Stocks to watch- Tata Steel, Hero MotoCorp, BPCL, GAIL, Tata Power, ITC

Stocks to watch: Tata Steel, Hero MotoCorp, BPCL, GAIL, Tata Power, ITC

Stocks in Focus: GIFT Nifty traded up 32.5 points or 0.17% at 19,217.5, indicating a positive opening for domestic indices NSE Nifty 50 and BSE Sensex on Thursday. Previously on Wednesday, the NSE Nifty 50 dropped 90.45 points or 0.47% to settle at 18,989.15, while the BSE Sensex shed as much as 283.60 points to 63,591.33.

“Investors continued to trade with caution and trimmed their equity exposure as markets extended fall for the second straight session amid selling in metal, power, auto and banking stocks while gains in telecom stocks curbed losses. FIIs offloading shares in the domestic market continues to hurt sentiment while strong US growth indicators indicate that interest rates may stay elevated going ahead. Investors sentiment was also primarily clouded by lingering concerns about corporate India’s Q2 earnings which as of now is uninspiring. Technically, upside in Nifty could be seen only above the biggest hurdle at 19,289 mark, while support is placed at 18,823 mark,” said Prashanth Tapse, Senior VP (Research), Mehta Equities.

Hero MotoCorp

The world’s largest two-wheeler manufacturing company has reported a 47.6% rise in consolidated Profit After Tax (PAT) at Rs 1,007.04 crore in the second quarter of FY14, driven by higher revenue as compared to Rs 682.28 crore in Q2FY23. Consolidated revenue from operations stood at Rs 9,533.07 crore in the second quarter of the ongoing fiscal as against Rs 9,158.23 crore in the year-ago period, Hero MotoCorp said in a regulatory filing. The company sold 14.16 lakh units of motorcycles and scooters during the quarter, with total expenses of Rs 8,385.5 crore, up from Rs 8,292.25 crore in Q2FY23.

BPCL, GAIL

State-owned Bharat Petroleum Corporation and GAIL (India) signed an agreement on Wednesday committing to supply propane for 15 years to GAIL’s PDH-PP (Propane Dehydrogenation and Polypropylene) Plant project in Usar, Maharashtra. BPCL will provide 600 KTPA of propane to GAIL from its LPG facility at Uran under the 15-year supply contract with an estimated value of Rs 63,000 crore.

ITC

The Centre has decided not to disinvest its prized holding in ITC, India’s largest cigarette-to-hotel conglomerate, for the next few years for “strategic reasons,” sources told FE. The stake is held through the Specified Undertaking of the Unit Trust of India (SUUTI).

The 7.87% SUUTI equity in ITC at the current market price is worth Rs 42,000 crore. The value of this stake has increased by nearly a quarter in the past eleven months, and more than doubled in less than two years.

Tata Power

Tata Power on Wednesday said it had appointed Deepesh Nanda as the president-renewables and CEO and MD of Tata Power Renewable Energy (TPREL), a subsidiary of Tata Power, with effect from November 1. Nanda has worked in companies like GE, Flowserve and Tyco. He joined Tata Power from GE Gas Power, where he was the CEO for South Asia, overseeing operations in India, Bangladesh, Sri Lanka, Mauritius and Nepal. He was additionally the president & CEO of GE’s Aero-derivative Gas Turbine business segment for Asia.

Sun Pharma

Sun Pharmaceutical Industries on Wednesday posted fiscal second quarter profit at Rs 2375.51 crore, up 5% in comparison to Rs 2262.22 crore during the second quarter of FY23, beating estimates. It posted revenue from operations at Rs 12,192.41 crore, up 11.3% as against Rs 10,952.28 crore during the quarter ended September 2022. The company EBITDA stood at Rs 3179 crore during the quarter and EBITDA margin for Q2 was at 26.1% vs 27% for Q2 last year.

Godrej Consumer Products

FMCG firm Godrej Consumer Products (GCPL) on Wednesday reported its Q2FY24 profit at Rs 432.77 crore, up 20.6% in comparison to Rs 358.86 crore during the second quarter of FY23, missing estimates. It posted revenue from operations at Rs 3,601.95 crore, up 6.2% as against Rs 3,391.92 crore during the corresponding quarter of last year. The company’s EBITDA stood at Rs 704 crore. According to a CNBC TV18 poll, Godrej Consumer Products was expected to post Q2 profit at Rs 463 crore and revenue for the quarter ended September 2023 at Rs 3,580 crore.

IGL

Indraprastha Gas (IGL) on Wednesday posted fiscal second quarter profit at Rs 552.67 crore, up 29.5% in comparison to Rs 426.84 crore during the same period last year. It posted revenue from operations at Rs 3,822.53 crore, down 2.5% as against Rs 3,922.02 crore during the second quarter of FY23. The company board also declared an interim dividend at 200 per cent, that is, Rs 4 per share at the face value of Rs 2 each on the equity shares of the company for the financial year 2023-24. “The record date for ascertainment of shareholders entitled to receive the aforesaid interim dividend shall be November 15, 2023,” the company said in a regulatory filing.

Companies scheduled to report their Q2 earnings today-

Adani Enterprises

Adani Power

IRFC

Tata Motors

Karnataka Bank

Berger Paints India

Dabur India

Container Corporation of India

Gujarat Gas

Godrej Properties

Minda Corporation

Bombay Dyeing

(With agency inputs.)