Stocks To Watch Today: The benchmark Sensex and Nifty indices are expected to open strongly on January 24, as indicated by the positive trends in the GIFT Nifty, showing a gain of 87 points for the broader index.
Also Read: Terrible Tuesday! Why Sensex Crashed Today? Will Stock Market Bounce Back?
On January 23, the equity market continued its decline from the previous session, witnessing a 1.5 percent drop in both the Sensex and Nifty50. This decline was observed across various sectors, excluding the pharmaceutical sector.
By the closing bell, the Sensex had declined by 1,053.10 points or 1.47 percent, settling at 70,370.55, while the Nifty recorded a drop of 333.00 points or 1.54 percent, closing at 21,238.80.
Here’s a slew of stocks that will be in focus on January 24 for various reasons;
Mahindra & Mahindra Financial Services: The board has granted approval to the non-banking finance company to issue secured Non-Convertible Debentures (NCDs) amounting to Rs 3,000 crore through private placement. This issuance 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 telecommunications services company declared its intention to make a prepayment of Rs 8,325 crores to the Department of Telecom for spectrum dues. This prepayment is specifically aimed at settling a portion of the deferred liabilities linked to the spectrum obtained in the 2015 auction. The company revealed in an exchange filing that these liabilities incurred an interest cost of 10 percent.
Pidilite Industries: The manufacturer of adhesives has achieved a substantial 66 percent year-on-year growth in consolidated profit, reaching Rs 511 crore for the quarter ending December FY24, supported by strong operational performance. During the quarter, revenue from operations also experienced a YoY growth of 4.4 percent, 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, marking a 41 percent increase over the corresponding period last year. The net interest income for the quarter also witnessed an 8 percent year-on-year growth, reaching Rs 1,833 crore. Additionally, Sudipta Roy has been appointed as the Managing Director and Chief Executive Officer of the company for a five-year term, effective from January 24.
Axis Bank: The private sector lender has reported a 3.7 percent year-on-year increase in net profit, reaching Rs 6,071.1 crore for the quarter ending December FY24, maintaining stable asset quality. During the quarter, net interest income experienced a growth of 9.4 percent, reaching Rs 12,532 crore compared to the same period last year, with a net interest margin of 4.01 percent. In terms of asset quality, gross Non-Performing Assets (NPA) decreased by 15 basis points quarter-on-quarter to 1.58 percent, and net NPA remained steady at 0.36 percent on a sequential basis.
Tata Elxsi: Tata Elxsi, a provider of design and technology services, disclosed a 6% year-on-year (YoY) rise in net profit, reaching Rs 206.4 crore for the quarter ending December 2023, compared to Rs 194.6 crore in the corresponding period of the previous year. The revenue from operations experienced an 11% YoY increase, reaching Rs 914.2 crore compared to Rs 817.7 crore in the same quarter of the preceding fiscal year.
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