Stocks in Focus: GIFT Nifty traded down 29 points or 0.15% at 19,050.5, indicating a negative opening for domestic indices NSE Nifty 50 and BSE Sensex on Thursday. Previously on Wednesday, the NSE Nifty 50 tanked 159.60 points or 0.83% to settle at 19,122.15, while the BSE Sensex shed as much as 522.82 points or 0.81% to 64,049.06.
“Investor sentiment is on edge as tensions in West Asia continue to drag the market. Despite a drop in oil prices and an optimistic view of the progressing Q2 results season, investors took a cautious approach due to the expectation that a higher interest rate scenario would continue slowing future growth. However, a positive strategy is evident on large-cap stocks, amid growing geopolitical worries and valuation concerns in mid- and small-cap stocks, as overall earnings growth is being sustained,” said Vinod Nair, Head of Research at Geojit Financial Services.
Tech Mahindra
The IT major on Wednesday posted profit for the second quarter of FY24 at Rs 493.90 crore, down 61.6% in comparison to Rs 1285.40 during the corresponding quarter of FY23. It posted revenue from operations at Rs 12,863.90 crore, down 2% as against Rs 13,129.50 crore during the second quarter of FY23. The company’s EBIT stood at Rs 606.6 crore. According to a CNBC TV18 poll, Tech Mahindra was expected to post the quarter profit at Rs 663 crore and revenue at Rs 13,113 crore.
Sona BLW Precision Forgings (Sona Comstar)
The company on Wednesday reported a surge of 34% in its net profit to Rs 124 crore in the second quarter of FY24 as compared to Rs 93 crore in Q2FY23. The company’s revenue rose 20% to Rs 791 in Q2FY24 compared to Rs 657 in Q2FY23.
Jubilant Foodworks
The company which operates Domino’s restaurants in India, on Wednesday posted second quarter profit at Rs 97.20 crore, down 26.1% in comparison to Rs 131.53 crore during the second quarter of FY23, surpassing estimates. It posted revenue from operations at Rs 1368.63 crore, up 5.2% as against Rs 1301.49 crore during the corresponding quarter of last year.
Hero MotoCorp
The Company has made an investment of Rs 15 crore by way of Rights issue in its subsidiary company, HMC MM Auto. Hero MotoCorp’s shareholding in its unit has increased 66.32% from 60%.
Gulf Oil Lubricants India
Lubes maker Gulf Oil Lubricants India on Wednesday said its profit after tax grew 41.22% year-on-year to Rs 73.63 crore in the September quarter, reported PTI. The company had booked a Profit After Tax (PAT) of Rs 52.14 crore in the second quarter of fiscal 2022-23.
IRM Energy
The company is scheduled to make its debut on the bourses today.
Companies scheduled to report their Q2 earnings today-
Asian Paints
Punjab National Bank
Indian Bank
Canara Bank
Aditya Birla Sun Life AMC
Colgate-Palmolive (India)
Vodafone Idea
Dixon Technologies
Max India
(With agency inputs.)
