseas markets offset a jump in expenses. The generic drugmaker’s consolidated net profit came in at Rs 137 for the quarter ended September 30, up 3% from last year, reported Reuters. It was largely in-line with analysts’ estimate of Rs 138 crore as per LSEG data.

Companies scheduled to report their Q2 earnings today-

Oil India

Tata Power Company

BHEL

Lupin

Power Finance Corporation

Nazara Technologies

MCX India

Samhi Hotels

Mazagon Dock Shipbuilders

Patanjali Foods

(With agency inputs.)